When any type of legal proceeding rises almost 20% year over year, it’s worth addressing. According to new filing data, January bankruptcy declarations came in at over 31,000.
An article by DSNews recently stated that “individual Chapter 13 filings continued to increase in January as the 13,702 reported filings were a 32% increase over the January 2022 total of 10,346.”
With an increase in bankruptcy filings around the nation, many homeowners will struggle to pay their mortgages. Along with this, the never-ending costs of homeownership can drive an even deeper hole into homeowners’ pockets.
One new-age solution is to lease back your property. Cash out your equity without moving out of your home, thus using your equity to pay off your overbearing debts. Homeowners now have a new solution for paying off debts, paying for their children’s education, and much more.
Meet Sarah, a homeowner who had a couple of economic setbacks and found herself on the verge of bankruptcy. Amid desperation, she saw filing for bankruptcy as her only chance to move on with life. Luckily, a family member mentioned using a sale leaseback to pay off her debts. After a quick search, she was invited to a meeting with one of Sell2Rent’s representatives and kick-started her leaseback process. Today, Sarah is no longer on the verge of foreclosure and was able to stay home after selling.
Sarah decided to hit reset on her financial life and avoided bankruptcy by using the excess cash to pay off her debts. Additionally, leasing back her property allowed an investor to become the owner of the property with a tenant that wanted to live there for multiple years, thus not worrying about vacancy or turnover expenses. It’s a win-win for both parties, considering that investors earn income as soon as the deal is closed.
Many Americans struggling with bankruptcy ask themselves questions like:
They do this without even considering that they can not only avoid bankruptcy but also keep their home.
Some types of bankruptcy filings put foreclosures on hold, but none stop it entirely. If you or anyone you know is considering filing for bankruptcy, consider looking into a sale-leaseback agreement. Sell2Rent’s website has multiple benefits for those going through financial hardships, divorce, foreclosure, and more.
If you feel Sell2Rent can help, you can start the process by requesting an offer. One of our experts will reach out to you and guide you to a stress-free future. If you’re just here to learn, be sure to share this article to help as many homeowners as possible.
Click here to request a commitment-free offer or schedule a call with one of our experts.