Many homeowners purchased their homes within the last few years for little or nothing down. Since that time, the economic climate has changed dramatically.
House values have been rapidly declining. Also, many of the adjustable-rate loans that were taken out are resetting to much higher interest rates. Many homeowners are not able to refinance out of the problem, as in the past.
For many, the prospects of walking away from the property are becoming a distasteful, but viable alternative.
If you are in this predicament, or know of someone who is, you may want to look at a Web site called www.youwalkaway.com. This company can also be contacted by phone at (877) 878-9255.
This organization was formed in San Diego in the last year. Their goal is to educate you on your rights if facing foreclosure.
Their fee is $995. If you qualify for their plan, they indicate they can provide the following benefits:
- "Your lender will not be able to call you in an attempt to collect."
- "Your lender will not be able to collect any deficiency or loss they may receive by you walking away."
- "You will be able to stay in your home for up to eight months or more without having to pay anything to your lender."
- "You can have the foreclosure removed from your credit."
They provide their clients with a protection plan and a kit, and their literature claims to help you in the following ways:
- "We will stop your mortgage company from calling you. They will not be able to hassle you anymore. They won't be able to call you to collect."
- "You will immediately know the exact amount of days you have to live in your house payment free. We stay on top of your walk away plan and keep you up to date with weekly progress e-mails. We also notify you if the lender is taking longer than expected, subsequently giving you more time in your home payment free."
- "You will be enrolled in our affiliate credit repair plan. They have removed thousands of foreclosures from their client's credit reports."
- "You get a personal consultation with one of our highly experienced real estate attorneys making sure the lender followed the law perfectly. If they did not, you may have a case against them."
- "You will have experienced foreclosure consultants available to answer any questions you may have during the entire process.
- "A money back guarantee."
It might be worth looking into this organization to see if they can help you protect your financial future and restore your credit.
Like always, ask a lot of questions to ensure that you are getting full disclosure. If they sound like someone that you may want to utilize, take the extra precaution of reviewing their program with a local real estate attorney, financial advisor, real estate agent or lender that you know and trust.
Mike Ferguson is with Windsor Financial Services located in Granite Bay. His Web address is www.windsorFS.com