Stopping Foreclosure: “Extreme Home Makeover” Family Held Raffle to Avoid Foreclosure?

According to a news clip on Zillow.com, the Harper family, who received help from HGTV’s Extreme Home Makeover team in 2005, recently held a raffle to try to avoid foreclosure. Apparently, the Georgia-based family ran into trouble when they took out a 450,000 loan against their 6,000+ sq ft home to start a business that floundered.

The Harper family isn’ the is isn’t the only Extreme Home Makeover family to run into home foreclosure trouble. According to an article on Yahoo.com, four other families helped by the popular TV show have faced foreclosure. The article states:

The Woffords aren’t the first family featured on the show to face serious financial problems after their home makeover. The Harper family of Atlanta [mentioned above], who received the show’s biggest house to date, along with the money to pay taxes on it for 25 years, famously faced foreclosure last year after taking out an ill-advised $450,000 loan using the house as equity. And at least four other “Extreme Makeover” recipient families have had to sell or lose the homes they won on the show.

The solution, as the article suggests, may be changing the rules so that not only aren’t the homes remodeled so lavishly, but so that recipients can’t take out any equity from them — at least for a certain amount  of time.

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Copyright © 2010 Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.