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Extreme Makeover: Foreclosure Edition
The "Extreme Makeover" team and more than 1,800 volunteers showed up to destroy one family’s old home and replace it with a mansion, something the town and those volunteering felt this family deserved more than anything. Within six days, the Harper family had a new home—estimated to be worth $450,000—and a nice little sum to take care of maintenance expenses and put their kids through school.
But now, three years later, the house is on the auctioning block. The Harpers took out a $450,000 loan against the house for a new construction business that failed. Ultimately, ABC believes that financial matters are personal and they advise each family to talk to a financial planner before making decisions, but they don’t get involved. The house was a gift, they say.
Still, some of the volunteers are unhappy about the Harper’s decisions. They spent time and effort – some of them even pitching in money—to make a better life for the Harpers. They feel it was squandered away.
Is the Harpers debt and poor financial management anyone's business but their own? It seems that they did what they thought was right—using their home equity to start a business that could have helped them avoid further debt—but that it just didn't turn out well. Yes, the neighbors worked hard to present this gift, but does it justify their judgment? [Yahoo! TV]