Walk Away Clean
A free, ethical and responsible way to walk away
FAQ
Do you really provide services without a fee?
We'll be honest with you. We thought about charging a fee. But we decided that most people who are making the decision to walk away from a home in which they've invested time, money and memories are striving for financial stability and not likely able to pay a fee.
Furthermore, we are not blind to the number of frauds and scams that are preying on those hit hardest by the economy. We feel the easiest way to distinguish ourselves as a legitimate business and service provider is to not ask distressed homeowners for money they don't have or that is needed elsewhere.
Are there "hidden" costs?
No. Taking on your property is at our discretion and based on its condition. The only costs you will incur are those you choose to incur to correct any structural or code-compliance issues in order to qualify and reapply for our services should we initially deem it unsuitable.
If I choose to walk away, will I be free and clear of my mortgage?
We will not take possession of your mortgage debt, however we will be working to ensure your property retains its value in accordance with market conditions by maintaining it during the foreclosure process which typically begins after three (3) mortgage payments are missed.
We can, however, refer you to a mortgage foreclosure law firm with a 100 percent successful track record in foreclosure cases. Clients of our preferred law firm have turned properties back to the bank with outstanding mortgages in excess of $50 million, and each client represented completed the foreclosure process with no personal deficiency (i.e., mortgage balance forgiven).
How long does foreclosure take?
Most lenders will file a foreclosure action after three (3) missed mortgage payments (roughly 90 days). Depending on the court calendar, it can take several months for a judgment to be entered or for a lender to be awarded possession of the property. It is during this time that you are responsible for maintaining the property to be sure no damage occurs. If you choose to walk away from your property and your application to receive our services is approved, we will manage the property through this process.
Will you represent me in the foreclosure?
We are a property management company and our role is to help those who choose to walk away from their properties do so in an ethical, responsible way - in short, to help you be a good neighbor. We are not providing legal services and will not be representing you in the foreclosure action. We can refer you to experienced foreclosure attorneys if you wish.
Beyond the mortgage, are there any other costs I may be responsible for?
That depends on a number of factors, not the least of which is whether after foreclosure the lender takes title to the property. There is an increasing trend among banks and other lenders abandon properties after foreclosure and avoid the cost of maintenance. If title is left in your name, you may find yourself responsible for taxes, maintenance costs and fines related to the property. We will monitor the title and tax status as part of our property management service.
What about property taxes?
That will vary somewhat case-by-case. Generally speaking, a lender that has taken title to the property will pay taxes. If you have money in escrow for this purpose, they are obligated to do so. However it is important to know the status of the property title. If the title remains in your name, you will be responsible for taxes, maintenance and fines on the property which can total thousands of dollars if not maintained. We will monitor the title and tax status of the property as part of our property management services.
How long have you been in business?
Wolf Consultants was originally launched as a limited liability company (LLC) in 2002 with a focus on commercial property - managing the logistics of corporate space consolidation for major corporations with facilities in the Chicagoland area. Today, the focus of the restructured and newly formed Wolf Consultants, Inc., is on residential properties - a market in desperate need of our expertise - throughout Cook, DuPage, Lake, McHenry, Will, Kane and Kendall Counties in Illinois. Regional and national expansion of our services is part of our longer term plan.
What kinds of properties do you manage?
Our team is experienced in the management and maintenance of all types of residential and commercial properties. Our focus in on the housing market, including single-family detached and attached (duplex/townhome) residences, condominiums and apartment buildings. In addition, it's important to note that we are in the business of property management and maintenance, not property repair. We are here to help you avoid liability. In some cases, we may offer you tips to correct some liabilities that may surface from the current condition of your property to qualify for our services.
How do you make money?
We want to be transparent but also need to protect our business model. We can tell you that our revenue sources may range from referral fees paid by service vendors (e.g. repair and maintenance services) to leasing and sales revenue from the properties we manage and care for.
Shouldn't I just let the bank board up my vacant house?
We see two issues with this. First, a boarded abandoned home is a nuisance to the neighborhood. We've seen padlocks cut and squatters move in. We've also seen weather damage caused by such factors as power-outages and failed sump-pumps. Next comes mold damage. While banks will "secure" a home, they rarely will maintain it. Secondly, with the increase in REOs, a trend has been reported in which banks never take title to homes they have foreclosed upon. This leaves the homeowners, who thought they had lost their homes, liable for ordinance violations, repairs and even destruction of a condemned property. See our Articles page or read this article, Who's House is It Anyway? for examples.
We'll be honest with you. We thought about charging a fee. But we decided that most people who are making the decision to walk away from a home in which they've invested time, money and memories are striving for financial stability and not likely able to pay a fee.
Furthermore, we are not blind to the number of frauds and scams that are preying on those hit hardest by the economy. We feel the easiest way to distinguish ourselves as a legitimate business and service provider is to not ask distressed homeowners for money they don't have or that is needed elsewhere.
Are there "hidden" costs?
No. Taking on your property is at our discretion and based on its condition. The only costs you will incur are those you choose to incur to correct any structural or code-compliance issues in order to qualify and reapply for our services should we initially deem it unsuitable.
If I choose to walk away, will I be free and clear of my mortgage?
We will not take possession of your mortgage debt, however we will be working to ensure your property retains its value in accordance with market conditions by maintaining it during the foreclosure process which typically begins after three (3) mortgage payments are missed.
We can, however, refer you to a mortgage foreclosure law firm with a 100 percent successful track record in foreclosure cases. Clients of our preferred law firm have turned properties back to the bank with outstanding mortgages in excess of $50 million, and each client represented completed the foreclosure process with no personal deficiency (i.e., mortgage balance forgiven).
How long does foreclosure take?
Most lenders will file a foreclosure action after three (3) missed mortgage payments (roughly 90 days). Depending on the court calendar, it can take several months for a judgment to be entered or for a lender to be awarded possession of the property. It is during this time that you are responsible for maintaining the property to be sure no damage occurs. If you choose to walk away from your property and your application to receive our services is approved, we will manage the property through this process.
Will you represent me in the foreclosure?
We are a property management company and our role is to help those who choose to walk away from their properties do so in an ethical, responsible way - in short, to help you be a good neighbor. We are not providing legal services and will not be representing you in the foreclosure action. We can refer you to experienced foreclosure attorneys if you wish.
Beyond the mortgage, are there any other costs I may be responsible for?
That depends on a number of factors, not the least of which is whether after foreclosure the lender takes title to the property. There is an increasing trend among banks and other lenders abandon properties after foreclosure and avoid the cost of maintenance. If title is left in your name, you may find yourself responsible for taxes, maintenance costs and fines related to the property. We will monitor the title and tax status as part of our property management service.
What about property taxes?
That will vary somewhat case-by-case. Generally speaking, a lender that has taken title to the property will pay taxes. If you have money in escrow for this purpose, they are obligated to do so. However it is important to know the status of the property title. If the title remains in your name, you will be responsible for taxes, maintenance and fines on the property which can total thousands of dollars if not maintained. We will monitor the title and tax status of the property as part of our property management services.
How long have you been in business?
Wolf Consultants was originally launched as a limited liability company (LLC) in 2002 with a focus on commercial property - managing the logistics of corporate space consolidation for major corporations with facilities in the Chicagoland area. Today, the focus of the restructured and newly formed Wolf Consultants, Inc., is on residential properties - a market in desperate need of our expertise - throughout Cook, DuPage, Lake, McHenry, Will, Kane and Kendall Counties in Illinois. Regional and national expansion of our services is part of our longer term plan.
What kinds of properties do you manage?
Our team is experienced in the management and maintenance of all types of residential and commercial properties. Our focus in on the housing market, including single-family detached and attached (duplex/townhome) residences, condominiums and apartment buildings. In addition, it's important to note that we are in the business of property management and maintenance, not property repair. We are here to help you avoid liability. In some cases, we may offer you tips to correct some liabilities that may surface from the current condition of your property to qualify for our services.
How do you make money?
We want to be transparent but also need to protect our business model. We can tell you that our revenue sources may range from referral fees paid by service vendors (e.g. repair and maintenance services) to leasing and sales revenue from the properties we manage and care for.
Shouldn't I just let the bank board up my vacant house?
We see two issues with this. First, a boarded abandoned home is a nuisance to the neighborhood. We've seen padlocks cut and squatters move in. We've also seen weather damage caused by such factors as power-outages and failed sump-pumps. Next comes mold damage. While banks will "secure" a home, they rarely will maintain it. Secondly, with the increase in REOs, a trend has been reported in which banks never take title to homes they have foreclosed upon. This leaves the homeowners, who thought they had lost their homes, liable for ordinance violations, repairs and even destruction of a condemned property. See our Articles page or read this article, Who's House is It Anyway? for examples.
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Wolf Consultants Inc. 630-495-0838 info@walkawayclean.com
Content copyright . Wolf Consultants Inc. All rights reserved.
Content copyright . Wolf Consultants Inc. All rights reserved.