Real estate trendspot: Connect2Agent discusses new foreclosure services

When the going gets tough, these companies are hoping the tough head to their websites for help. The two companies I am referring to are trying to inch their services into the crowded and cumbersome foreclosure process.

You Walk Away and Walk Away Plan claim to offer services that streamline the decision process for a homeowner on whether they should walk away from their house or continue to hang on. Here's a look at each of these companies.

Walk Away Plan tries to take the guesswork out of accepting a foreclosure or staying in your house. The folks at this company are selling a trademarked plan to consumers that provides them with information on how long they can stay in their house without paying their mortgage and what kind of recourse the lender can have against the homeowner. It even states that consumers who use the Walk Away Plan will be able to purchase a house again in as little as two years.

These are some pretty hefty claims for homeowners who walk away from the recorded interest and liability. The site even goes through a set of moral questions with a homeowner who might feel guilty walking away from the debt they owe. In chatting on the website with a live operator, I was able to get the cost for the service--$495--and it was explained that there are no other fees involved. The site offers a money-back guarantee if you do not receive your report within seven business days. All refunds must be requested in writing to an address in Arizona.

You Walk Away is a website that encourages consumers to purchase its protection plan and kit. This plan details a timeline and sends email updates letting you know how long you have left to live in your house before foreclosure proceedings evict you out the door. They also enroll you in a credit repair plan and give you a potential moving credit of up to $5,000 once you are foreclosed on. It doesn't say whether this is before or after you find your stuff on the lawn.

The cost for the service is $996 and there is a money-back guarantee. The terms of the guarantee are not published or disclosed on the site. I was unable to get this question answered online without a phone consultation and I was also unable to get a response on the website's live chat feature. 

What do you think? Connect2Agent wants to know.

I am certain that with a wave of rising foreclosures in some real estate markets across the country, there will be more companies looking to provide a similar service as the websites discussed above. The foreclosure and short sale processes right now are currently complex and timely. Consumers like streamlined services with fast results. Unlike a short sale or foreclosure, these companies are determining your ability to completely walk away from your housing debt.

Connect2Agent would like to hear your take on this matter. Let us know by commenting below or dropping an email.

If you enjoyed this post, you may want to read:

• Connect2Agent takes a look at foreclosures
• Home sellers: What you need to know before you decide to sell your house on your own
• Homesellers: How to protect your contract to purchase from falling apart

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Posted by Rebecca D. Levinson