ABC News On "Buy & Bail" Method Of Ditching Unaffordable Mortgage On "Upside Down" Home By Homeowners Forseeing Financial Woes

ABC World News reports:

• 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. "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.

For more, see In Foreclosure? Buy a Second Home ('Buy and Bail' Is the Answer Some People Have Found to Threat of Losing Home) (read story) (watch ABC World News video).

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