From accessAtlanta, via the Real Estate Bloggers:
Things couldn't look better three years ago for Milton and Patricia Harper of Lake City, who giddily accepted the keys to a small castle, plus enough money to pay taxes on it for 25 years.
Now, the Clayton County house that "Extreme Makeover: Home Edition" built is a two-story, turreted example of how things can go wrong. It's in foreclosure.
The Harpers used the house at 5489 Ahyoka Drive as collateral for a $450,000 loan, Clayton County mortgage records show. Records at the law firm handling foreclosures for the lender, JPMorgan Chase Bank, say it is in foreclosure. The four-bedroom house with decorative rock walls and a three-car garage is scheduled for auction on the Clayton County Courthouse steps Aug. 5.
The Harpers, who declined interview requests when reporters knocked on their door Friday, told WSB-TV they got the loan for a construction business that failed.
So,... a half a million dollar loan. For a construction business. During a 'maybe it's a recession, maybe it's not'. Considering that the criteria to be the recipients of an EHM home is pretty stringent, you have to be in a fairly rough patch of life to get a home and beat out others. So you go from being in that position to taking out a half a million dollar loan and etc? Why do I not feel as bad for them as I do some others in this country that are struggling?
1 comment:
Shows that the same lack of sense that created the need for a Home Makeover, is the same problem that helped them loose it.
Maybe ABC should have given them some financial education instead of a castle.
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