We can all agree that the past few years have presented a unique challenge to real estate professionals and homeowners across the country.
Many homeowners are still dealing with financial challenges from the economic impact of the pandemic, geopolitical unrest, and a faltering U.S. economy. Millions of homeowners are now faced with difficult decisions regarding their most valuable assets.
For those who will not be able to keep their heads above water, bankruptcy is a common option. Times have changed though. There is a lot more equity in homes than we have seen in past years providing homeowners with the ability to keep a lot of this equity even if they do file bankruptcy.
The banks are now exercising their rights as creditors in many of these cases and initiating foreclosure actions. Homeowners need a trusted advisor when it comes to their home, the local market, and a course of action.