Foreclosure in Salinas>Question Details

alnz29, Other/Just Looking in Salinas, CA

Is any body out there who can give me any references about youwalkaway.com. are they any good?

Asked by alnz29, Salinas, CA Fri Oct 3, 2008

I'm trying to save my property from foreclosure and I contacted "youwalkaway.com" which is a company that specializes in assisting home owners in distress that are trying to save or walk away from their properties by negotiating with the bank for a lower interest rate or looking at other options, if any body out there want to share their experiences whit them or have any reference about this company please let me know . thanks in advance.

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3
The federal govt is trying to help people like you, check out HOPE for Homeowners instead.

Dept of RE just issued big warnings against companies collecting advance fees like you mentioned. Stop talking to that company until you know all the facts --check the BBB or do a search with the company name + complain or complaint.

Hope for Homeowners, a program created by Congress to assist homeowners at risk of loan default and foreclosure that will allow some homeowners to refinance into more affordable FHA-insured mortgages, launched Wednesday.
An estimated 400,000 homeowners could avoid foreclosure through participation in this program, which is voluntary for lenders and is scheduled to run through Sept. 30, 2011.
That program is among an assortment of federal, state and industry efforts intended to stem the tide of foreclosures.
Under Hope for Homeowners, lenders will determine a homeowner's eligibility and consider loan modifications to lower the monthly mortgage cost, and can also consider whether to take a loss on the difference between an existing loan and a new loan set at 90 percent of the home's current appraised value.
Existing mortgages must be originated on or before Jan. 1, 2008, and existing mortgage payments as of March 1, 2008, must exceed 31 percent of the borrower's gross monthly income, among other eligibility requirements.
1 vote Thank Flag Link Sat Oct 4, 2008
alnz
for a charge of nearly $3000.00 I would say runaway.

There are many organizations that can help with loan modifcation for free. The 3000.00 would be better off going towards your loan.
1 vote Thank Flag Link Fri Oct 3, 2008
I don't encourage this route. Talk to your lender. If that doesn't work (and if you are not behind in your mortgage I haven't found that it does much good), contact the Neighborworks (HOPE) program that the other person suggested. Also, if your loan has mortgage insurance, contact the mortgage insurer - they don't want to pay a claim on your defaulted loan, so they have an interest in helping you. If you have an FHA loan, there's special help for you through them - same with VA.. and if you got your loan through any state program or anything like that, call them as well. A short sale is perhaps an option - but there are variables, not everyone is successful with these. Check out the blog below for a little insight on that.
0 votes Thank Flag Link Sat Oct 4, 2008
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