Stop Bank Foreclosure With Flexible Terms & Delayed Sale

Today's article is about stopping your bank foreclosing. We are wanting people to know that they don't need to sit back and let the banks foreclose. You don't need to be forced into going bankrupt and you don't need to loose everything just because your bank is trying to push you around!

Is it possible to have your bank try to foreclose your home from under your feet, when you nearly own it? Well, as you saw on Today Tonight, that's exactly what one bank tried to do. If you know you can't afford to keep living in your home, due to changes in your income, there are better ways then letting a real estate agent sell your home for a song, or letting the bank foreclose.

Lets say you have NO Equity in your home. This may seem like a really hopeless situation to be in, but consider that with every seemingly hopeless situation, you will find opportunities.

So what do we mean by flexible terms and delayed sale?

There are many people out there earning great incomes, however, for many different reasons, they are not in a position today, to be approved for bank mortgage finance. This is where your seemingly hopeless situation comes in. Provided your little or no equity position does not make your home cost more then the fair market price, there are many buyers who would happily buy your home, with a 5 year delayed settlement period.

When a buyer moves into your home before the settlement period has completed, you are basically letting them live in your home under a license to occupy agreement. They still need to settle in 5 years time, but they must pay for all the outgoing costs for this to work over this period of time.

Here is an example:

You have a home that has a debt of $295,000 and if you tried to sell the home, you may be lucky to clear the debt and pay all your other costs, like real estate agent fees and legal costs. If you have a buyer who is happy to pay $310,000 and simply keep paying you the costs of your mortgage payments, rates and insurances each month, then your problems could be solved.

Why would someone what to buy your home under these terms? Well, as we have mentioned, they can't get a bank home loan today, but they have great incomes. By doing this over a 5 year delayed settlement period, they can let time work for them in several ways.

1. The home will normally go up in value over a 5 year period, so they will get all capital growth over $310,000 when they settle on the purchase

2. They don't need to wait to qualify for a bank home loan

3. If they have credit reporting issues today, they will normally all be cleared in 5 years time

4. Instead of paying rent money to a landlord, and giving all that money away, they get to secure a home of their own but delay the sale for 5 years for their benefit

As you can see, the seemingly hopeless situation that most sellers could find themselves in, actually has many opportunities to help themselves while helping someone else to own their own home.

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