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- April 23, 2012 at 6:27 am #385438AnonymousInactive
Does anyone know anything about people/companies who buy your property and rent it back? I know there are some unscrupulous companies, but they can’t all be dodgy surely…? Me and my husband have a home worth £140,000 and a mortgage of £80,000 and £50,000 debts in loans/credit cards/overdrafts.. and we have no way EVER of ever paying back all this debt.
So we have had our home on the market for a year, to enable us to pay off our debts. (then we were going to rent privately…) Illness and unemploment and disability has made us unable to afford to be homeowners anymore, and I’m not going to go into how the debt got run up, it’s a number of reasons, and is NOT all down to ‘squandering…’
But, we cannot sell our home… We have made ‘reduced offers’ to our creditors as we cannot afford the full amount, but we cannot make these reduced offers forever, as the bank and loan andccredit card companies will want their full amounts paying again soon..
So we thought about selling our home to one of these ‘buy and rent back’ companies… so we can pay off most of our debt…. What are peoples’ thoughts on this? We have a £70K mortgage and £25K secured loan, and the rest is unsecured debt. I know they won’t give us the full value of the home, but if they could just give us enough to pay off the mortgage and secure loan, and maybe an extra £10K, we can just pay what we can afford to the unsecured debtors, coz at least they can’t take our home…
And if anyone can advise me, do you know any companies that do it???
Thank you. 🙂 I am in the UK by the way…
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