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Do "sell and rent back" deals help or hurt homeowners facing foreclosure?

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Hurt
48% 87 votes Total: 180 votes
Help
52% 93 votes

My parents and three sisters Original moved in to the above Council Semi detached BISS House Mar/Apr 1954, Rent 1.00 a week. I moved in December 1954.
In 1982, my Parents/sister purchased this property from Bexley Council, since then my father passed away. The Ownership of the Property in question was owned by three reliable people.
In 2003, I successfully re-mortgaged the property paid off what was remaining of the Bexley Council Mortgage.

18th Aug 2003 we signed the final papers to obtain a Mortgage from Blemain Finance, later that evening my sister was taken ill, my sister passed away in the early hours of the 19th Aug 2003, I informed the finance broker of this and decided to continue with this mortgage on my own.

Unfortunately we did not receive the adequate amount I original asked for so was not able to pay off all of the debts that we wanted to.
In 2005, I applied to another mortgage company through a Finance broker to re-mortgage to get rid of Blemain and enable me to pay of my debts. The mortgage company was agreeable but insisted that the external work that I wanted the mortgage for was done first, the Finance Broker obtain a Bridging loan from Cheval Bridging Loan for approx 6mths to enable me to complete the related job by Christmas 2005, all works completed bridging loan paid Blemain Finance off . In April 2006 Preferred Mortgages then paid off Cheval Bridging Loan I was then able to pay off most of the debts with the remaining amount unfortunately one of my creditors was not prepared to allow a settlement figure.

I felt that my only option regarding the debt in my mother's name, I could not pay with the limited funds that I had available. So we decided to declare my mother bankrupt . Only to find that the paper that she signed at the solicitors regarding her rights to the house was not as watertight as we were led to be believed by the solicitors we had used.
On the 31st October 2006 I decided to resign my full time employment to stay at home to look after my mother my last working date was the 25th November 2006, I applied for carers allowance which I now receive every Monday from the 18th Dec 06.

I also applied for income support, and this is paid also every Monday from 12 Dec 06.

I have also applied for Council Tax/Housing Benefit from London Borough of Bexley which I obtained but was only granted Council tax.

On the 9th March 07 , the Judge who heard our hearing decided in favor of the Official Receiver, and we


Below are the top articles rated and ranked by Helium members on:

Do "sell and rent back" deals help or hurt homeowners facing foreclosure?

Help
  • 1 of 5

    by Phil Hill

    If you are about to lose your home because you can't keep up the mortgage repayments, you are desperate. It always se...read more

  • 2 of 5

    by E.L. Miller

    Sale-leaseback scenarios can sometimes be the only option to avoid bankruptcy or foreclosure for homeowners in financ...read more

Hurt
  • 1 of 8

    by margaret hillcroft

    The important factor in all human negotiation and dealing is the motivation behind it. From where I am sitting,as a ...read more

  • 2 of 8

    by Ken Reetz

    Selling your home and then renting it back is the last option a person should consider; there are better ways to get ...read more

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