Foreclosure Industry Booms
11:46 AM February 26, 2008
Now there's a whole industry aimed at "helping" people who can't make mortgage payments.
As an example: a San Diego-based company called www.uwalkaway.com. You guessed it. They provide advice to homeowners on how to walk away.
The company's objective is "to empower homeowners who purchased their homes at the peak of the real estate market to take control of their financial future."
In other words, what's being offered is advice on the best way to have your home foreclosed on. Apparently some ways are better than others.
On the company's website, there's a sales pitch to consumers. You Walk Away is run by a team of real estate and legal professionals with over 50 years of experience, it says.
Worried about what a foreclosure will do to your future ability to buy a home or your credit? Don't worry so much.
Lenders typically like to see 4 years since the foreclosure was discharged. However, some government loan agencies currently require only 2 years. Before you know it, you will have this behind you and a fresh start!
The fee for this service is $995, and I understand there are a lot of takers.
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if espinoza keeps talking over eric i will not be able to stand it. and if she keeps trilling kriski's r's i will have to re-think my support of nafta
Posted by: mike franko | March 07, 2008 at 07:27 AM
Great - a service to help those who never should have purchased a home in the first place (and who never should have been GIVEN a loan) walk away from their loans, costing banks millions of dollars. What a GREAT idea.
I still don't see the downside of the foreclosure "crisis" except for those who may be losing their homes. THe influx of housing onto the market will depress new and used home prices, and hasn't the media been complaining for years about unaffordable home prices?
It's called a MARKET ECONOMY; I wish the press would do a bit more to inform viewers that falling home prices and a glut of unsold homes are very positive things for those who have been priced out of the home market for the past several years.
Posted by: Bill | February 26, 2008 at 10:56 PM
One word. GREED. Greed on the part of the mortgage industry. Greed on the part of the homeowner. Now this form of scum. It continues to amaze me that everyone blames someone else for their problem. I know of people who make $12.00 per hour who bought $400,000.00 homes in Orange county, with the thought of selling when the market increased. Buyers who claim they didn't know what they were signing. How could a person not know what they were signing, when they were in the process of completing the single most important transaction of their lives? Now enter these clowns in San Diego. It appears the cycle of greed will never end..........
Posted by: John | February 26, 2008 at 08:39 PM
Owning a home is the American dream. Reference Lorraine Hansberry's "A Raisin In the Sun." I pledge to support any politician who'd come up with a solution to keep folks in their homes without being fleeced by charlatans.
Posted by: jozielee | February 26, 2008 at 03:23 PM
Sad but true! There's always someone willing to take advantage of someone else's misery and there's always some miserable people willing to part with money they don't have for an "easy" way out. Human nature never seems to change.
Posted by: Lydia de Zara | February 26, 2008 at 12:19 PM