Second Mortgage

If your home has been repossessed it might not be too late to stop it. 

If you haven’t managed to come to an agreement with your lender there are other alternatives which can help you to keep living in your home. There are companies who specialise in dealing with repossessions and this is one alternative to losing your home.

Companies such as these can help to delay your eviction, giving you more time while you decide the best solution for your circumstances. The company will usually provide you with no obligation solutions to avoiding eviction and having to leave your home. Most don’t charge any fees for assessing your circumstances and work quickly with you.

A company such as this can buy your home, you will then be able to rent it back from them which means that you wont have to leave. If you shop around for such companies and choose wisely then you may even be offered a period free of rent which allows you some breathing space.

A similar option is rent and buy back; a company will buy your home and will rent it out to you at market rate while giving you the option of buying your home back should your situation improve.

If you want to raise money quickly while still getting full market value, you can get immediate funds with which to clear your debt. If you clear your debt then the threat of eviction is gone. This option will allow you to buy back your home in the companies favour, usually after a period of between 6 to 9 months.

The beauty of this option is the company will pay your monthly mortgage payments for this period of time, which gives you some time and breathing space to sell your home in a controlled situation while still obtaining the full market value.

For an agreed fee beforehand, you are then able to buy out the companies’ option and get your hands on any cash equity.

Companies will also give you the option of a straight buy, to avoid repossession they will buy your home quickly. Providing you are able to raise enough money to clear your mortgage, account cash can be released from surplus equity for you to be able to use immediately.

This money can be helpful to use as a deposit towards rental property, go towards the cost of a new home or tide you over until you get back on your feet.