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New Company Launched: " You Walk Away Plc"

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Carlsbad for-profit You Walk Away assists those facing foreclosure

By Emmet Pierce


March 1, 2008
You Walk Away LLC
has found a way to profit from the ongoing mortgage crisis, but co-founder Jon Maddux says the Carlsbad-based company also is providing a valuable service to borrowers who took out risky adjustable-rate loans during the fevered housing boom.
Hector Cazares (right) worked the phones next to co-worker Justin West at You Walk Away LLC, which has a staff of 12 to take calls from distressed homeowners.
The firm charges $995 to guide people through foreclosure
Launched in January, the business helps distressed homeowners navigate their way through the foreclosure process for a fee of $995. Although it has served about 200 clients so far, Maddux says the potential market is largely untapped.
An estimated 1.8 million adjustable subprime loans are scheduled to reset to sharply higher interest rates nationwide over the next two years.
The company's Web site, youwalkaway.com, gets between 5,000 and 7,000 hits a day, Maddux says. And his staff of 12 answers phone calls “all day long nonstop.”
January foreclosures in San Diego County totaled 1,305, up 32 percent from December and up nearly 257 percent from January 2007.

As Rhett Butler observed in "Gorn with the Wind," there is more money to be made when things are collapsing than when they are building. :lol:

S. California is almost an exact mirror of our market (with a 12-18 month lag):


Whoever did the chart can they update please it would be interesting to see if the second Great Crash is still holding true to form?

Edited by Realistbear

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  • 298 Brexit, House prices and Summer 2020

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