YouWalkAway.com

[Analyzer]

Yes, its true, couldn't make this up if I tried :nonod:

http://www.youwalkaway.com/​

 

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[Rawr]

This may be a dumb question - but what do people do after they get booted from their house? Do they get an apartment..wait 7-9 years for credit to recover and buy another house?

 

[Elliott]

I heard a while back that stuff like this was illegal.

 

[Allthingznew]

I read somewhere recently the banks greatest concern is people just walking away. If they figure they're credit is screwed anyway why not save some money and come out ahead. This will create opportunity because they still have to have some place to live.

 

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[Redshft]

This may be a dumb question - but what do people do after they get booted from their house? Do they get an apartment..wait 7-9 years for credit to recover and buy another house?

I guess so. Once they realize they are faced with negative equity from their home decreasing in value, they just give up from what I understand. They stay in the house saving their money they WOULD be spending on their mortgage payment, wait til they are forced out and use the money they saved for rent.

I think some people don't realize how much of a burden a foreclosure can have have on your credit. They think they may be saving money now. But in the long run when they are faced with stupid high rates due to poor credit, they may as well throw their money away.

People who let their homes/cars go to foreclosures and reposessions intrigue me. I guess too many people think short term and are too lazy to help themselves.

 

[Redshft]

So what exactly do they do??? After looking in the FAQ, I read this...

Do I have to file Bankruptcy?


No you don't have to. In many cases you can keep the rest of your credit in good standing and we can help you improve your score over the next 6 months


If you read further they are pretty much saying your credit will be bad.

How long until I can buy a house again?


Lenders typically like to see 4 years since the foreclosure was discharged. However, Fannie Mae (government loan agency) currently requires only 2 years. Before you know it, you will have this behind you and a fresh start!



How long will a foreclosure last on my credit?


Lenders usually look back 7 years. It will remain on your credit report for that long but the effects will diminish each year.

 

[kurtyordy]

I personally would not build a business on these ethics, but you got to give these guys props for trying to ride the wave.

 

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[Reisteve]

This guy did a good job of marketing himself on name alone...

The catch here is that he is really looking for homeowners that have equity and and are leaving...

Why else would you have to "qualify" for a plan to walk away from a home?

Not to sure I like the idea though of letting a HO stay in the home up to 8 months... could really come back on you if you are not careful.

Steve

 

[Allthingznew]

I wish I could remember where I heard about this recently. It had to do with the social acceptance of foreclosure due to so many people "being in the same boat".

If walking away from your home and living free in it for up to a year becomes socially acceptable, what else will? Says a lot about our society of late.

 

[bflash98]

Looks like an operation like the foreclosure training programs that charge people 5 to 6k. They have done a great job of knowing their market and appealing to them. It is a nice looking website.

 

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[Elliott]

LOL.

I just checked godaddy. Go2Prison.com is available. Does anyone want to go in on this with me?

Is Prison Right For You?

Ask yourself:

Do you want to live rent/mortgage free?
Do you want to get out of all your previous obligations?
Do you want free meals, free cable?
Would you like to meet a lot of new people?

 

[AlwaysCurious]

LOL.

I just checked godaddy. Go2Prison.com is available. Does anyone want to go in on this with me?

Is Prison Right For You?

Ask yourself:

Do you want to live rent/mortgage free?
Do you want to get out of all your previous obligations?
Do you want free meals, free cable?
Would you like to meet a lot of new people?

Hilarious idea!

Let´s make some FAQ as well:

Q: Am I a criminal when I go to prison?
A: Not necessarily. In many cases you can keep your good reputation and we can help you improve your score over the next 6 months

Q: How long until I come out again?
A: The typically stay is around 5 years. However, before you know it, you will have this behind you and a fresh start!

Q: How long will a prison stay last on my credit?
A: Lenders usually look back 7 years. It will remain on your credit report for that long but the effects will diminish each year.

:smx4:

 

[Elliott]

Oh man. That's great. I keep reading our ideas and I can't stop laughing every time I read it.

Your not alone... over 1.5 million people are in prison!

 

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[kurtyordy]

Call 911 today to see if you can qualify to go to prison as well.

 

[kurtyordy]

Elliot,

I see where you are going with that one, but there are people here who have lost family to suicide, so it may be to far across the line. Not trying to preach, and I am not one of those who have lost someone, I just do not want you to inadvertantly offend someone.

 

[Andrew]

Wow, no wonder why some of you guys have no idea how to start a business.

Timely, riding a news wave, innovative, filling an exploding market that didn't exist 9 months ago, I haven't seen a better fastlane example in ages.

 

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[Jito]

Great Idea, but it speaks volumes about the current state of things...

 

[CarrieW]

We just had our house forclosed on. as soon as we figured out we were in a position to lose the house we moved...tried to sell it for over a year after we moved...there was nothing we could do besides wait for the foreclosure to happen... Kinda kicking myself we didnt stay longer and save money! had no idea it would take almost 18 months to have the sheriff sale...

we did not rent an apt. we rented a sfh and are now in a duplex.

 

[mtnman]

Wow, no wonder why some of you guys have no idea how to start a business.

Timely, riding a news wave, innovative, filling an exploding market that didn't exist 9 months ago, I haven't seen a better fastlane example in ages.

Good point, I was only looking at it from an ethical standpoint. reps +

 

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[Autospun]

This company and site informs its users about foreclosure law designed to help them safely cope with their own legal needs. However, legal information is not the same as legal advice. The law as it applies to each individual varies with specific circumstances. The laws of each state are constantly changing, and although we go to great lengths to make sure our information is accurate and useful, we recommend you consult a lawyer if you want professional assurance that our information, and your interpretation of it, is appropriate to your particular situation.

Sounds like a business plan! rep++

 

[biophase]

I see walking away as a financial strategy. I don't see it any different than a business shutting down its doors.

When you buy a home, you have a mortgage with the bank, your collateral is your home. You did not pledge your car, your doodads or future earnings. It's clear that if you don't pay, the bank takes your home.

The banks have no problem taking your home when there is a ton of equity in it. They should have no problem when there isn't any either.

At some point you have to make a business decision. Why keep throwing money away. What is your credit worth in dollars? I can see very clear cases where walking away would financially help families. Some people make good livings and can certainly afford to rent. A landlord will take someone with bad credit and a good income.

If you look at credit as a tool with a certain monetary value, you can begin to determine its worth and risks.

In fact, I can totally understand the risk that an 18 yo would take during a housing boom. If you're making $30k a year delivering pizzas, but you have the chance to purchase 10 houses no money down and maybe make $500k in a year would you do it. All you have at risk is your credit. If he doesn't take the risk, what are his chances of ever making $500k.

 

[imirza]

The funny thing is banks are more willing to 'work' with you when you have no equity in your home as opposed to one having equity in their home. Banks are reluctant to foreclose on homeowners who are upside down and prefer to even renegotiate their mortgage terms. On the other hand if you have plenty of equity and are late on payments banks will toss you out ASAP.

In a way I agree with these people walking away from their home. I live in Phoenix and I see it happening everyday. I've personally come across half a dozen people who walked away and after listening to their circumstances I realize I would probably have done the exact same thing. Look at it this way, you bought your home at the peak at $400k with 100% financing and now its only worth $250k . You are in the hole 150k. The chances of your home regaining its former value in the near future is highly improbable. Your loan is now adjusting and the higher payments are starting to squeeze you. So you are screwed on both ends. Can't sell your home because you are upside down plus the market for buyers has dried up. Can't afford your payments either. Best thing to do is get up and leave.

It would make more sense if homeowners planning on walking away bought another home at lower value prior to 'walking away' (and ruining their credit) and then walked out. So now they actually have a home which they bought 'cheap' and even though their credit is ruined (for 7 years) they can wait out the cycle and get appreciation with their new home. I actually know a guy who encourages upside down home owners to buy a home similar or better than their current one at way lower prices and then, walking away from their previous home.

 

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[andviv]

bio, this article agrees with your take on this topic...

http://money.cnn.com/2008/02/06/real_estate/walking_away/index.htm?postversion=2008020610

Lenders are afraid that borrowers may find it's worth the hit to their credit scores, if they can drastically reduce their housing expenses. Someone with good credit and a $600,000 home in a town with cratering real estate prices could buy a similar house nearby for $450,000, and then let the other $600,000 mortgage go into foreclosure.

The stage is set for this kind of thing particularly in California, where huge numbers of buyers used low or no-down deals to buy homes. The trend has even spawned at least one new business, San Diego-based YouWalkAway.com, which for a fee of $1,000 purports to guide clients through the process of ditching their mortgages. It launched in early January, and says it has already signed up 180 clients.

California is a bit of a safe haven for these borrowers, since banks that repossess and then sell a foreclosed property for less than the mortgage that was owed on it cannot come after borrowers for the difference - as long as it's the initial mortgage, one that has not been refinanced. So if a borrower owes $200,000 and the bank sells the house for $170,000, the borrower comes out of it debt-free.