One way to avoid foreclosure: live with a stranger

Posted by: Prashant Gopal on August 8, 2008

It seems that more and more Americans faced with foreclosure are renting out rooms in their homes to help pay the mortgage. Of course, this is a trend that is difficult to quantify, but it’s something that a bunch of newspapers and television stations have picked up on in the last month.

When the cold weather arrives this fall, I’m guessing that the idea will gain favor with Bostonians, Minnesotans, Rhode Islanders and others with high heating bills and weak housing markets.

Reader Comments

Steve Dibert

August 10, 2008 1:03 PM

Another way is to have forensic mortgage audit done on your mortgage. 80% of the mortgages written between 2002-2007 contain serious payment calculations or hidden fraud charges that are illegal. You can learn more at www.mfi-miami.com

jazpek

August 11, 2008 6:06 AM

What about living in an eco-community?

JACQUELINE

August 11, 2008 5:13 PM

I have a creative idea, why not add a point factor rate in addition to an interest rate to saving accounts. This rate would be directly related to increased values in stock banks hold. Then savings would increase in liquidity faster. Then saving holders would be able to help the current economic situation.

Jeffrey1234

August 13, 2008 3:44 PM

We have been doing this in Los Angeles, San Francisco, and all of the major cities here in CA for years.

George

August 16, 2008 12:28 AM

Please elaborate on the savings accounts in California? Are bank stocks going up enough to really give depositers benefits from this?

Post a comment

 

About

BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.

BW Mall - Sponsored Links

Buy a link now!