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Thoughts On YouWalkAway.Com

There are many good posts on the YouWalkAway Blog and  its owner and CEO, Jon Maddux,  has good intentions in actually helping people through this foreclosure crisis.  I also can’t fault his arguments regarding the failure of the government’s foreclosure mitigation programs to address the magnitude of the crisis. The Congressional Oversight Panel, in report after report, has stated that the Administration’s efforts lag far behind the scope of the crisis.

Having said that, relentlessly pushing the idea that the government can’t help (when in fact, it has helped at least some families, and that’s better than nothing, at this point) and that the only solution is for everyone  to walk away ignores one fundamental thing:

It ignores the emotional consequences of losing a home, especially if one has lived in that home for a long time. A home is more than just a building that you live in and, really, is not an investment that can be viewed in that sense. It is a place where you (hopefully) build your lives and your family. This value cannot be measured in dollars and cents.

Furthermore, it is traumatic to lose your home, whether you walk away and let the bank foreclose on you or you must do a short sale or a deed in lieu. You can’t analyze the situation with the same cold blooded calculus that applies to business decisions.

In closing, I’d like to make one last point about YouWalkAway.Com. It is itself a for profit business. It sells services to assist homeowners in staying in their homes as long as possible before walking away.  It has no doubt helped many distressed homeowners find the least painful way to let go of their homes, but make no mistake, there is some basic marketing at work there, too.

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