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 Home Equity Partnership?
In a home equity partnership, an equity partner buys your home to help relieve you from the burden of debt. However, you still live in your home and agree to lease the home back from the equity partner at a mutually agreed-upon amount. All rent is deferred for the length of the agreement meaning you’ll have no monthly payments during that time. At the end of the agreement, you can purchase the home back or sell the property at its current market value, receiving all 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.
Benefits of a Home Equity Partnership
Homeowners who choose to work with home equity partnerships instead of filing for bankruptcy enjoy the following benefits:
- No additional debt
- No credit score requirements
- No employment criteria
- No interest payments
- No monthly payments for up to 2 years
What are Some Other Alternatives to Bankruptcy?
SKYDAN Equity Partners specializes in helping individuals who are dealing with a tough financial situation, and feeling pressure to file for Chapter 13 Bankruptcy. A few resources available as alternatives to bankruptcy and other legacy debt management options include:
Get Started with a Home Equity Partnership with SKYDAN
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.
At SKYDAN, our team of real estate investors is ready to help you unlock your home’s equity and get you back in good financial standing once again. To learn more about how our program works, contact us today at 877-4-SKYDAN or email us at info@skydangroup.com.