At present, approximately two percent of the outstanding mortgage loans in the U.S. are in some stage of foreclosure, according to RealtyTrac. And who knows how many more may be on the verge of going over the edge anytime soon as subprime loans adjust up to higher interest rates in the next couple of years.

Taking all those people into consideration, it makes for a very large potential pool of distressed homeowners to choose from when judging any kind of a contest offering to pay off someone’s mortgage.

And that is probably what Columbia Pictures is counting on.

According to the Reuters news service, the movie studio, in promoting it’s soon to be released picture “Hancock” starring Will Smith as a “flawed but good-hearted superhero” has decided to hold an essay contest to select one lucky family to have their mortgage paid off.

Offering to pay off up to $360,000 of the winning family’s mortgage debt, the contest requires the entries to be no longer than 200 words on the subject of why they believe they deserve to win the grand prize, Reuters reports.

Considering that any movie of this caliber coming out of a major Hollywood studio garnered a multi-million advertising budget, offering only $360,000 may seem like peanuts.

But to a family facing possibly losing their home to foreclosure, that kind of money can make a huge difference. In some areas of the country it could pay off their entire mortgage, while in others it could mean paying off enough of the debt owed to let them remain in the house and to refinance the balance at a lower interest rate.

Kudos to Columbia Pictures for trying something fresh and different. And good luck to them in choosing the winning entry. Word of this gets around they could be facing thousands if not millions of submissions.

Hopefully Will Smith is on board with the concept. Maybe he will even hand over the check to the winning family. Wouldn’t that be something!

We’re interested in what you think about this kind of “publicity stunt.” Do you see it as totally self-serving on the studio’s part to draw audience to the movie? Do you think they are taking advantage of people who are down and out on their luck?

In any case, you can’t deny there are plenty of cash-strapped families out there that are hurting and could use a quick influx of funds to save their homes.

For more information, and to submit an entry, check out the movie's official website and click on the "Hancock's Helping Hand Mortgage Payoff Contest" button.