There are many things that might contribute to a homeowner facing foreclosure. You may be late on bills, a medical emergency popped up or this inflation is causing a burden on you that you can’t seem to ease. If this is the case have you thought about selling your property before the bank forecloses on it? Below, I am going to walk you through a real-life scenario where a homeowner was in this position. They got behind on their bills and have not been able to recover. One thing they have going for them though, is they have a large amount of equity that will help with their situation.
We were contacted last year by a homeowner who is in the foreclosure process. They are $20,000+ behind on their mortgage payments. Their bank is set to take their house back in 2 months. The homeowner wanted to stay in their house but knew that was impossible because they can’t make their past due payments. So, they started googling and doing their research and they came across our site on the page that details our rent back option. They contacted us to see if we could help them somehow.
We met with the homeowner, went through their house and found it to be in great shape. They explained their situation and asked if we could help. They like the idea of selling their home with the option to rent it back. Once the homeowners explained their situation, we too agreed this would be the option that would accomplish what they are looking for.
Our rent back option allows homeowners to access their equity by selling their home to us. We then rent it back to them so they can continue living in their home with little to no disruptions to their family. In this specific situation, the homeowners had owned the home for several years, applied a hefty downpayment for the purchase and have kept up with repairs and maintenance. Therefore, they had a lot of equity built up. We were able to come in and buy their home, give them the equity to pay off their mortgage and start over. They also were able to prepay their lease for two years which will allow them to focus solely on their finances without the worry to pay for their living situation. Once they have their finances back to where they belong and get their credit straightened out, they will wish to buy the property back from us in the future.
This was a win-win for all involved. Our rent back option allowed the homeowners the option to stay in their home, end the foreclosure process and in essence, start over. It was a win for us because we purchased a property for fair market value, have that property rented on the closing date for 2 years and we were able to help a family out.
If you or someone you know is going through a similar situation, be sure to tell them about our rent back option. This option may not work for everyone, but it is an option that can help people out when they don’t have anywhere else to turn. To get more information on our rent back option please click here https://www.webuyyouromahahouse.com/our-rent-back-option/