How I Saved Eviction and Repossession and Rented Instead
This is the story of how I rented my property to save my house being repossessed and save my relationship.
I was fairly comfortable. I bought my house and thought I was made for life. Good home, good job, good marriage. Kids were settled and enjoyed by holidays. Bit cash on the side for weekly spends. What has happened over the last year has been a nightmare. There was talk of redundancy and then it came. A real kick in the face. I thought I had made good money on my house. When I bought expecting my house to increase and if I wanted to sell I could make money on the side or downsize. Not that I would sell of course. Well as time went by, and it was only a few months, I began to struggle to keep up our mortgage repayments. We started getting letters from our lender and they kept on coming. I ignored them at first thinking it would all be ok. We began to argue at home. We had no money to go out, my wife blamed me for taking out such a high mortgage when she had been used to renting. I was blamed for making her buy the house. Ok I said, let’s sell and rent. Well that was just the beginning. We used two estate agents. I know now that both had over priced the properties and simply reduced them after they had their claws into me.
I just wasted months of time on the market with no serious buyers. No one could get the deposit. So even though I wanted to sell and rent I could not get out of my trap.
I was then sent court paperwork from my lender and I had had enough. I could not take it anymore!
I started to look on the internet for help. I found various companies who could sell quickly. I typed in all sorts of searches from repossessions to fast selling, to fast cash, to sell my house quickly, to how to sell property fast etc. Some were advice type websites but most were companies who said they would step in and buy at short notice. Well that’s what I wanted but I was worried about getting a cowboy company. I did not know who I could trust. My advice is to ring around and see who you feel comfortable with. I rang loads. Some were voicemails. Some were call centres and others promised to call back and did not. Keep on trying until you find someone and ask them loads of questions. The more you ask the less chance of being ripped off.
Cut to the chase: I sold my property within a week. I avoided repossession and got more than what I think my lender would have got for me. I got a fair price for the speed of sale. I avoided paying costly estate agent commission fees and avoided the risk of a potential buyer pulling out at the last minute if their lender let them down.
The company I went to raised their own finance so I did not have to worry about having to wait for my buyer to find a mortgage.
I got what I wanted – a way out.
I have now found a family home to rent. I don’t have the burden of having to worry about debt or when I would be kicked out. My life is not perfect but I feel more at ease.