Back in August there was an Extreme Makeover home in Georgia facing foreclosure, now there is another. This time in Michigan.
Extreme Makeover is a very interesting television show to watch. Who can’t be drawn into watching Ty Pennington and the nice looking makeover team roll up in their custom bus and then demolish the tattered home of a family preparing to be sent away on vacation, probably to Disney?
Spotted online today was this story.
OAK PARK, Mich. (WXYZ) – An Oak Park family that received an Extreme Makeover for their home is now in danger of losing it to foreclosure.
Larry and Judy Vardon got into financial trouble because of extensive medical bills for their youngest son, Lance. The 16-year-old is blind and autistic. His medical treatments are not covered by their insurance.
The Vardons were also hit by the subprime housing crisis. Their mortgage rate jumped to 11 percent after it adjusted. Larry Vardon is also worried about being laid off from his job at the Chrysler Stamping Plant in Sterling Heights.
Many of the Vardons’ neighbors had thought that their mortgage was paid off when they appeared on the show in November 2004, but that was not the case. Now the home is one of the 390 in Oak Park currently in foreclosure.
The Vardons’ property taxes are also part of their financial problems. They jumped almost $1,000 after the makeover.
After their appearance on the show, Larry was laid off and they remortgaged the house. Since then the mortgage has been resold to different companies three times, with the interest rate jumping each time.
The family’s debts include $20,000 in medical expenses for Lance. The family has set up a fund to try and raise money. If you want to help you can contact the Friends of the Vardon Family Fund, P.O. Box 721084, Berkley, MI 48072-0084.
I’m a little surprised to hear from others that they are shocked that an ‘Extreme Makeover’ home can be foreclosed on. Why not?
Getting your home made over and loaded with new Sears appliances does not make you better with credit and debt. Nor does it change the underlying issues that lead you into financial strife to begin with.
Extreme Makeover makes over homes because it makes for exceptional emotional television. It is a television show that entertains audiences in order to sell commercials to generate revenue for the network, sponsors, talent and producers.
The question isn’t that an Extreme Makeover home is in foreclosure, the real issue is how many will be lost during this real estate tornado season.
Getting a free house increases your property value and your property taxes. With all those free gifts you also wind up a huge tax bill as well.
So keep watching, there will me more Extreme Makeover homes to be given away and latter foreclosed on. It might be sad, but it’s not news, it’s enevitable.