While officially the credit crunch may be over, it means nothing to the numerous homeowners who are still struggling to make ends meet from month to month. Being able to meet the monthly bills is a huge worry, especially when it comes to the monthly mortgage payment. Unfortunately, for many, the monthly outgoings outweigh the income, which leaves many with the noose of the monthly mortgage forever tightening.
Many homeowners find themselves in mortgage arrears of at least three months, along with struggling to find money for food and clothing, along with other necessities. Sadly, many are unable to catch up with their mortgage arrears and they are faced with repossession of their homes. If the above sounds familiar to you, you may feel as though there is no hope and it is only a matter of time before you lose your property.
Selling your home may be one answer to your mortgage arrears and problems; however, there are not many buyers out there. If you wish to sell to avoid repossession then you may wish to give some thought to an alternative option, selling and renting back.
Selling and renting back means just that. You sell your home, usually for less than the full value you may get on the market, and then pay rent each month to stay on in the property. The only thing that differs is that you are in the property as the tenant. The company offering the rent back option gives you cash for your property, which is used to pay off your mortgage, so you no longer have the worry of where to find the unaffordable mortgage repayments each month.
Companies offering a sell and rent back option typically offer you the option of being able to purchase the property back from them at a point in the future. This allows you to become the homeowner again for a price that is fixed at the time of selling. Taking this option when wishing to sell to avoid repossession also means that you avoid the sums of money associated with selling on the market, such as the fees of the estate agent and solicitor.
Typically if you are in mortgage arrears the company is able to show you how to stop repossession of your home, which gives time for the sale of your property to go through. Even if you already have a court date, you may still be able to avoid repossession. However the sooner you look into selling and renting back, the easier and less stressful, it is overall.
If you want to avoid the strangulation of your mortgage repayments and wish to sell to rent back, you are able to contact an ethical buy and rent back company online, and know within a period of 24 hours if this may be the solution for you. If both sides are happy to ahead with the deal, you may be able to sell your home in as little as just a few weeks and remain in it.
By Andrew Watson