During the last two years, the residential real estate market, in general, has taken a serious negative hit, which has resulted in the reduction in the valuation of homes for most homeowners. This, coupled with other economic problems, such as higher unemployment, has caused many homeowners to essentially walk away from their homes through either foreclosure proceedings or doing deeds in lieu of foreclosure, whereby the property is given to the bank in return for cancelling out the loan on the property.
All of this appears to be very dark and gloomy from a homeowner’s perspective, with little or no positive aspect to it or end in sight. However, for those homeowners who have and continue to weather this bleak economic storm or those whose homes are fully paid for or have reasonable mortgages on them, particularly those who are more elderly homeowners, the current conditions may present a great planning opportunity.
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