Brian Wofford’s Home Aided By Extreme Makeover Faces Foreclosure
December 2nd, 2009 - 8:49 pm ICT by GD ( 4 comments )By Ranjan Bhaduri
Dec.02 (THAINDIAN NEWS) The Extreme Makeover Series shown in ABC has given a lot of households a reason to smile. Five years back a person named Dr. Brian Wofford and his family got a revamped home thanks to this show. Now, the family is about to lose the roof over their head as they face foreclosure. Wofford has 8 children and has been passing through a tough time for the last few years. He lost his spouse way back in 2000 and brought up the kids single handedly.
The mortgage crisis that put millions of Americans into trouble last year has affected the Wofford household as well. From the sources it has been learnt that Wofford had to pay a mortgage with adjustable rates. This rate sky rocketed during the Economic meltdown. As a matter of fact, Wofford has left no stone unturned to modify the mortgage terms but when IndyMac the paper holder collapsed he was left with no option. OneWest Bank that became the lien holder did not provide him with terms.
However, the news got circulated in the web and prompted OneWestBank to issue a statement which revealed that Wofford would get his modified papers shortly. Dr. Wofford is a humble man and he wants his family to be together despite all odds. The Woffords are keeping their fingers crossed and the children have said they have never seen their father so tensed. It is a matter of grave concern that a needy family that was helped by a popular TV show is on the verge of losing its house post a financial system disaster.
- Delaware Attorney General Biden calls on BoA, JP Morgan Chase and Ally Financial to halt foreclosures - Oct 06, 2010
- La Jolla Bank Seized By Federal Regulators On Friday - Feb 20, 2010
- Behind the Numbers:Banks Repossess 1Million US Homes in 2010 - Jan 13, 2011
- Bank of America delays foreclosure in 23 states - Oct 03, 2010
- In Excess Of 40 pct. Of American Homemakers Leave the Mortgage Aid Program - Jul 21, 2010
- The Dad Of The Olsen Twins Is Purportedly Bankrupt - Jun 27, 2010
- Olsen twins dad files for bankruptcy - Jun 27, 2010
- Illegal foreclosures still on - Oct 01, 2010
- Bank of America Resumes Foreclosure - Oct 19, 2010
- Obama launches plan to help families facing foreclosure - Oct 26, 2011
- US Banks repossessed 1 million homes in 2010 - Jan 13, 2011
- More Than 40 Percent Drops Obama Mortgage-Aid Program - Jul 21, 2010
- Write god's name 125,000 times to repay this 'loan' - Apr 30, 2011
- Behind the Numbers: Bank Repossessions and Foreclosure Auctions Hit New Record - Oct 14, 2010
- Failed US home loans bank IndyMac sold for $14 bn - Jan 03, 2009
Tags: all odds, brian wofford, disaster, dr brian, economic meltdown, extreme makeover, fingers, foreclosure, grave concern, home thanks, household, households, humble man, lien holder, matter of fact, mortgage terms, needy family, popular tv show, ranjan, verge
December 2nd, 2009 at 11:06 pm
I have had a heck of a time with any Indy Mac loan in the Nashville market. In fact, a Michigan investor ended up with several loans in this area and they are simply non-communicative. My clients are getting the short end of the Indy Mac failure stick.
December 3rd, 2009 at 5:44 am
How about some basic reporting of the financial facts to accompany this story? This ARM he is having trouble with, is it a mortgage from the original house or a mortgage that he took out after he got the EHM? The new house is given to people, the show doesn’t take out a mortgage and stick the homeowner with it.
Someone has said that that Wofford had only a $330k mortgage at the time of the makeover, which he could easily have handled. He then proceeded to take multiple cash-out mortgages, pulling out an additional FOUR HUNDRED AND SEVENTY FIVE THOUSAND DOLLARS from the house and making it an adjustable mortgage to boot. The only reason he is having problems now is because he greedily and stupidly increased his mortgage from $330k to a $805k adjustable. How disgraceful of him to take this huge gift from EHM and piss it away. These are the facts.
Soooo, this is ENTIRELY his own fault, not the bank’s, and not Extreme Home Makeover’s.
p.s. Anyone who took out an adjustable loan who had no hope of affording it post-adjustment was also foolish and short-sighted. Yes, I have a fixed rate loan.
I don’t know if that is true, but, lord, I am sick of poorly written/reported stories. Doesn’t seem like it’d be too hard to get the basic facts of this story.
December 17th, 2009 at 4:02 am
I think that it is great what Extreme Makeover Home Edition does in trying to help these families. This, however, is not the first time I have heard about a family being in danger of losing their new house because of financial situations. Now, I do not know all the details about what happens with Extreme Makeover Home Edition, and I refuse to say that it is their fault or even the families fault however I think there should be something that can be done. One idea is as part of the show, though I would suggest not aired, is to give the family financial counseling/advice so that once all is said and done they can survive on their own. Make better decisions, if need be, or plan so that it does not become an issue. Otherwise perhaps the houses being built should not be so extravagant. Please do not get me wrong, I think it is awesome that the deserving families get these extravagant houses but at the same time there are some parts that could be cut back a bit too maybe help with costs. At the same time there will, of course, be situations where some extravagance is needed- especially in regards to medical issues. Hopefully Extreme Makeover Home Edition reads our posts and maybe takes the comments/questions/concerns/ideas into consideration so that they are able to continue doing the great service they do.
December 19th, 2009 at 8:10 am
I have to agree with Lansing. Just having the new home does’t mean that the reasons that caused them to nearly lose their ome to start with have been resolved. I think that as well as doing the home makeover, some people are going to need a financial lifestyle makeover, and learn how to deal with their finances and avoid falling in to the same traps. Making people aware of the pitfalls anyone can fall into which ultimately lead to financial difficulties would be something that the rest of te country ould greatly appreciate as well as seeing deserving families givena new start in life.