LAKE CITY, Ga. (AP) - July 28, 2008 -- More than 1,800 people showed up to help ABC's "Extreme Makeover" team demolish a family's decrepit home and replace it with a sparkling, four-bedroom mini-mansion in 2005. Three years later, the reality TV show's most ambitious project at the time has become the latest victim of the foreclosure crisis. After the Harper family used the two-story home as collateral for a $450,000 loan, it's set to go to auction on the steps of the Clayton County Courthouse Aug. 5. The couple did not return phone calls Monday, but told reporters they received the loan for a construction business that failed.
3 comments:
That's too bad. Just when you think you're on top of the world, you come crashing down. That family is in my prayers.
Looks like a really bad decision to borrow against the equity of the house. Not the typical "victim" of the housing downslide.
(I like commenting on my own blog)
Similar to Jimmy Carter's Habitat for Humaity - a large percentage are forclosed because the new owners think it is their's free and clear - but there are funds to be paid back plus insurance and taxes. This family sounds like they thought they could make a quick 450 grand. Now the house is probably worth 250K.....
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