If you’ve fallen behind on paying your bills and are in considerable debt, you’ve likely considered several different relief options. Many people faced with overwhelming debt choose to file for Chapter 13 bankruptcy. While this type of bankruptcy lets you keep your home while paying back your debt, your credit will suffer as a result. Furthermore, if you’ve recently lost your job, the debt-to-income ratio requirements might disqualify you for bankruptcy relief.
If you’re a homeowner with significant debt, a better alternative to Chapter 13 bankruptcy is working with a home equity partnership like SKYDAN. Let’s take a closer look at what home equity partnerships are, their benefits, and how you can get started with a home equity partner.
What is a Residential Sale-Leaseback Transaction?
In a residential sale-leaseback transaction , SKYDAN purchases your home . and you enter into a lease agreement, allowing you to remain in the property . All rent is deferred for the duration of the agreement, meaning no monthly payments are due during that period. At the end of the agreement, you have the option to purchase or sell the property at its current market value and receive any additional equity.
Home equity partners do not operate the same as traditional lenders or banks. They are a group of real estate investors who want to help you get back on your feet by using the equity in your home to do so. This helps keep your financial record free of bankruptcy marks and won’t negatively affect your credit.
How the Program Works
Homeowners who enter a residential sale-leaseback with SKYDAN can expect the following structure:
- No additional debt
- No monthly payments for up to two years
- No interest payments
- Deferred rent for the length of the agreemen
- Option to repurchase or sell at the end of the agreement period
What are Some Other Alternatives?
SKYDAN works with homeowners who are evaluating a range of alternatives during periods of financial hardship. Additional options worth researching include:
Learn More About SKYDAN’s Residential Sale-Leaseback Program
If you’re struggling with debt, SKYDAN Equity Partners, LLC, can help. We offer alternatives to traditional lending programs. If you have a less-than-perfect financial history, we have solutions if you’re facing foreclosure or bankruptcy.
For homeowners with substantial equity who are evaluating alternatives during periods of financial hardship, a residential sale-leaseback may be one option worth considering. Every homeowner’s circumstances are different, and homeowners should carefully evaluate all available alternatives before making a decision. To learn more about how Skydan’s program works, contact us today at 877-4-SKYDAN or email us at [email protected].
Important: SKYDAN Equity Partners is not a bank, mortgage company, or lender. Our Residential Sale-Leaseback Program is a real estate transaction involving the sale of your home. Homeowners should carefully review all terms and consider consulting an independent legal or financial advisor before making a decision.