One month ago today, our site-of-the-day was You Walk Away Dot Com.
Today, there is a front page NYTimes article about — anyone? anyone? — You Walk Away.com:
"Then in January he learned about a new company in San Diego called
You Walk Away that does just what its name says. For $995, it helps
people walk away from their homes, ceding them to the banks in
You Walk Away is a small sign of broad changes in the
way many Americans look at housing. In an era in which new types of
loans allowed many home buyers to move in with little or no down
payment, and to cash out any equity by refinancing, the meaning of
homeownership and foreclosure have changed, economists and housing
Though many states give banks recourse to sue borrowers for their
losses, Mr. Case said, in practice it’s not often done “It’s tough to
do recourse,” he said. “It’s costly, and the amount of people’s
nonhousing wealth tends to be pretty slim…”
The company assured him that in California he was not
liable for his debt, and provided sessions with a lawyer and an
accountant, as well as enrollment with a credit repair agency. He
stopped paying his mortgage and used the money to pay down other debts." (emphasis added)
Just doin’ our job, keeping you informed a solid month ahead of the mass media.
You Walk Away Dot Com.
Facing Default, Some Walk Out on New Homes
NYT, February 29, 2008