HOUSING LOTTERY SYSTEM AND METHOD

摘要

A system for a housing lottery comprising at least one property, such as a foreclosure, to be sold through the housing lottery. A lottery management authority manages the housing lottery. Accordingly, properties are listed therewith for inclusion in the lottery. The system also includes at least one lottery ticket priced according to the property for which it corresponds or to financial obligations tied to that property, and at least one participant who purchases one or more lottery tickets for one or more different properties. The lottery management authority conducts at least one drawing for each property, and distributes the proceeds of the lottery ticket sales to satisfy financial obligations such as outstanding liens including mortgages or loans, taxes, insurance, commission, down payment to the displaced homeowner, and profits to the local municipality to spur the economy. Also a method of conducting a housing lottery as described.

主权项

1. A system for a housing lottery, comprising:
at least one property identified to be sold through the lottery; a lottery management authority with which said at least one property is listed for inclusion in the lottery; at least one lottery ticket purchased by at least one participant desirous of acquiring said at least one property; lottery proceeds resulting from the sale of said at least one lottery ticket to said at least one participant; said lottery management authority responsible for conducting at least one lottery drawing per said at least one property and distributing said lottery proceeds; and at least a portion of said lottery proceeds distributable to satisfy at least outstanding liens on said at least one property.