Extreme Makeover: Home Edition

The reality show Extreme Makeover:  Home Edition had chosen a few lucky families to have their entire home practically rebuilt in an extremely short amount of time.  Each family had a touching story that brought many to tears.  The show and its producers felt each family deserved the makeover and made their home dreams come true.

The expressions on their faces and the tears of joy mad the show worthwhile and viewers back for more the following episode.

What are they up to now?

The Herbert family’s home was foreclosed on in October.  They had a loan amount of $110,000, during the show they had refinanced for $250,000 and a year later they refinanced again for $382,500 which they could not afford.

The Wofford family lived in a 1,200 square-foot home, which was replaced with a 4,337 square-foot home to accommodate the widowed father and his eight children.  He had purchased his home for $186,000, and had later owed about $735,000 on the property.  The Wofford’s were approved for a trial modification; they have still have a chance to save their home.

For the Harper family the show had paid off their mortgage and given a scholarship fund for the children.  They used the equity in the home for a construction business, which failed and left them with debt they could not pay.

A beautiful 5,346 square foot home was built for the Harper’s family.  After the show, Mr. Harper lost his job and they took out a $200,000 home-equity loan to live off of in the meantime.  Later they took out a $400,000 loan to pay off the first loan and medical bills.

After the makeover their home was worth $1.3 million, now their home is on the marked for $599,000.  There are no offers at this point, an agent states that it can be due to location of the mansion.

The Byer family had a different story to tell. They upgraded from a 1,500 square foot home to a 4,000 square foot home.  Mr. Byer’s income is $40,000 a year, with this amount he later worried about the maintenance costs of his new home.  Before he was paying $150 for the power bill, after the makeover his bill was $600.  His property taxes jumped from $300 a month to $450, insurance increased from $75 to $120 and the new house included a $75 monthly fee to soften well water with salt.

The family allowed for roommates in order to help with costs, but this did not work.  They decided to refinance and took out a $294,000 loan, which doubled their mortgage.  Their home was put on the market for $739,000.

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