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Unable to Pay Mortgage, Man Raffles Off Pricey Flat

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Unable to Pay Mortgage, Man Raffles Off Pricey Flat

Economy

Unable to Pay Mortgage, Man Raffles Off Pricey Flat

Unable to Pay Mortgage, Man Raffles Off Pricey Flat

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An unemployed real estate agent in Madrid, Spain, couldn't afford his mortgage payments and couldn't sell his half-a-million-dollar apartment, so he's raffling it off. The proceeds from the 64,000 tickets at about $10 dollars each will pay off his mortgage. On his Web site, he writes, "For 5 euros, you can win a flat, and I'll be able to sleep again."

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.

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This is MORNING EDITION from NPR News. I'm Robert Smith.

RENEE MONTAGNE, host:

And I'm Renee Montagne.

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