George Gammon Asks: Should You Pull Equity Out of Your House During This Crisis?

I believe in the idea of equity stripping. How could this benefit you during the current economic crisis. Debt (in real estate) can actually be your best friend during a recession. The people with the least equity have the most bargaining power.

When you sign a contract with a bank to purchase a home, your agreement is simple: ""I will pay the mortgage or I will give you back the collateral."" When the bank has part ownership in your home, they will help you during economic hardship instead of hurt you. If you owned your house 100%, you don't get any breaks.

People with more equity have a higher chance in foreclosing. The lender is more swift with moving you through the process when you own a greater portion of the property.

What about when someone owns 100% of the home? You want to avoid a home equity line of credit. Refinance the property and pull the cash out.

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