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/Equity Partnership

How Home Equity Partnerships Can Help Prevent Chapter 13 Bankruptcy

Have you fallen behind on bills, including your mortgage and other loans? 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, it does nothing for your credit, and if you’ve recently lost your job, the debt-to-income ratio requirements might disqualify you for bankruptcy relief. Another, better option is working with home equity partnerships like SKYDAN. When you choose this alternative to traditional financing, you get to stay in your home without making mortgage payments for up to 2 years. This gives you a full 24 months to work on getting your debts repaid and back on track financially. Homeowners who choose to work with home equity partnerships in lieu of filing for bankruptcy enjoy the following benefits: No additional debt occurs because this isn’t a loan program All credit is accepted because there are no credit score requirements Employment is not part of the qualifying [...]


How Our Home Equity Solution Works for You

Most people are already aware that a home is a good investment. Unlike a car, homes generally increase in value over the years. This increased value is known as your home's equity. While homeowners are generally aware of this, it's not as obvious or as easy to tap into your home's equity. Fortunately, there are traditional and alternative finance options in Chicago, IL. Refinancing When you refinance your home, you replace the existing loan with a new debt obligation. One major advantage is that homeowners may be able to get a new loan with lower interest rates. This is a good option to use this money payoff your higher interest rate debt, or if you need to consolidate other debts into the new loan with one lower monthly payment. Unfortunately, refinancing is dependent upon your credit score. If you've managed to maintain a good credit score that is in line with bank lending requirements, this can certainly provide a benefit to you. However, if [...]

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