Unable to Pay Mortgage, Man Raffles Off Pricey Flat
ROBERT SMITH, host:
Pulling money out of your 401K is one desperation strategy for struggling homeowners. Here's another. One homeowner in Madrid, Spain, is raffling off his half million dollar apartment. Miguel Marina, an unemployed real estate agent, so he should know, found himself unable to keep up with the mortgage payments. He couldn't sell the place. Guess he's not a good agent. So he came up with a plan to sell 64,000 tickets for about $10 each. He'll use the proceeds to pay off his mortgage. He has a Web site with all the legal details of the apartment raffle. And there he writes, for five euros you can win a flat and I'll be able to sleep again.
(Soundbite of music)
This is MORNING EDITION from NPR News. I'm Robert Smith.
RENEE MONTAGNE, host:
And I'm Renee Montagne.
NPR transcripts are created on a rush deadline by Verb8tm, Inc., an NPR contractor, and produced using a proprietary transcription process developed with NPR. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. The authoritative record of NPR’s programming is the audio record.