Stressed about making hefty mortgage payments? Turned down for refinancing? Your lender won’t agree to a short sale? You are not alone, says You Walk Away LLC. The Carlsbad-based foreclosure counselor, which opened its doors in January, says lenders have foreclosed on 2.9 million homes in the last three years, so given the trend, it offers guidance to homeowners.
You Walk Away is not a real estate broker. The counselor only provides services and information to help minimize the long-term financial impact of foreclosure. The consultant says it has assisted 200 financially stressed homeowners.
Formed by attorney Chad Ruyle and Jon Maddux, You Walk Away helps homeowners through the entire foreclosure process when there are no other options.
“It was overwhelming how many people needed loan modifications or were doing short sales,” said Maddux, who worked in real estate finance. “I saw increasingly more people being turned away from what they needed. I thought about what was going to happen over the next few years and realized there was no one to help them through the process of foreclosure and no one helping them walk away from their home when they (had) exhausted every other option.”
Redwood City-based real estate services Web site Movoto recently reported a 20.4 percent increase in distressed homes for sale in San Diego for February compared with January.
Maddux says many homeowners in pre-foreclosure and foreclosure proceedings continue to make more bad decisions and only delay the inevitable. “We provide experts and legal information on how to avoid pitfalls and common mistakes, how to avoid bankruptcy and how to make the best of a bad situation,” said Maddux.
For $1,000, the program shows homeowners how to take control of their personal finances through a detailed and personalized foreclosure plan.
The plan includes a timeline of procedures and takes the unknown out of the foreclosure process, according to You Walk Away.
Participants are also enrolled in a credit repair program and given information on how to avoid bankruptcy and simple details of state laws pertaining to foreclosure.
You Walk Away employs a team of 12 and anticipates growing to nearly 100 employees in the next few months.