YouWalkAway.com promises to teach you how to give up paying your mortgage and let the bank foreclose on your house.
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 emails. We also will notify you if the lender is taking longer than expected subsequently giving you more time in your home payment free.
It’s like a spoof, except real!
For $995, they’ll give you half an hour of legal advice, and then file the necessary legal papers to get lenders to stop calling you. The site says it’s not a scam, that they’re not buying the house from you or anything like that. They will, however, enroll you in a “credit repair” service. Those kinds of companies are usually scams or have figured out some duplicitous way to trick the credit system.
Blogger Mish Shedlock called the company to ask what the deal was:
I spoke with John Maddux a “senior advocate” with You Walk Away (YWA) about the business. As one might expect it is booming. For $995 one receives a half hour of legal counsel where individual strategies are mapped out and all the laws pertaining to recourse vs. non-recourse loans as well as judicial procedures are explained to the customer. YWA also files the necessary legal papers to stop mortgage companies from calling and informs you immediately of how many days you will be able to stay in the house for free. Should the lender take longer to process the documents, YWA will keep you informed of any extra time.
Maddux informed me that YWA is currently operating in the state of California only, but Nevada and Florida will soon be coming online. Eventually they expect to be nationwide.
Not recommended. Troubled homeowners should refi, get a lower rate or sell, and walk away from “you walk away.”