Extreme M.O. foreclosure

jondoe888July 25, 2008

In the AJC today...

EM is so over the top I find it uncomfortable to watch. We always wonder about what happens after the TV circus leaves town, and here is one story. I'm sure these people had a plan and meant well, but they gambled with their house, and lost.

This is kind of like the big lottery winners that lose the money before they realize the stars aren't likely to realign again. Or, speaking of 'stars', Ed McMahon. He buys a $6M house well beyond his celebrity years, uses it as a bank for 6 years, has no equity in it, and can't sell it. So now, in desperation, he has to creatively sue a neighbor and a doctor to stay off the streets. Sad, in so many ways.

http://www.accessatlanta.com/entertainment/content/entertainment/tv/stories/2008/07/25/extreme_makeover_foreclosure.html?cxntlid=homepage_tab_newstab

'Extreme Makeover' house in foreclosure

Clayton County family may lose luxury remodeled home in Lake City

accessAtlanta Published on: 07/25/2008

From extreme makeover to extreme foreclosure?

A Clayton County family that got the area's first luxury remodeling job from the television show "Extreme Makeover: Home Edition" now faces foreclosure, according to television news reports.

A foreclosure notice on the home in Lake City appeared last Friday, indicating that a $450,000 second mortgage the owners took out less than 15 months ago was in default, WSB-TV reported.

Patricia Harper, the homeowner, told WSB she and her husband had struck a deal with Chase Home Finance to rescue their "extreme" home and that there will be no foreclosure auction. Chase said they couldn't confirm that claim.

Harper told WSB 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.

The home at 5489 Ahyoka Dr. has 5,500 square feet after the 2005 makeover, WGCL CBS46 reported.

Lake City mayor Willie Oswalt was among the volunteers who helped build Harper's home 3 1/2 years ago, and Beazer Homes was the main sponsor. The mayor told WSB he is baffled.

"Beazer gave them $100,000 cash, paid their mortgage off and they still can't make it," said Oswalt.

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RooseveltL

That is simply sad on many counts.

I recall reading a church helped a poor family (maybe Katrina victims) purchase a home and they decided to sell it at a huge profit. They spent all the money and now looking for a hand-out.

This is the type of stuff that makes individuals no longer help out the next person.

    Bookmark   July 25, 2008 at 3:35PM
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Chemocurl zn5b/6a Indiana

The home at 5489 Ahyoka Dr. has 5,500 square feet after the 2005 makeover, WGCL CBS46 reported.

Well something just does not add up here. The ad says it was built in 2005 and has 1,549 sq ft. It's presently for sale by someone for $950K.

I've often wonder how the recipients of the makeovers were ever able to afford heating, cooling, taxes, and insurance on the bigger much improved homes. I'm sure all those things would be considerably more than they were when it was just a small humble abode.

Sue

Here is a link that might be useful: Real Estate Ad at Zillow-5489 Ahyoka Drive, Lake City, GA

    Bookmark   July 25, 2008 at 3:54PM
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triciae

Also, the recipients would have received a 1099 & been required to pay federal & state income taxes on the value of the improvements, the $100K cash, & the value of the mortgage payoff.

/tricia

    Bookmark   July 25, 2008 at 4:20PM
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