Lottery To The Rescue Of Repo House

Posted on October 1, 2008
Filed Under Repo Houses | 1 Comment

Desperate times call for desperate measures. Cornered by foreclosures one innovative couple has decided to use the old game of lottery to rescue their repo house. Considering the circumstances the idea “didn’t seem dumb” said Karen Crawford. A year or two ago she and her husband had moved in from their old log house to a 1929 farmhouse after purchasing it for $375,000. They put up their old house for sale hoping to pay from this the dues of the new unit. But by that time foreclosures were dominating the real estate mood and the house could not be sold. Meanwhile the costly mortgage on the second house began to weigh down on them. The couple made up their minds that they would have to part with it. It was slowly heading for foreclosure said 60-year-old Crawford who was a schoolteacher.

At this point Karen thought up something novel. She decided on holding a raffle with the tickets being priced at $100 each. The lucky person would get the farmhouse. The problem was they would have to sell enough tickets to be able to walk away without a foreclosure stamp. Not to be put down the couple teamed up with a realtor and local charity group and started publicizing the raffle. The drawings were held at a local country club in March 2008. They had by then sold 6,500 tickets. The fund was enough to cover the cost of the house and leave over about $200,000 for charity. The couple shifted back to their log house, which was lien free, and considered themselves to be lucky to have their own roof above their heads. The last two years had been a nightmare for them.

The idea of the lottery had come as a sudden bolt from the blue for Karen Crawford. Many like her have thought up unorthodox methods to fight foreclosures. Battling rising foreclosures and falling real estates some have found a way out by raffles and other forms of competition. These are last minute efforts to raise money and escape the foreclosure taint. Some potential nest builders see in the buying of a lottery ticket a faint chance to make the impossible become possible in these hard days. The victors of course have to pay taxes from their winnings.

Of late raffles have been catching the imagination of many in Maryland. Raffles are being organized for houses whose price ranges from $550,000 to even $1 million.

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