Servicers looking for creative ways to stem losses might consider giving hard-up borrowers some old advice:
A company called Adzookie is offering to cover the loan payments of homeowners who allow the Orange, Calif., advertising firm to paint "billboards" with its logo and social media icons on the outside of their homes.
Romeo Mendoza, Adzookie's chief executive, told CNN recently that within hours of posting the offer on its website, the company received more than 1,000 applications. (Homes must meet Adzookie's criteria, which aren't spelled out on the site.)
"It really blew my mind," CNN quoted Mendoza as saying. "I knew the economy was tough, but it's sad to see how many homeowners are really struggling."
As part of the deal, a house must remain painted for at least three months and the billboards can stay up for up to a year, according to Adzookie's site. The company won't paint the roofs, windows or awnings, and "if, for any reason, you decide to cancel after three months or if we cancel the agreement with you, we'll repaint your house back to the original colors."
