With the state the economy is in today, you find that there are an increasing number of people at risk for repossession. If you happen to be one of these folk and you need money to pay back your mortgage or any other kind of home loan, there is just one best way of doing it. You have to quickly sell it to a company that deals with buying and selling property and can buy it from you immediately. Here you will find tips on how to prevent repossession of your home.
The bank or other financial institution which holds your mortgage or loan will not begin repossession proceedings until such time when you do not make you monthly loan payments for two months at a stretch. At such time they will inform you that they will start the proceedings and you should act fast before it actually happens. Get in touch with a company buying and selling property immediately.
If you have decided that you want to pay back the mortgage but at the same time live on in your house, you have the choice of selling your home and renting it back; this is offered by quite a few good companies dealing with buying and selling property. But if you just sell your home without any conditions, it will not be possible. If you can obtain a sell and rent back agreement, you can sell your home to such a company and still stay in the same property as a renter with a lease. This can be a great choice for people who are under a financial obligation as it helps them avert repossession, repay the bank or other financial institution the money they owe them and at the same time continue to live on in their current home.
Then you also have the choice of selling property to a home buying company who can rescue you from repossession. As an alternative to staying in your home as a renter, you can be permitted to stay in your home as a tenant. This will permit you to pay back your loan, steer clear of repossession and at the same time continue to stay in your home like the sell and rent back option. In fact the quickest and most efficient way to prevent the bank from starting repossession proceedings against you is selling property to a company that is ready to keep you on as a tenant.
Although this is the best way to avert repossession and at the same time continue living in your home the problem is that you can stay so long as the tenancy agreement permits you to. So before you sign the agreement check the length of the stay that you are allowed and if it is good enough for you. Otherwise you might want to have it modified if possible. An advantage of this is now you will no longer be responsible for any maintenance that needs to be done on the property. The company involved in buying and selling property and who has bought your house will be responsible for the maintenance as well as the costs involved.
Dale Purdon, director and founder of IMAGINE Properties, Easy Home Sales any many more. Prior to setting up IMAGINE, Dale set out to build his own property portfolio in South Africa where he focused on acquiring high yielding rental properties in the lower end market and gained extensive experience in stock-sourcing as well as portfolio management.