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Trapped in Home with Positive Equity?

Recently, Zillow published their Negative Equity Report, which shows that home values are rising and the number of American homeowners with negative equity — or a house “underwater” — has dropped. While this is great news, the report also shows that 18.2% of homeowners with positive equity in their home can’t afford to move from that home. They likely cannot afford a down payment for a new home due to other debts or lack of income, or they cannot qualify for a loan due to their credit score or other debts. In effect, these homeowners are tied to their current homes by debt.

See here for the full report: http://www.zillowblog.com/2013-05-22/millions-remain-trapped-by-effective-negative-equity-even-if-theyre-not-underwater/

If you are a homeowner with a rising home value who wants to take advantage of the real estate market but is being held back by other debts, then contact a debt settlement attorney who can help you negotiate a large reduction in your other debts and get you in a healthy financial position to sell your home and buy the next.

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Kevin Fallon McCarthy is the McCarthy Law PLC’s managing attorney and an experienced Phoenix debt attorney. Mr. McCarthy has also worked as general counsel for a large corporation. He has corporate counsel experience in human resource matters, general corporate governance, and union class action litigation.