Extreme Makeover home hit by extreme mortgage woes

The AP reports that the Vardons, a hearing-imparied couple with an autistic son, are facing foreclosure. After more then 20 million viewers watched their Oak Park, MI home be remodeled on November 6, 2006, the familiy’s property tax burden increased significantly. Compounding the financial burden, they refinanced their existing mortgage, in part to help pay down the debt incurred by their son’s medical bills, which are not covered by insurance. The situation has become dire now that Larry Vardon’s employer, Chrysler LLC’s Sterling Heights stamping plant, is also on the brink of failure putting his job in potential jeopardy.

They are not the first winners of an Extreme Makeover home to face foreclosure. This summer, the Harper family faced a similar fate, according to the Washington Post. The Harpers used their new home as collateral on a $450,000 loan they used to start a construction company in the Atlanta, GA area. The construction company failed, as so many have as the real estate market has ground almost to a halt. Interestingly, an earlier editorial by Washington Post Staff Writer Hank Stuever indicates that the Harpers also recieved “enough money to pay taxes on it [their new home] for decades”.

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