Extreme Makeover Foreclosure

Posted on August 14th, 2008 by Samanta Parks

Recently it was reported that a home that was remodeled on the reality show “Extreme Makeover” went into foreclosure.

In 2005 a home owned by a family by the name of Harper was demolished and replaced with a brand new, four bedroom mini-mansion. The home was located in Lake City, Georgia. Once the home was built for them, the family took out a loan on the house for half a million dollars The home in fact would have only cost $450,000 to build if the material had not been donated by the show and volunteers. The money they took out on the house was used to start a construction business that has since gone under.

The home has since gone to auction. Reports state that the Harper’s also received cash to cover the taxes on the house.

The Harper’s have now been put out of the home because the defaulted on the hefty loan. Because of the failure of the business they could not make the payments on what should have been a free home. The family owned the home outright because of the good hearts of others and have now lost their home and a half million dollars.

The bank is now looking to sell the house to recoup their losses. ABC has stressed that those who are lucky enough to get a free home should plan their finances wisely.

Like many people, the Harper family wanted to start their own business. Some may want to start a restaurant business because they love food and others want to start their own business because they are tired of their job and want to be their own boss.

The majority of those who want to start businesses do not know how to manage a business. There are some who waste money and time. There are some people are too easy on their employees who may be friends of theirs. Perhaps the Harper family has some of these problems.

It is hard running your own business. Many people believe they will have more time and more money when they are their own boss but this is not really true, especially with a start up business.

The important thing for families and those running a business is wealth management. You honestly do not need as much as you think you do. If you enjoy reading, music, and swimming, and you inherit thirty million dollars, you really do not need to begin vacationing in the French Riviera or yachting. You should continue with your hobbies of music, reading and swimming.

Having more “stuff” may be nice for the moment, but when the newness wears off. You will begin to see that all of your “stuff” has to be insured, maintained, stored, and cared for. If you accumulate “stuff” you may find yourself pondering the saying, “Do you own your possession or do your possessions own you.”

Perhaps the Harper family could have saved their floreclosed home if they had followed a few tips. First, it is important to keep you expenses low and savings high. It is also important to invest money in safe investments with the greatest returns. Also, when it comes to insuring your family, it is important to get insurance with a low cost that offers the highest coverage. You should also purchase insurance for the best companies and no gaps in the coverage.