Stop Home Repossession

If you are unable to pay off your mortgage, but still wish to live in your current home, then you could benefit from a consultation with a “sell to rent back” specialist. Typically, when you are unable to pay off your mortgage, you must either sell your home to pay off the mortgage or allow your home to be repossessed. Of course, selling your home would require you to move out and find another place to live. However, selling to rent back is an excellent option that many people are unaware of.

Selling to rent back allows you to sell your home quickly and with less stress. A specialized company would own your home and rent it back to you, allowing you to stay on the property. You would avoid stress and have the option to buy back in the future.

The process of selling to rent back would begin online, where you would fill out a quick form provided by any rent back specialist. In 24 hours, you would have an informal verbal quote for your home, which would be a rough indication for how much your home would sell for. If you think that you want to proceed, you would invite a representative over to talk through the process and present a written quote. When the written quote is presented, you will also be told what your monthly rent would be and how much the home would cost you to buy back when your financial situation improves. The quote, rent, and buy back prices should all be a custom tailored to your personal financial situation.

Selling to rent back is very different from selling your home through a typical real estate agent, and there are advantages and disadvantages to each. The biggest advantage of selling to rent back is remaining in your home. There are many reasons to stay in your own home, and if that’s what you want, you can make selling to rent back work for you. However, you will not usually be offered the full value of your home. This can be mitigated by the fact that there are far fewer fees when selling to a rent back specialist. Real estate agents almost always charge a percentage of the selling price of the home in exchange for their services, so selling to rent back could allow you to save on those fees, which can add up to be quite large. Another possible problem with selling through a real estate agent is that your home could spend a long time on the market, and might not sell at all. If your main concern is avoiding repossession, selling on the open market could take too long.

If you choose to sell to a rent back specialist, the sale could be completed within just a few weeks. The company would even work with you to stop any repossession or eviction proceedings. There could be time to save your home, even if you have already received an eviction notice or been taken to court. However, the sooner you take steps to keep your home, the better chance you have of success.

It is a pitiable situation where people are trying for home repossession. Only after hard work & physical exertion, one can extricate himself from the financial morass into which he has fallen. If one is cautious & careful, he can avoid any misfortune.

One has to survive in the world. Survival of the fittest means survival with dignity. To lead a dignified life, he must have sufficient income which facilitates him to pay his loans & bills promptly. But, in the case of mortgage, if the amount is bigger than the normal repaying capacity, he will be in a mess. If the mortgage amount is manageable within his income limits, he will not have a tough time. If it crosses his take-home pay packet, he will have to locate the areas where his money gets squandered. He has to figure out the areas of overspending. He might have spent on frivolous pursuits or avoidable domains. He has to ascertain the reasons for expenditure & enlist them one by one. This way, being conscious of how he has spent, he can prevent wasteful expenditure. And, these savings, he can divert towards repayment of mortgage loans & this way, he can stop having his home repossessed. He has to remember that he cannot dupe the banks. His payment for mortgage should be regular & prompt to avoid repossession. Till such time, he has to be frugal, if not miserly, cutting short his expenses. His focus must be only on repayment. He has to sustain his present income and, if possible, he has to increase his financial clout in order to maintain his monthly payments regularly.

If he faces home repossession, he may be toying with the idea of seeking the advice of a real estate agent for selling his property. In case of a sale, he has to vacate the house & he has to agree for lower quotation – both are painful options. But, if he has to stay in the same house, he can seek the services of a buy & rent back expert. After the usual paraphernalia, he will be given a quotation for the sale. If he wants to rent it back with the buyback option in future, he will get a price for renting & a fixed buyback price. Having completed the basic formalities, the whole operation can be over within 7 to 10 days. Normally, the entire process will be complete in a very short time. Sell & rent back schemes are worthy of consideration in a good number of situations where selling in a short period will be in his favor.

Repossession is a good option in certain circumstances only. It is not a viable solution if he can enter into an agreement with the lender. But, in case of utter helplessness, where mortgage payments are improper, this option can be considered. But, a sell & rent back scheme can be considered to be a favorable one. He can repay his lender & stop repossession. He can extend his stay in the same house. This scheme is the best option as he need not leave his favorite dwelling place.

Even in the case of an adverse situation, like receiving a judicial injunction calling him to appear in a court, he can stop repossession. There are some ethical specialists buy & rent back companies which will come to his assistance to stop repossession. These companies will help him in getting a scheme doctored to suit his personal preferences & priorities.

Thanks to the global economic slowdown, many middleclass employees are loosing their jobs – even in big MNC’s. As an impact, foreclosure rate is galloping every minute. The worst mistake people do is to freeze & keep quiet till they receive the first call for foreclosure. You have to understand one important point – never leave your house. Don’t enter into any deal with anyone – 90% deals are bogus in nature. When calls/letters come from lenders, just attend to them only to delay the process. But, if the lenders get a feel that you are economically bankrupt, they will speed up the process for foreclosure. If you know how the system operates, and how to manicure it in your own interests, you can occupy the same house for a longer period.

With estimates of 45,000 home repossessions this year in the UK, the chance of repossession is higher and ever. I would like to pass on advice to you so if you are struggling you can take action to avoid losing your home.

The worst thing you can do is ignore the problem, it won’t go away. If you have falling into arrears or can’t make the next payment, contact your lender. They may be able to offer you alternatives, like a payment holiday or a longer repayment plan which will lower your monthly repayments.

Improve your finances

You should also have a look at your own finances. First of all your debts, if you owe money use a comparison service or check best buy tables to see if you can benefit from a better interest rate, if you leave it until you have defaulted on your mortgage or on other payments then your chance of getting new credit is highly unlikely.

Do you have a spare room? You could make additional income from this; you may not like the idea of sharing your home but it could make the difference and it can be fairly short term, as soon as your finances improve you can have your home back.

Prioritise your debts. Most important are loans secured against your home. Then after this make sure you at least make the minimum payments on credit cards, after this pay as much as you can afford to the one with the highest interest rate.

Seek advice

There are many organisations that can help, providing advice on sorting out your finances and can give advice on negotiating with lenders. New government legislation means lenders should help you and will offer deferred payments, sometimes for up to, two years, which is underwritten by the government.

When you do speak to your mortgage lender, be honest with them. Tell them about your debts so they understand what exactly you can afford to repay. You don’t want to get into further trouble if avoidable.

Once you are in a more stable position compare mortgage rates to ensure you are getting the best rates, you could save yourself thousands in repayments over the course of the mortgage. A mortgage broker can search the market for you whether you want an Aberdeen mortgage or London mortgage. There are many brokers who offer their service for free to customers, meaning you can avoid paying out more money for a service you may not need.

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This video explains the facts, figures and truth behind negative equity, which despite media reports, is not something most people need to worry about. Kate also explains lots of ways of avoiding repossession. Visit www.designsonproperty.co.uk for more help about negative equity and repossession. This video was made possible thanks to Nottingham Trent University, visit www.ntu.ac.uk for more information and our thanks to Carole Fleming who organised everything and especially our young interviewer Ava Patel who did a great job!

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