There was an Extreme Makeover Home built here in the metro Atlanta area back in 2005. I remember the episode on TV - it was a beautiful home but sort of out of place in the area it was built in.

Anyway, fast forward to 2008.....seems the recipients of this home took out a $450,000 loan against the house and defaulted on it. Now the home is in foreclosure.

It goes on the auction block tomorrow.

http://www.wsbtv.com/entertainment/17036972/detail.html

What a shame (on them).

i saw the report too. sad. there are questions about where the tax money is. 25 yrs worth and the edcuation funds for the kids.

this is going to make people skeptical about helping other families inthe future.

that was on the news here too ... and the 'financial experts' were talking amongst themselves at whose fault it was .. the bank's, the owners, and if they didn't know how to have big loans like that in the past, why were they given ALL of it at one time??

I'm just wondering if the lender was hoping that they'd default so they could take the house??

I'm sure the house and land was worth more than $450,000.

It's a shame 'cos there are so many deserving people who could really benefit from the homes that are being built. This will probably make the companies that volunteer their time and services think twice before offering.

the loan was to set up their own construction company. on the news last night, they said there was no word on what was purchased or what the money went for.

OH ... how sad!

The news here has been trying to get a comment out of them but they won't talk to anyone. It just shows a lady answering the door but then closing it when she sees it's a reporter with a camera crew.

I don't know the circumstances behind the foreclosure or what they used the money they borrowed for. It's sad, though.

Someone's gonna get a really nice house at probably a good price. It's very out of place, though, in the neighborhood it's in. The houses in that area are probably in the low 100's and this one is valued at over $400,000. It just looks weird where it is.

here is the msnbc article:

After the Harper family used the two-story home as collateral for a $450,000 loan, it’s set to go to auction on the steps of the Clayton County Courthouse Aug. 5. The couple did not return phone calls Monday, but told WSB-TV they received the loan for a construction business that failed.

http://www.msnbc.msn.com/id/25888546/

It is a shame. When these houses get built most of the people can't afford to built a new house for themselves so do how they pay the taxes, light bills, heating and ect?

I am actually surprised there isn't more. It is sad.