| Many times people get stuck in difficult financial | | | | purchase it back. However, the borrower can only |
| crunches, in which they have no option but to sell | | | | buy the house back on the then current market |
| off their house. Selling your own house, especially | | | | prices. The paper work and legal matters are |
| in this desperate way, is a very tough decision to | | | | taken care of by the company and are |
| make. Such situations generally arrive when a | | | | completed within the few days of the deal. Also |
| person is unable to payback their mortgage | | | | mostly payments of taxes, like sale tax, etc are |
| payments. However, many mortgage rescuer | | | | also taken care of by the company. However, |
| companies now offer a solution to such problems, | | | | some borrower is taken for a ride in such deals. |
| 'Sell and Rent Back' scheme. | | | | Some companies and real estate agents keep an |
| What is Sell and Rent Back Scheme? | | | | open eye for people with desperate need of |
| In this scheme, a mortgage rescuer company | | | | money and huge unpaid debts and mortgages. |
| buys a home from people desperate to sell their | | | | They take undue advantage of the helplessness |
| house fast for cash. These companies buy the | | | | of the borrower by quoting a very low price for |
| house on a discounted price and rent out the | | | | their house. The borrowers are in dire need of |
| house back to the borrower at market price. The | | | | money and reluctantly accept the offer, which |
| deal takes place quietly without any of your | | | | means an instant profit for the company. |
| neighbour even getting a hint about it. The | | | | Few Words of caution: |
| borrower gets the advantage in terms of the | | | | Internet has made it easier for these companies |
| overdue debts. But there is also a disadvantage; | | | | to grow their tentacles and clutch such helpless |
| the house is purchased on a price lower than the | | | | people. They find such people who are in difficult |
| market price, especially by unregulated | | | | financial crunches and offer them to sell to rent |
| firms.Mostly, the borrower gets 75% to 85% of | | | | back. The only way to get best solution is to |
| the money. The price is less than the actual cost | | | | approach reputed and big scale companies. |
| of the house, but for a person desperately in | | | | Approach the companies who have a good |
| need of money, it comes as a God sent help. The | | | | reputation in the market for offering appropriate |
| cash payment can be used by the borrowers to | | | | price for the properties and offer a future |
| take care of his/her financial crunches or settle all | | | | prospect of buying back their house. Do a proper |
| the mortgage payments. Many mortgage rescuer | | | | back ground research of the company and |
| companies also offer the borrower the possibility | | | | approach previous borrowers who have had |
| of buying back his/her house after few years or | | | | experience with the company to get best price |
| when they are financially stable enough to | | | | for your house in difficult situations. |