Make a sale and rent back with a specialist company offer a tailored solution
If you have found yourself with nowhere to turn and are worried about having your home repossessed by your mortgage lender then life will have become almost unbearable. If you have missed a couple of payments then you will be dreading the sound of the letterbox and a letter coming from the lender. If you have not got the money coming into the home to be able to come to an agreement with the lender to catch up then you are facing the strong possibility of the lender taking your home. Of course they would have to take you to court and a judge will make the decision, but if you cannot repay what you owe, or sell your home quickly and pay off the whole of the mortgage and arrears then it is likely the judge will rule in favour of the lender and you will be given an eviction date. One possibility of you being able to remain in the home is to make a sale and rent back which allows you to stay as a tenant, with a specialist company offering a tailored solution.
An ethical company offering such as solution should be willing to offer a solution which is tailored to your specific needs and circumstances so that you are able to remain in the property by paying rent each month which is affordable. As of course if you are selling because you are unable to pay the mortgage, the rent you pay needs to be less than the mortgage. The majority of specialists are usually willing to offer affordable rent and pay you cash for your home while also giving you the chance of being able to buy back the home if and when your financial status improves enough for you to be able to do so.
You would go online and fill in a form which is available on their website with a little basic information so they are able to give you a verbal offer for your home. This part of the process will usually be over in as little as 24 hours from first applying. If the quote sounds fair then you can go ahead and look deeper into the solution. The majority of companies who offer you the chance to sell and rent back will offer around 80% to 85% of the full value that you might get for your home if you were to put it up for sale with an estate agent. However you would have to bear in mind that when trying to sell with an estate agent there would be fees to payout and of course there is no guarantee you will get the asking price. In fact you might have to drop the price drastically in order to get a sale.
You also have to take into account one of the biggest pluses and that is you would not have to give up your home completely. While you would not be the homeowner any longer you would at least not have to give up all the happy memories built up in the home and of course you would be given a price which is fixed for which you would be able to buy back. The company should talk all of the pros and cons of going down this avenue to avoid having your home repossessed by the lender. They should not try to push you into making a decision without first ensuring that you have all the information needed to make a decision. Rent back options can be a very viable solution to your mortgage problems but only if you understand what you are signing for.
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