If your in mortgage arrears and are facing repossession then you may be inclined to go to an estate agent in order to sell you property fast and settle your outstanding debts. This of course is a possible solution, thought it may not be quick enough to save you from repossession if you are at or close to 3 months arrears with your mortgage. The other problem of course is that you would have to leave your house and solutions do exist that allow you to live in your property.
These solutions are often referred to as “Sell & Rent Back Schemes” they allow you to make a quick sale to avoid repossession even if you are the eviction period, and then allow you to rent back the property form the company that has purchased it. In some cases they will even be able to offer you the ability to buy back the house at a later stage if your situation improves. So what kind of process would I have to go though when dealing with one of these company’s that deal with repossession? We get more info on we buy houses Austin TX.
After speaking with them by phone or in person they will assess your situation and will give you a quote their and then for the property. If you wish to rent the property back with the option of buying it back in the future they will give you a quote for this also once you agree that you are happy with the offer then the sale can be finalized in as little as 5 – 14 days in most cases it can be processed as quickly as it takes to get your home valued.
The important thing to remember that once a deal is reached your repossession will be halted as the lender will be aware that someone is buying the property and their will be no benefit for them to continue the expensive process of repossession. Sell & Rent Back Schemes are an option in a variety of events were its necessary, obviously repossession is one situation were it can work particularly well. If you are struggling to keep up the payments on your mortgage in the short term and it is possible for you to come to an arrangement with your lender than of course this is not a viable option.