Would you, if suffering from severe financial challenges, allow a company to paint your house a neon color with signs in order to advertise their business? Homeowners across the nation, including right here in Denver, are saying yes as a desperate attempt to get some assistance with debt relief.
The business, Brainiacs From Mars, is paying families' mortgages if they allow the company to turn their house into a giant billboard; thus, eliminating debt and preventing foreclosure. The homes will stay painted for anywhere from one month to one year, depending on the contract, at which point the company will return the home to the original color. In the Denver metro area alone, over 300 homeowners have applied for the program, while others remain worried over how this will affect the value of surrounding homes. The company responds by noting that the value of the home will be temporarily, if at all affected, and less so than having a foreclosed or short sale home nearby.
Trying to prevent foreclosure can be a stressful event as generally the debt relief needed is in larger sums. There are a multitude of options available to those who qualify in order to help them prevent foreclosure; one option is bankruptcy. An eligible individual who is in danger of losing a home to foreclosure will be granted an automatic stay, temporarily stopping the foreclosure procedure, upon filing for bankruptcy. However, most lenders will find a way to continue that foreclosure after the automatic stay has been lifted. Thus, if a person wants to keep a home, it should be determined whether or not that person can file for Chapter 13 bankruptcy, which will generally allow homeowners the ability to stay in their homes.
There are different options that homeowners have should they be in danger of losing their home to foreclosure. This company is allowing homeowners temporary debt relief in exchange for turning their house into a billboard; an option many people across the nation are jumping at. But most others will want to look into a long-term solution like bankruptcy.
Source: Fox 31, "Owners turn homes into billboards to save them from foreclosure," Tammy Vigil, 9 November 2012