Raffle Off Your House?
With the mortgage crisis and falling home prices, some homeowners are turning to alternate, innovative means to get rid of their houses and sometimes save themselves from foreclosure.
The NY Times profiled people who are turning to lotteries as a way of getting rid of their homes.
As the economy has worsened and the real estate market has continued to slump, a number of Americans have been using raffles and competitions — latter-day versions of the old rent party, only now with a profit motive for the guests — in a last-ditch effort to raise money and unload a house. And as mortgages have become harder to obtain, some would-be homeowners are being tempted by the chance — a small one, but with better odds than most lotteries — to own a house without dealing with a bank
While some may view this as a desperate measure, it really seems like a win-win situation to me. I would buy a $100 raffle ticket for the potential to win a house. Especially the house that is being raffled off in Maui. Vacation home, anyone?
