Walking Away From Foreclosures
September 17th, 2008
For those Americans who can no longer afford increased mortgage payments there has come up a new set of services by which one can walk away from foreclosures – but at a price.
The Dow Jones has dropped by more than 300 points last Friday and the economy is now really shaky. This has made Americans more reliant on their credit cards. USA Today has reported this. The new tendency is for an increasing number of clients to settle not only their car bills with credit cards but also their mortgage dues. Responding to this a new set of consulting services has cropped up offering a getting-out-of-debt solution to house owners who are under threat of foreclosures.
One such firm is YouWalkAway.com that has already helped more than 200 foreclosure victims in six states who contracted a creative-financing mortgage. It requires negligible down payment and in some cases none at all. The company has its legal advisory staff and tries to get foreclosure off the credit history of their clients. The clients feel comfortable working with them as the service provider is beside them at each stage. Chad Ruyle of YouWalkAway says it is a very practical and sound solution.
Is it really all that it claims to be? It has helped Eddie Zepeda. Eddie had bought his house in the suburbs of San Diego in 2004 but now the monthly mortgage payment of $3500 is beyond his limits. He has been greatly helped by YouWalkAway. Zepeda had come up with harsh alternatives – food bills or house mortgage dues?
Schemes offered by YouWalkAway and other similar service providers may seem attractive for the time being but it has long-term consequences that may harass the person for years. Many are willing to take the risk for the immediate relief it offers. Michael Santoli of Barron’s magazine opines that it is “not a smart decision for a person’s long-term financial well being.” He says that it is a smart choice only if the foreclosure victim feels closed in without any hope ahead. But sometimes – in fact more often than not it is like jumping into the fire from the frying pan.
The government is bestirring itself and trying to crack down on some such firms that are claiming to help consumers The Federal Trade Commission reported that it had accused six such business concerns for luring foreclosure victims into loans that were short and very costly by way of placing additional mortgages on their existing houses.
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September 17th, 2008 at 9:15 am
[...] Walking Away From Foreclosures By Julia Thorn Foreclosure Times The Best Time To Buy Houses; Foreclosure Auction In Inland Empire Includes Furniture And Tools; Foreclosure News Flashes; Foreclosures Dash Hopes Of Realtor In Holladay; Foreclosures Compel Departmental Store Chain To … House Repos Blog – http://www.houserepos.net/blog [...]