It took 1,800 people and six days to rebuild the Harper family's home in
ABC's 2005 "Extreme Makeover: Home Edition."
... but it took just one bad decision for the family to lose it all:
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 WSB-TV they received the loan for a construction business that failed. [...]
ABC said in a statement that it advises each family to consult a financial planner after they get their new home. "Ultimately, financial matters are personal, and we work to respect the privacy of the families," the network said.
Some of the volunteers who helped build the home were less than thrilled about the family's financial decisions.
"It's aggravating. It just makes you mad. You do that much work, and they just squander it," Lake City Mayor Willie Oswalt, who helped vault a massive beam into place in the Harper's living room, told The Atlanta Journal-Constitution.
They need another Extreme Home Makeover, please! http://www.ajc.com/search/content/shared-gen/ap/TV/TV_Extreme_Makeover_Foreclosure.html (Photo: ABC) - Thanks Geekazoid!
These people made a really bad decision. Not only did they get a great home but also another $250k in cash and scholarships for their children. Im guessing the cash was to help pay the increased taxes based on the new value of their home. Good for them for trying to start their own business but risking and ultimately losing such an incredible gift makes them look like ingrates
The taxes are affordable when you dont have a house payment
fantastic home , quarter mill, sholarships, and they still mananged to let the anti midas touch happen.
Ummm....NO. They took a huge business risk and bartered their home that it would pay off. Has nothing to do with the housing industry. One could potentially argue that it was the constraints on the *construction* industry that contributed to their business venture failing, but NOT at all by way of them being *forced* beyond their means by the housing market. They were just either greedy or poor planners.
I'm sure everyone wants taxpayer money to go to this family.
Why all the negativity to this family? They didn't get in to a home loan they couldn't handle, they tried to expand on their good fortune, and unfortunately failed. Happens every day.
I don't know how they structure the deal so the homeowners don't have to pay higher income tax (maybe the house is "leased" to the show).
They also got I think 100k from the builder that they squandered away. 100k!!!!!
You can take trash out of a crappy home, but they're still going to be trash in the new one.
I was thinking the same thing.
Ummm, NO they don't. I've always hated this show. They give extravagant McMansions to people with sob stories, when it would be infinitely more beneficial to provide adequate (3Bed2Bath-An Average American Home) housing for a multitude of other families. I refuse to watch this show. I'm sad that the people in this story are losing their home, but Hey they were told to get financial advice and it looks like they either didn't get any or didn't follow it if they did.
They had everything and got greedy, ran through the money and then wanted more. It's their own damned fault, so don't be slamming the show that gave them more than they deserved.
It's called throwing good money after bad. A half a million dollars! Better to give it to a wealthy person who at least could have turned it to a million. This way it's nothing but waste.
The construction company thing is odd, it stinks. $450,000 to start a business? You could easily start a construction company with one tenth of that. If I had cashed out that much, I would have invested most of it at 10% to give an income to pay the mortgage or something, then started the business frugally. Why even cash out at all ... they could have worked and saved a lot of cash first.
I do like the show, however the houses are excessive. They could go to a deprived area, find a few worthy families and do several houses on a street ... or a whole street.
They could do my house!!! I am remodelling it myself and it is hard work.
Now, I saw a previous Extreme episode where they paid off the mortgage for some individuals. The legal team for Extreme Makeover need to be more thorough in there research and implement programs for those that are being helped. Some of these people aren't use to "having" and not familiar with investing.
I gave up a job working for a really good friend of mine in Ohio making a good wage to move here for this gift. The taxes and insurance on a home of this value in an area where the insurance alone is too expensive for many moderate income families to afford a good policy is going to more expensive than rent alone that we were paying. Cost of living here is from what I see so far about 25 to 30% more and I am talking about the general things from gas to groceries.Wages here are for the most part about 25% less than back in Ohio.
I know most people will think well hey you wont have any heating bills but I wonder how many also think how much the electric bills are to run air conditioning year round !! Anyways now I have really went and posted alot of garb to read and this is a short post blog I know but too many people think on a short term basis.Just think people think. It is free and it is the most expensive thing not to do today!
AMONG THE BEST PROGRAMMING ON T.V. You will cry, however.