It’s beyond clear that the mortgage crisis has firmly taken center stage with the launch of “Hancock’s Helping Hand Mortgage Payoff Contest,” now underway.
Columbia Pictures launched the home-saving campaign in an effort to create buzz about its new action movie “Hancock” starring Will Smith, while also giving one family or individual the chance to pay off their mortgage.
Those entering the contest will be asked to write a 200-word essay explaining why they are the most deserving to receive the top prize, with judging based on things like authenticity, grammar, clarity of thought, passion and personality.
However, the contest is only open to holders of primary residences, with total combined income at or below $80,000, who have lived in the residence for at least 90 days.
Additionally, the home must not have any tax liens or judgments against it, and will not be eligible if it’s currently in the foreclosure process.
Oh yeah, and the total value of the home cannot exceed $200,000, so those with a jumbo loan will again be out of luck.
The grand prize winner will receive $360,000, with the amount dispersed going towards the loan payoff, and the remaining cash portion given to the winner.
The production company said the contest was inspired by the film, the story of a misunderstood superhero who eventually uses his misguided superpowers for the good of the people.
The contest is currently running and will end at 11:00 am PST on July 7.