Dawn Wotapka reports:

Associated Press

Reality television truly is a different world: We’ve just learned that the Extreme Makeover home that was set to become nearly as famous a foreclosure as Ed McMahon’s is on track for a last-minute reprieve.

“We are working out a repayment plan with them to help them stay in the home,” said Christine Holevas, a spokesperson for mortgage holder Chase.

The deal is nearing completion, but everything is not “signed and sealed” yet, she added.

Associated Press

From rebuilt to foreclosed: A home featured on an episode of the ABC television show “Extreme Makeover” (pictured, left) in January 2005 is scheduled to be auctioned off at the Clayton County Courthouse on August 5, the Atlanta Journal Constitution reports.

The Harper family of Lake City, Ga., used the new home as collateral for a $450,000 loan to finance its own construction business, a venture that ultimately failed. The Harpers original house included a faulty septic system that backed sewage into the home when it rained. After tearing that structure down, “Extreme Makeover” and Beazer Homes USA, a home builder based in Atlanta, built the new four-bedroom home. More than 1,800 volunteers took part in the six-day project, which was the show’s largest one to date at the time.

Complete with a three-car garage, four fireplaces, a music room and a solarium, as well as a fancy yard full of magnolia and cypress trees, the new home stood out in its neighborhood of ranch and split-level homes, the Atlanta Journal Constitution says. The materials and labor, valued at about $450,000, were donated.

But the Harpers didn’t just get a fancy new house after the show. Beazer Homes raised $250,000 as contributions for the family to use as scholarships for the three children and for a home maintenance fund. While the home was being built, the Harper family spent six days at Disneyland.

ABC responded to The Atlanta Journal Constitution by email and stated: “Extreme Makeover: Home Edition” advises each family to consult a financial planner after they receive their new home,” ABC said in an email to the Atlanta Journal Constitution. “Ultimately, financial matters are personal and we work to respect the privacy of the families.” –Sushil Cheema