Foreclosures, Real Estate

Extreme Home Makeover house set for foreclosure

From WSB:

An Extreme Home Makeover may be going bust. The first metro family who got a new home is facing foreclosure.

Channel 2 followed the progress as 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 less than four years later — foreclosure.

A foreclosure notice appeared last Friday, a $450,000 second mortgage they took out less than 15 months ago was in default.

Patricia Harper, the homeowner, told Channel 2 she and her husband had struck a deal with Chase Home Finance to rescue their “extreme” home. Chase said they couldn’t confirm that claim.

“I didn’t really know what the circumstances were, I was kind of surprised. I was really surprised to read that,” said neighbor Doris Rhodenizer.

Lake City mayor Willie Oswalt was among the 1,800 volunteers helping “Extreme Makeover: Home Edition” build the Harper’s new home 3 ½ years ago. Beazer Homes of Atlanta was the main sponsor. The mayor said he is baffled.

“Beazer gave them $100,000 cash, 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.

After a hundred thousand dollars in cash, and a free and claer house, the homeowners still manage to find their way into foreclosure.

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