LogFAQs > #980302743

jefffan posted...

Yes either the contractors fucked up the house, they overbuilt for the neighborhood, property taxes doubled or tripled based on the value of New house,etc.

One person re- mortgaged their house to start a contractor business that ended up failing. I doubt any family on that show had it work out for them. Most ended up selling.

From Wikipedia:

Another criticism aimed at the show surrounds financial issues that some of the families have had after receiving the home makeover, which following the onset of the Great Recession, received media attention. As of 2020, nine of the original show's recipient families have given up their homes due to financial issues, which included two foreclosures. While most cases were reported as resulting from instances such as unemployment, accumulations of medical bills or property tax rate increases, the most widely publicized cases featured families who had defaulted on home equity loans taken out on their homes since receiving them, one of which resulted in a foreclosure. In a 2018 interview with The Wrap, Pennington explained the nature of these cases. Theres a couple of stories that families lost their home. We left them with a financial adviser. However, if the family chooses to triple-mortgage their house to start a business that theyve never done before just to see if they can get into it, thats their own demise. Thats how you lose your home, is youre like, Oh, lets use it as a lottery ticket and see what we can get out of it. And then you lose it because you cant make the payment. But thats what press does. They were like, This is too good to be true, what is really happening? But with Extreme it really was that good.

Big time OOOOF from Ty Pennington right there.