Investigate A Sell And Rent Back Solution To Avoid Losing Your Home
Mortgage arrears can occur for any reason, usually because one loses their job and
main source of income, but whatever the reason it is devastating when you are faced with the possibility of losing your home. Even a couple of months of mortgage arrears can spiral out of control and cause the lender to take action against you in court. If you are having problems meeting your mortgage repayments you may be able to reach an agreement with your mortgage lender. If you have fallen behind on your repayments without any hope of catching up and you cannot reach an agreement with your lender you need to consider your options.
One option is to put your home on the market and hope that you are able to sell it and pay off your mortgage and the arrears. There are obvious downsides to this, one is that your home could take a great deal of time to sell, time which you may not have, and two you will of course have to move out if you manage to sell. There is another option to sell and sell fast and you do not have to move out of the property. This option is to sell and chose to rent back the property with the option of buying again in the future.
There are online companies who offer to pay cash for your property allowing you to sell in a matter of weeks. If you enter into a sale this way you are able to stop any proceedings against you while the sale goes through. To see if you are able to sell and rent back you get in touch with a company online and they give you an indication as to how much you could get for the property. This is typically slightly less than the full value if you put the property on the market. However you have to weigh up the fact that you do not have layout fees to sell this way which saves you money and you are able to rent back which means you do not have to leave.
You may be able to find out how much you could sell your property for in just 24 hours, then you can arrange for someone to visit and value the property, tell you how much rent you would have to pay to remain in your home and how much you would be able to buy back the property for in the future. The rent you pay could be a lot less than the mortgage repayments you struggled to find and once your financial situation has settled down you may be able to buy back the property and become the owner again.
There are many companies online willing to offer a sell and rent back option so choose wisely. Ensure that the company you choose has the backing of the Financial Services Authority which is essential when choosing to sell your home and rent back to ensure that you are treated fairly and get the best deal possible.