Thursday, April 10, 2008

Able owners may quit “upside down” loans

Walk-Away Borrowers: Latest Mortgage Mess?

Townhomes for sale in Fullerton: OC defaults up 146% in January, February to 4,091. Stalling home prices have brought a new worry for lenders: borrowers who might walk away from their loans—not because they can’t pay, but because they don’t want to. You Walk Away LLC in Carlsbad offers to help people walk away from their homes. The company’s Web site says it will help delinquent borrowers by getting lenders to stop calling and by getting them “off the hook from owing anything on the property.” “People are realizing it’s not that bad,” said Chad Ruyle, a founder of the company and a lawyer for five years. For about $1,000, You Walk Away sells kits to people across the country, counseling them on their foreclosure options.

Posted by mken @ 09:12 PM (380 views)
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One thought on “Able owners may quit “upside down” loans

  • In the UK of course, we have a perverse system where the banks accrue all of the benefits of reckless lending because you can’t walk away from negative equity here.

    Unlike the US we have a “heads you lose, tails I win” system.

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