Some desperate homeowners in the underwater mortgage markets of California, Nevada and Florida may be turning to a garish, and undoubtedly illegal way of keeping up with the mortgage. They’re allowing their homes to be turned into giant billboards.
Reuters News Service is reporting on a family in Buena Park, California who permitted a marketing firm to convert its home into a giant “Brainiacs From Mars” billboard. Some neighbors are furious, even to the point of threatening gunfire. Others are looking at their own underwater mortgages and wondering if they should take a second look at accepting a second stream of income.
The marketing firm says it has about 38,000 applications from eager homeowners around the country. The campaign will generate lots of publicity for “Brainiacs,” but it’ll be a rare billboard that stands for more than a month.
Although homeowners have been promised up to a year’s worth of mortgage payments, city codes and HOA covenants will soon come crashing down on advertising that doesn’t conform to local laws.