Mortgage delinquencies are increasing in nearly half of U.S. states due to rising homeownership costs. Homeowners who bought at high-interest rates or are facing job loss are struggling financially. The 'equity exit' strategy allows homeowners to sell their homes before foreclosure, preserving equity and avoiding credit damage. This approach, historically favored by investors, emphasizes timeliness in distressed markets. As awareness grows, more homeowners are considering this option to regain control of their financial circumstances.
The equity exit strategy involves selling a home before the bank forecloses, allowing you to access any remaining equity, pay off your mortgage, and avoid the credit-damaging consequences of foreclosure. This approach highlights the importance of timing, as selling while there’s still market value can prevent a total loss and mitigate financial damage.
Unlike a short sale, where the lender agrees to accept less than what you owe, the equity exit focuses on selling while there’s time and value left in the house. This proactive approach can help homeowners regain control of their financial situation.
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