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Economics, Finance & Investments (RETIRED BLOG)

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Saturday, July 26, 2008

Extreme Makeover: HomeLESS Edition

An Extreme Home Makeover may be going bust. The first Atlanta metro area family who got a new home is facing foreclosure. An army of volunteers swarmed a Clayton County neighborhood to build a new home for a deserving family on “Extreme Makeover: Home Edition” in 2005. When the show came to town, no one could have predicted what would happen just 3½ years later - foreclosure. A foreclosure notice appeared last Friday, a $450,000 mortgage they took out less than 15 months ago was in default. Lake City mayor Willie Oswalt was among the 1,800 volunteers helping "Extreme Makeover: Home Edition" build the Harper’s new home ago. Beazer Homes of Atlanta was the main sponsor. The mayor said he is baffled. "Beazer gave them $100,000 cash and paid their mortgage off and they still can't make it," said Oswalt. Harper told Channel 2 they invested the loan proceeds in a construction business and the business hasn’t been good. She didn’t say how much of the money is left. “What’s going to happen is instead of keep paying my mortgage, I’m going to take my money and not pay my mortgage because I’m being harassed,” said Harper.

I will limit my comment to the fact that I've always hated that show.
Posted by ALD at 9:53 AM

1 comment:

ALD said...

Heard on the radio yesterday that the bank gave them some sort of restructuring so they wouldn't lose the house.

8:59 PM

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ALD
I'm a veteran of two careers - high school math and physics teacher, retirement consulting actuary - who is now enjoying the pleasure of staying at home for my daughter. (My avatar is in honor of Will Durant, whom I consider the last true sage.)
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