Foreclosure sales have spawned new services.
Jon Maddux is co-founder of YouWalkAway.com, which offers a kind of do-it-yourself kit and information to help those in trouble get through foreclosure while staying in the home as long as legally possible.
For a $995 fee, the Carlsbad, Calif., firm arranges a consultation with a licensed attorney and unlimited access to a staff consultant. The company says qualified participants will be legally protected from harassing phone calls and collection attempts, and they’ll have the right to stay in the home for eight months or more while the foreclosure process unfolds.
Critics have said it comes perilously close to practicing law.
“We don’t give legal advice, we give legal information,” Maddux said. “We help the homeowner use the law to their advantage and get back on their feet before they’re out on the street.”
He claims to have had 1,000 customers since the site launched in January and expects a robust business at least through 2011, when the riskiest adjustable-rate mortgages will top out.
Overstock.com, the site that has built its brand liquidating such merchandise as excess handbags, likewise is jumping on board. This month, it listed nearly 3 million homes; with about 300,000 foreclosures and 7,000 “distressed.”
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