Is the wolf at the door? Do you need to sell house before you go into repossession? Everyday more people are finding that stretching to meet the middle is no long possible. There are some pretty creative solutions out there.
Something that might be considered as feasible is called Sale and rent back. If you take a serious look at this, you may realize that actually it’s a pretty brilliant quick fix. Just don’t focus on loss. Instead, realize that you are going to survive this blow and come back bigger and better! You need to sell the house to keep a roof over your family’s head. That’s what you must accomplish.
This is how it works. There are companies out there that are in the business of doing this. You sell the company the house for the percentage of the market value and clear any debts associated with the property. You then remain the tenant of the property. If the equity allows, you receive anything left over once the property is free and clear. It’s a much better alternative than being repossessed when you need to sell the house and properties end up on the auction block going for much less than the worth. If it does not bring enough to clear the outstanding debt, then you, as the previous owner, are still responsible and can be threatened with legal action.
Of course, your situation is unique to others, so do not hesitate to seek out professional advice. Going into repossession for the lender is an expensive and costly way of recouping. Discuss this option with them if you feel you are truly at risk of repossession soon. Be proactive, step up and find out what your rights are. If you continue to need to sell your house, then go the way that keeps the roof over your head until you are ready to try your next step and, possibly, your next move.
In exploring the above option, you will find that there is a way to buy your home back when you are in a better financial position to do so. The promise of this possibility may be the motivator in making the decision to approach your difficulties and make the most of them. The companies out there will give you a no obligation quote and discuss with you what they may, or may not, be able to assist you with. They will be happy to explain to you their safe sell and rent back service that allows you to get the cash you need. Stop the repossession and stay as the tenant. Lose the stress, stop the worrying and explore your need to sell house. It may be the only answer to avoid repossession and gain your second chance.