
Eliminating the threat of foreclosure
HOA fees can be high, no doubt about it. But one Washington State homeowner found herself looking at an exceptionally high one-time assessment from her condominium association– one totaling almost $70,000.
“I just didn’t have that kind of cash available,” says Dianne. “I didn’t know what I was going to do and was afraid of losing my home.”
Her first stop was her local bank, where she learned she wouldn’t be able to qualify for an equity-based loan or a refinance. She even looked into a reverse mortgage but found that while she had accumulated a good amount of equity in her home, it wasn’t quite enough to meet the qualification criteria. Neither her bank nor her HOA could suggest any other alternative.
She went online to do some research and learned about Unlock’s home equity agreement (HEA). “The reviews and ratings were great,” she says, sealing her decision to go ahead and contact the company. “The representative was just fabulous. He explained everything to me and erased any concerns.”
In evaluating the HEA, Dianne particularly liked how she does not need to buy back her equity all at one time; she has the option of doing so when she sells her property, or she can do it in partial payments, over time. Since she doesn’t have monthly payments, she is putting money aside on a regular basis just for that purpose. “It’s so much easier this way, with so much less stress.”
The process went smoothly, according to Dianne. “Everything Unlock said would happen did.” And she learned she was able to access even more of her equity than she initially planned. “That was a pleasant surprise.”
With her HEA funds, Dianne paid her HOA assessment within the deadline, and is now reaping the benefits of new roofing, siding, landscaping and more. She is working on paying off credit card debt and is planning for some upcoming medical expenses. She also has a cash cushion, which is serving as the foundation of savings for her equity buy-back.
The home equity agreement has been a big stress-reliever. “The threat of foreclosure was always over my head,” she says. “Pulling equity from my home this way was the best thing I did.”
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