BEHIND IN YOUR MORTGAGE PAYMENTS? FACING FORECLOSURE? New Website Says - "Just Walk Away!"
$995 FEE CLAIMS TO PROTECT DEFAULTING HOMEOWNERS FROM FURTHER HARASSMENT. AND, YOU CAN STAY IN YOUR HOME FOR AS MANY AS EIGHT MONTHS - FREE!
The homeownership process, at one time, involved saving and responsibility. Saving - for the original down payment, and initial sum of equity in the property. Responsibility - for attempting to do nearly whatever it takes to keep home payments current, and avoid foreclosure, even during tough economic times.
One new website, however - YouWalkAway.com - offers a "do it yourself" kit, along with the availability of legal advice on foreclosure laws in your state, to allow a distressed homeowner to simply walk away from their home, not make back payments, and even continue to live there until state law forces them out - in some states, as long as eight months are longer.
Laws vary greatly from state to state, and many YouWalkAway.com customers live in the State of California, where home values have declined in some areas to far below the mortgage balance many homeowners owe. Their $995 sign-up fee includes a legal consultation from a state licensed attorney, plus additional staff help as needed to help you leave your home. They claim a defaulting homeowner has rights protecting against harassment until the foreclosure process runs its course, and cannot be forced to move until the foreclosure is final.
The company also works with affiliated companies offering credit counseling, and can even arrange for reimbursement of some moving expenses, through state agencies and possible income tax credits, to defaulting homeowners.
"We don't give legal advice, we give legal information," YouWalkAway.com co-founder Jon Maddux contends. "We help the homeowner use the law to their advantage and get back on their feet before they're out on the street."
Here in Illinois, foreclosure proceedings can drag on up to six to eight months, perhaps more if a distressed homeowner retains a lawyer to stall the process a bit. After the foreclosure is recorded, the homeowner has an additional month to vacate their home, before forced eviction from the county sheriff.
Companies similar to YouWalkAway.com are not as common here in the Chicago area. Despite a sluggish market here versus previous years, high inventories for sale, and record low equity, caused by borrowers extensively tapping home equity lines and high-leverage loan products to finance their homes, skyrocketing price increases were not as common here as they were in other areas of the country. Fewer homeowners, therefore, owe far more on their mortgage than their home is worth.
See Mary Umberger's article in last Sunday's Chicago Tribune for more information.
DEAN MOSS & DEAN'S TEAM CHICAGO
