What Do You Do When You Have Nothing To Lose?
February 3, 2008
Well if you think you have seen it all, here’s a new one for you.
Imagine that you want to buy a house for you and your family but you don’t have enough money for a down payment. No friends or family to help you along. No dowry from the in-laws, your savings just don’t add up to much, and you have no real plan to save more.
Then all of a sudden they come out with this new mortgage product that gives you the opportunity to buy a home with no money down. Of course you would take it. How lucky you are, there was born the 100% Stated mortgage.
All you had to do was sign the papers, agree to make a low monthly payment that you STATED you could afford and Voila! You are a homeowner.
But wait a minute…do these people really expect you to pay this money back? Was there something in that stack of papers you signed when they gave you the keys that gave the lender the impression that you intended to pay them back? Oh..I understand, you did not know what you were signing. You thought it was like hitting the real estate lottery. You thought it was the home game version of Deal or No Deal.
So now you are getting tons of phone calls and letters and visits by investors and real estate agents and they either want to buy your house or sell your house. But they don’t understand, you thought someone was bringing over more free money.
Well sorry to say that’s not going to happen and unless Hillary gets elected you are going to be out on your tuckus.
So what can you do to make this all stop? I know what you can do. Do the walkaway! That’s not really a novel approach. We here at Real Estate Radio USA do it all the time. We talk with homeowners in distress and often we buy the deed from homeowners in distress and negotiate short sales with the banks.
Oh..but you are not interested in that…what is it then can I ask that you seek? What? You want to stay in the house for free, have the bank stop hassling you, and when YOU are ready you’ll just leave. Hello McFly..are you nuts?
Well this type of conversation may be happening more than you know it thanks to a new company called You Walk Away. 
I almost hate giving them publicity on our blog but you need to be aware of this crock. This company, which is headquartered in California, is selling a how-to kit for $1,195 to help homeowners make the process of walking away from their home and the mortgage, as painless as possible.
Yes..I said they are SELLING a package that shows you how to simply walk away from your home and it will only cost you $1,195.00.
People reading this understand something. I bring this story to light for one reason and one reason only. This my friends is the real estate version of the Pet Rock!!
If you can get a homeowner to PAY you $1,195.00 and have your company featured on ABC News and have more business then you can handle and you only opened your doors on January 1, 2008…you my friend have a Purple Cow herd!
These people understand marketing and man they knocked one out of the box on this idea. By no means am I promoting their business. I think it is absurd to even offer such a service much less prey upon a homeowner and get them to fork over $1,195.00 when you already know they are in financial distress.
However, you have to commend these people for having the sheer audacity (you know I wanted to use a MUCH stronger word here) to launch such a program and then have the ability to market such a program.
We started our blog and radio show within the last two months and we are already one of the top real estate related blogs and our radio show is one of the top rated talk radio shows for real estate…but even we have not had the boys from ABC News come calling…yet.
Say what you want about this company, but this is Marketing with a capital “M” and this is being absolutely remarkable in what you do.
You agents out there, break from conventional wisdom. Open your eyes to what great marketing can do. It’s not like you need to launch a new website and product and gain national exposure. All you have to do is sell a house. By comparison, can that be all that hard?
No I would never do this but I would love to go to lunch with the marketing genius that put this together. Maybe we will have them on the show this week. I gotta talk to these guys!
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So, the unintelligent, unlucky or otherwise impoverished that can’t afford to pay their house payments can suddenly find $1195 for the kit? They deserve a fleecing…
And, for these people to be making money marketing a kit to rip off the lenders that tried to put people in the houses they wanted is also a travesty.
Too bad ABC News couldn’t have given them a little raking over the coals.
Hi Lane,
I could not agree more! This is , in my mind, is truly a pathetic, bottom feeding way to make money and shame on them for sucking the “last” dollars from these borrowers.
But ya gotta love their ability to market. Something tells me with their marketing skills they could have made money doing something a bit more above board.