Bidding For A Bailout

By Diana Lucio Reporter

While Wall Street hopes the bailout will help turn the economy around, some struggling homeowners are hoping for a bailout before they go belly up. Bidding For A Bailout

Published: Wed, October 08, 2008 - 4:08 pm Last Updated: Wed, October 08, 2008 - 4:26 pm

Diana Lucio

While Wall Street takes on a bailout some homeowners struggling with the housing crisis are trying to do the same.
Kane Mehaffey purchased a historic midtown home in 2005 with the intentions of fixing it up and reselling it.
But at nearly half a million dollars and with almost a year on the market it wouldn't sell.
By handing it over to a real estate auctioner he says he beat having to foreclose. "It'll cost me a little money doing this auction but by doing the auction at least it will be out from underneath my name,"Said Kane Mehaffey.
While real estate agents like Jonathan Keith say auctioning is becoming popular it's not practical for most people."I get lots of calls people want to auction but reality is they owe as much as what the house is worth,"Said Jonathan Keith with Keller-Williams Realty. Real estate experts say although foreclosures across Mobile County have almost tripled in the past year, the market has remained stable.
An auction will be take place this coming Saturday and Sunday for the historic home at 2362 Springhill Road, between noon and 5pm. The auction will end Sunday evening