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When it comes to paying off debt, you have heard all of the usual advice: just choose to stay out of debt; don’t use credit cards; do whatever it takes to pay it off; double-down on payments of the highest interest loan; and the like. This might be sound advice for many people, but the fact is that you may learn these pointers after you already have the debt and your funds for repayment may be limited. For those fortunate enough to have some type of non-liquid assets, there may be some out-of-the-box ways to help you pay off your debt.
An Owner Financed Mortgage
Before explaining how selling an owner financed mortgage may help with debt, here is some important background information about owner financed mortgages. If you are trying to sell your home, have a good amount of equity, and are having a hard time finding a buyer, you may be in a good situation to sell your home by financing a buyer’s mortgage. This means that instead of a buyer…