By Andrews McMeel Syndication
Homeowners who are in danger of losing their jobs — or who have already been laid off — have a financial cushion besides what they have in savings. It’s called equity, which is the difference between what the house is worth on today’s market and what you still owe on your mortgage.
Even if you bought your house just a few years ago, you may have already built up significant equity, thanks to quickly rising prices. The trick is figuring out how you can access it before you are out of work.
Indeed, you’ll find it difficult, maybe even impossible, to find a lender willing to make a loan to someone who is out of work. No income, no loan. So if you think you are going to be canned, act now.
Read more at: https://www.miamiherald.com/news/business/real-estate-news/article304290386.html#storylink=cpy
