Buy and Bail: In Foreclosure? Buy a Second Home

[jeffrey]

Just a few weeks ago Jim Eble lived in his dream home in Las Vegas. It now sits empty because he owed the bank more money than the house was worth and the bank was threatening foreclosure.

What some homeowners are doing when faced with a mortgage crisis."It's tough to come back here now," said Eble, looking at his dream house.

But Eble has found an answer to his financial problem: buying a new home. Although it's hard to imagine with one house near foreclosure, his solution is to buy a second house at a bargain price and simply walk away from the old house.

"Buy and bail" is becoming a growing trend in the hardest hit real estate markets...

ABC News: In Foreclosure? Buy a Second Home