Youwalkaway.com on Nightline at 1130 tonight on ABC

[Alan]

[The Tim]

[Alan]

huh?

[The Tim]

"title says it all" is a common thing to read on digg.com, that's all.

[small_far_ugly]

WOW. Soon you'll start seeing services popping up to help these people. I have no sympathy. They drove up my housing costs.

[lannypoffo]

So what is the business model here?

Youwalkaway.com claims that they help people be informed of their rights, and help them stay in their house "without paying" for up to a year. So how does youwalkaway.com profit? Hmmmm.....

1. Set up website informing borrowers of their rights to stay in a home being foreclosed on
2. Take calls from people who already can't make ends meet
3. ?????
4. Profit!

Doesn't seem like a sustainable business to me - just another cycle of the wolves feeding on the sheep.

Lanny

[Alan]

They charge $1000 for their information packet.

[rose-colored-coolaid]

Walking away gets further exposure in the MSM.



This might be a marker that we can watch to know when housing is due to turn around. The day someone says, "I know my house has lost most of its value, but I'm just not sure about this jingle mail thing" and a coworker says, "Of course you should just walk away. It saved my marriage"; that's the day I know it's time to jump into housing with both feet.

[jillayne]

Alan, I read tonight that youwalkaway has sold more than 180 packages at $1,000 each.

Get ready to check your spam bins for youwalkaway copy cats springing up like mortgage brokers at an open bar.

[Alan]

"A fool and his money are soon parted."

This suggests a way to generate business plans.

Step 1: Identify fools. (for example, people who purchased housing beyond their means).
Step 2: Find out how fools are being separated from thier money (by making paymen ts on a house that they are going to lose anyway).
Step 3: Create a product that gets in the way of that money flow (I suspect lawyers are a useful resources in this step).
Step 4: Profit!

[rose-colored-coolaid]

[lannypoffo]

[biliruben]

I think they sell you a kit showing you how to stop paying your mortgage for like a thousand dollars.

Spend it on a lawyer instead.