The TV show Extreme Makeover used 1800 volunteers in 2005 to give the Harper family a new, four-bedroom Mcmansion. Foreclosure will now claim the home angering all those who donated their time and money.

The AP reports Lake City Mayor Willie Oswald told The Atlanta Journal-Constitution,

“It’s aggravating. It just makes you mad. You do that much work, and they just squander it.”

U.S. home foreclosures are up 14 percent in the second quarter, the eighth consecutive quarter showing continued weakness in the housing market according to RealtyTrac on Friday. This averages to one foreclosure filing for every 171 U.S. households.

RealtyTrac reported on 739,714 U.S. home foreclosures filed, up 121 percent from a year earlier.

House foreclosure activity is getting worse and the recently released numbers for May prove it. House foreclosure filings are actually increasing when calculated year over year for 29 consecutive months ending in May 2008 according to RealtyTrac.

The report also listed the following house foreclosure stats:

- 1 in 483 homes received a foreclosure notice in May

Home price declines are now so severe they have erased all home equity for more Americans than ever before. Home equity numbers have been recorded starting at the end of World War II and are now at there lowest level in history. For many home owners, their mortgage debt actually exceeds their home’s value…what is called negative home equity.

The tax code allows for a foreclosure tax (for lack of a better word) when the lender forgives any part of the original mortgage debt. The IRS treats taxes the forgiven amount as income.

For many facing foreclosure over the next few years, a loan modification called a “short sale” will seemingly be the proverbial answer to prayers…until the IRS steps in levying this foreclosure tax.

In the home mortgage foreclosure world, red herrings can divert you from following viable home saving methods. Home mortgage foreclosure can be stopped by you alone, if you don’t get distracted.

Commit to it and success is yours. Let all the diversions, scams, and time-wasters fall on deaf ears. With that said, here are the three main ways you’ll be tempted which will NOT stop your home mortgage foreclosure.

If you are needing to save your home, our “short sale foreclosure” method could be the ticket. If you are in an area where dropping home values are prevalent, then definitely keep reading about our short sale foreclosure way to save your home.

Here’s how it works to save your home from foreclosure…