Sell and Stay
The mortgage rescue scheme comprises of a way to assist people who could otherwise be facing repossession orders, to continue in their own house as a tenant. The scheme delivers a network of landlords who can help people to remain in their home and pay rent. All of the landlords who work with the mortgage rescue scheme have to be fully accredited members of the Landlords’ Association.
Schemes like these are configured to facilitate people to sell & rent back their properties under a 5 yr program. You will be able to sell your home to a landlord and then rent it back for a period of five years when you can either purchase the property back, request that the property be sold or move to a different location whilst staying on in the scheme. The other thing that you can do if you do not wish to consider selling to rent back is to remain in your home while the scheme helps you to look at other choices of making this inexpensive.
The mortgage rescue scheme helps people who are having difficulty paying off their mortgage and might hold arrears. One of the alternatives that’s open to you if you are in this position is to sell your home, fix the arrears and stay there while you find something more affordable. When you do this it means that you can move without having to rent someplace else. Whenever you do choose to sell quickly then the mortgage rescue scheme may be able to help obtain a buyer for your home.
If there is enough equity in your house and you have sufficient income then you may prefer to look at acquiring a remortgage with the property. The scheme can also advise you on coming to some agreement with your mortgage lender prior to them starting repossession proceedings. You can sell and stay in your property and rent it back from among the authorized landlords within the scheme. You will be paying rent instead of a mortgage but you would be able to stay on in your home - this is often safer than allowing things go so far that the mortgage company takes out a possession order because it will have less effect on your credit rating.
Should you take the offer of sell and stay then the mortgage rescue scheme seeks to complete the process as speedily as possible, once it is complete then you start to pay rent - they will also liase with the courts on your behalf in cases of a repossession or eviction order. When you stay as a renter under the scheme’s five year plan then your landlord does not have to know your circumstances. Once the five years are up there is a number of options, you can stay on under a normal tenancy, you; can buy back the property at a pre-agreed price. If you are having mortgage troubles then it may be worth getting in touch with the mortgage rescue scheme.