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“Extreme” foreclosure

July 29, 2008

Call it an extreme foreclosure. An Atlanta-area home demolished and rebuilt on the hit ABC television series “Extreme Makeover: Home Edition” has become one of the latest statistics in the foreclosure crisis.

When I saw this story in the Washington Post my first thought was, “How could that happen?”

I must admit that I don’t really watch the show, but I know about it. I don’t live under a rock after all. I was under the impression that the home was pretty much paid for by the show.

As I continued to read I learned that not only was the house rebuilt, but the family was given enough money to pay the taxes on the home for years as well as a home maintenance fund.

It turns out the family used their beautiful new home as collateral for a $450,000 loan and fell behind on the payments.

I was left a bit stunned by this. A family who was living in a sub-standard home with an overflowing septic tank was given the gift of a brand new home, reportedly the biggest on their block. They were also given money to maintain their home and money to put into their children’s college funds. After all of that good fortune, they’re going to lose it.

The family has refused to talk to most of the media, though they did tell one television station they used the loan for a business that ultimately failed.

Most news reports say the home is set to be auctioned off Tuesday. I did read one story that said the family had reached an agreement with the lender to stop the foreclosure.

I wish the family would speak more about their situation. ABC has released some statements, but mostly said the family’s financial situation is private. To a certain extent I agree. But, I also think a family that has accepted hundreds of thousands of dollars from the community owes it to the community to step up and accept responsibility for what has happened. They owe the sponsor companies and private volunteers an explanation, an apology, something.

Regardless of what put the family in this situation, it is ultimately someone else’s time and money that has been lost.

Another strange twist in the daily news of foreclosures …

Written by admin · Filed Under Housing, News 

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