Selling House after Retirement……..It Can Be Your Story Too?

The wrinkles on the face of Mrs. & Mr. Ben have started growing prominent for the past 5-6 months. Mrs.Ben works in a departmental store as an Accountant while Mr.Ben was to retire from the post of Purchasing Manager from a Govt. owned Construction Company. In their heydays, they managed to buy a house in Glasgow on mortgage. The term of mortgage was fixed for 25 years and it’s now been 19 years of successful repayment with no bounce backs of checks from Mr. Ben’s bank account.

This was Mr. Ben’s last month in the job and Mrs. Ben was not physically fit to continue with her present job. The increasing power of her lenses was sometimes being cheated by the numbers in the account book. A serious error in book keeping can cost her job anytime and she could foresee this for sure despite her myopic vision. Her mistake gnawed at her conscience.

Mrs. & Mr. Ben have not been able to saved a lot and now what Mr. Ben would be getting after retirement can only support for their living. The problem was to find a solution that can help them to repay their mortgage balance.

Unfortunately they do not have any child who could bear their responsibilities. There was no option left but to sell their only home. They started with a classified ad in newspaper. The response was poor and discouraging. With 7 years of mortgage repayment still left and limited physical movements actually made the task of finding a potential buyer even tougher.

The folds in the wrinkles of this couple clearly narrate the story of their pains. It’s just a few days left in retirement and the couple has no means to support their present lifestyle for longer.

Besides, once they have sold they need to find a new house on rent too. They tried to sell property through real estate agents but could not find any potential buyer who could carry forward the repayment of their mortgage balance.

Mr. Ben retired before the house could be sold and Mrs. Ben was asked to resign as she figured 860 as 360 causing a loss of 500 pounds to the owner. This was not the first time she happened to misread numbers. Now she is looking for another job where she does not have to deal with numbers.

3 months past and the couple started feeling the burden of heavy mortgage repayments. While reading the morning newspaper, Mr. Ben eyes stuck to the headline of an article that said “sell house fast and rent back”. Mr. Ben could feel the blood gushing towards his heart making it pump faster. He hungrily read the lines.

The article talked about cash buyers and private investors who purchase property in cash within 28 days and offer you the option of living in the same house on rent. Mr. Ben switched on his Laptop to check the website http://www.sellhousefastcash.co.uk as mentioned in the article. He immediately send online query and waited for their call.

An hour later Mrs.Ben picked the phone and inform Mr. Ben that they are ready to buy our house and will pay us by cash. They will take care of the remaining mortgage and we can continue living in the same house as renter. Seven days later, Mrs. and Mr.Ben were basking under the sun, sipping morning tea and planning to visit some of the relatives in Dover.

The house was sold. They had enough cash in bank and do not have to worry for the mortgage repayments.

Repossession- Only If I Had Known

Repossessions are taking place in such large numbers in UK that I am afraid situation would become as bad as in USA.

I can’t describe how bad I felt when I saw my best friend’s house being repossessed. Sam was in tears. His mother was crying aloud. My heart went out to them. It was such a terrible sight. I was cursing those mortgage lenders who had turned so rude and harsh. Just some time ago these very guys were politeness personified when Sam had approached them. How can people be so inhuman? It pained me so much seeing my friend becoming homeless.

It all started when Sam approached a mortgage lending company for a loan to buy a home. The sub-prime loan meant for people with low income and damaged credit report was granted to him at an interest rate higher than other loans. At that point of time I tried to reason with him. But he told me firmly, “I need to buy a house and this is as good a time as can be. I know the interests are on the higher side. But I will manage I know.” I didn’t say a word after that.

Over a period of time, Sam found it difficult to cough up huge mortgage payments. After all he was the only bread earner in the family. He had to take care of his ailing mother and younger brother too. For some time he pressed on somehow, but after a few months he fell behind on the mortgage payments.

Soon he got a repossession order from his creditor. He tried to convince them that once his condition improves he would clear all his dues. But they turned a deaf ear. They were the same people who were so eager to offer Sam a loan even when they were very much aware that he wasn’t a high earner.

And now that he had a few mortgage payments piled up, these lenders turned so wicked. Gosh! People are so mean. Even I dint have enough funds to help him get out of the situation. Eventually he lost his house. I get goose bumps every time I think of that day. It was such a terrible day. Wish Sam could prevent it somehow.

Seriously common man has suffered a lot because of this sub-prime crisis. True, economy has been affected badly. But the common man has suffered the most, he has become homeless.

Just a few days back my colleague, John narrated to me how he managed to sail through the same problem by selling off his home. It took care of the remaining mortgage payments and with the cash he go, he cleared the dues he had got piled up due to all the financial juggling he had had to do.

He told me there are cash property buyers who are ready to help people in such situations. They purchase properties for cash payments and make the deal happen in a matter of few weeks. They don’t charge any fees and also offer the opportunity to sell your home and then rent it back. Not just that, you can also buy back your property from these cash house buyers in future when you become financially strong.

I was stunned to hear about this. Nobody suggested this idea to us that time. How badly I wish I had known about this earlier. May be Sam wouldn’t have been homeless.

I would suggest anybody in a similar situation to sell your house in order to save it. And save your credit worthiness too.