A homeowner can become desperate looking for ways to avoid foreclosure. Perhaps he or she attempted to do a loan modification, deed-in-lieu and even a short sale, seemingly exhausting all conventional options.
The situation appears hopeless. That is until another, considerably more unconventional option emerges.
Adzookie recently announced that it will pay someone’s mortgage in exchange for turning the distressed homeowner’s house into a giant billboard.
But there’s a catch.
The person who hires Adzookie must own the home. The paint must remain on the home for at …

This week’s article, “Jumping Ship: How homeowners are walking away,” explored a disconcerting trend of homeowners “strategically defaulting” on their loans, despite having the ability and the means to remain current. The main reason of this voluntary foreclosure seems to be attributed to an “underwater” mortgage, or a home with a value lower than the amount of the note. Certain moral and ethical alarms sound off when considering this new option, which prompted the creation of a poll. Voice your opinion below.

According to a recent 60 Minutes episode an increasing amount of homeowners are ‘walking away’ from their homes and are headed down foreclosure alley- willingly. Apart from the more traditional foreclosure woes spurred by job loss, or illness these homeowners would rather foreclose due to underwater mortgages despite their ability to make payments.
In a separate Reuters article, underwater mortgages have increased from 21.4 percent in Q4 2009 to 23.3 percent in Q1 2010. In areas hard hit by foreclosure underwater homes account for more than 50% of all loans.
Interviewer Morley …