Striving to repay every month, the mortgage loan installments, which keep going up on account of escalation in interest rates, can have a telling effect. Hundreds of borrowers are facing this problem of non repayment of mortgage loan, the arrears of which keep getting accumulated. Certainly, lenders show some consideration by giving you extra time to repay your dues, and when you fail to do so, you may have to face legal action and your home could be seized. You may decide to sell your home in the open market but that will take some time and you may have to cough up money to lawyers and also a broker. Another alternative would be to sell your home to a reputed company and stay put in your home by renting it again. This way, you will not only clear the mortgage dues but also get to stay in your home.
When you go online and try for a sell and rent back choice, you will be surprised to note that it takes hardly anytime to furnish certain information and within a day, you will know the market value of your property. Once you give your concurrence, you will be handed over a written quote and also the rent liability if you want to continue in the house in the capacity of a tenant. This way, you will also be in a position to buy the property back again sometime later, at a mutually agreed rate which was decided when you sold the property to them.
In case you have difficulty in repaying your mortgage installments, then this is a good chance for you to clear your mortgage loan instead of lagging behind and your credit rating too will not suffer. In case you happen to be lagging behind with your repayments, you could consider availing this option. And in case your lender has already taken steps to take you to court, they would help you in stopping the legal proceedings, so that you have enough time on hand to sell your property.
Nevertheless, the quicker you are in deciding to sell your property and take it back on rent, the smoother the entire formality would be and also, it would be less worrying for you as well as your loved ones. Loans can always create stressful situations and this could affect the health of everyone in the family. There are numerous people who have availed mortgage loans, are having problems with their repayments on account of something or the other beyond their control, and the only solution would be to sell their property. Instead of selling and vacating the home in which you lived for a period, it would be sensible to take it back on rent after clearing the mortgage dues. If you have any balance money left, after repaying the mortgage loan, you may clear some other due s too. You would not lose anything by trying to verify if you could dispose your property in this manner as there are no encumbrances.
Author Resource:
Are you being faced with the horror of mortgage repossession? If the answer is yes take a look at what Oliver Wingrove, expert in real estate can do to help. http://www.rentbackmyproperty.co.uk/
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