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Painted Ads Can Help Consumers Cut Mortgage Obligations

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Painted Ads Can Help Consumers Cut Mortgage ObligationsAdzookie, a mobile advertising company based in California, recently launched a new campaign that will allow consumers to pay their mortgage for up to a year, as long as they’re willing to have giant ads painted on their homes, according to a report from the Chicago Tribune. But despite the outlandish nature of the promotion, it’s already proven a hit. Within 24 hours of its opening, the company had received thousands of applications from all over the country. About 90 percent were from consumers who genuinely needed help paying their home loans.

[Resource: Misconceptions May Keep Homeowners From Getting Low-rate Refi’s]

“It’s hit a nerve,” Adzookie CEO Romeo Mendoza told the newspaper. “I think it’s because the idea is so polarizing – you’re either really for it or really against it.”

However, the company only plans to accept about 100 homes for the advertisements, the report said. The initial agreements will pay the homeowners’ mortgage bills for at least three months, but can be extended for another nine as long as the ads stay up.

[Related: Strategic Default and the Morality of Walking Away]

Many consumers are now turning to federal mortgage assistance programs and other initiatives to pay their home loans, but many may be having difficulty meeting the stringent qualification requirements these carry.

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