Many families who thought that their dream came true when they were chosen to appear on ABC’s “Extreme Makeover: Home Edition” are now facing foreclosure because they can’t cover the upkeep of their expensive new homes.
In response to the anemic state of the U.S. real estate market and the wave of foreclosures sweeping the nation, the ABC reality show has made the decision to scale down its remodeling projects, which in the past have included bowling alleys, movie theaters, and carousels.
Often the remodeled homes’ huge size and grand accoutrements lead to substantially higher utility bills and maintenance expenses, which the homeowners can’t afford. This phenomenon seems obvious because the participants are usually chosen to be on the show due to financial, physical, or emotional hardship.
For example, Rob Byers is in the early stages of foreclosure and looking to sell his 4,000-square-foot home with 23-foot ceilings. He makes about $40,000 a year and can’t pay the bills stemming from his fancy new home. Not only did the monthly power bill shoot from $150 a month to $600 a month, property taxes rose from $300 a month to $450. Along with the increase in existing monthly costs, the new home demands additional expenditures, such as $75 dollars a month for salt to soften well water.
Adding to the problem, many of the families refinance their homes in order to pay for the high utility and maintenance costs, and must deal with higher monthly mortgage payments as well.
In the new season of what could be dubbed “Not Quite Extreme Home Makeover,” the homes will be scaled down in size and lavish amenities. The producers’ decision shows that the rash of foreclosures plaguing the nation has infected the realm of showbiz; sadly, even those whose dream has come true must wake to today’s harsh economic realities.
Fight to Save Your Home
If you are facing foreclosure, contact an experienced real estate attorney in your area.