Rent Back House - More Homeowners Are AwareMore homeowners are aware that they may have bitten off more than they could chew with the ongoing sub-prime crisis. Those who chose an adjustable rate mortgage which either already or will soon begin at a much higher interest rate are suddenly unable to afford the new payments. Bankruptcy, defaulting on the mortgage or just leaving the house and allowing it to go back to the bank seem to be the only options available.
Another choice is called the "rent back house" option. Under this program, you agree to sell your house to a buyer for a given amount, retaining the option of renting the house back from him. In fact, the buyer may agree to a "sell and buy back" plan in which he will actually sell the house back to you again when it becomes financially feasible.
To some degree, people tend to think of rent back house agreements as a great alternative, almost a no lose situation. Not only does the seller get to stay in their house, that they are selling, but the buyer gets rent for the time the sellers stay in the home.
This is a good option for people who are experiencing difficulties paying exorbitant adjustable-rate mortgages and well as others who need to get out from under their mortgage obligation. For example, a couple going through a divorce might have financial difficulties when trying to divide the equity of their home. They also may be deeply in debt due to unwise spending, have medical issues which are draining them financially, or any of a lot of different reasons.
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