In the wake of the ongoing credit crunch, people are increasingly finding it to cope with their mortgage payments, credit card payments and other bills. Consequently they accumulate huge debts over a period and find themselves in a situation where they are left only one option – to sell their property.  Sell n stay can be the best option to these people and may even be profitable. The option enables you to sell your house and continue to stay in the house as a tenant.

How the sell n stay scheme works

The basic idea of sell n stay is quite simple. An individual sells his/her house due to extreme financial difficulties and rents the same house from its buyer. This way you have the option of buying back the house while being free from mortgage problems too. The advantage of this process is that you can continue to in the same house and avoid the problems of relocating after the property is sold.  You have the advantage of buying back the same property from some buyers once your financial position gets back to normal.

Features and benefits of Sell n Stay scheme

• Many housing companies offer the sell n stay scheme taking care of all legal charges and the legal contracts.
• You have the advantage of renting the same house that you have sold. You can even request a 6 month rent holiday for setting right all your credit problems.  The rent under the sell n stay scheme is considered to be cheaper than the normal house rent.  
• By remaining in the same house you need not go looking for another house and spend time and effort.  If you opt to move out the rent will be higher and other expenses will be more in the new place.
• You need not uproot your family by relocating and add to your problems like changing schools for children etc.  You have the comfort of living in the same house while you are using the savings in rent to pay off your loans.  
• You can use the sale proceeds to pay off all your debts, including all your credit cards, loans and other long outstanding bills.  
• You care freeing up your home equity.  The equity in the house helps you to clear all the accumulated debts.
• If you have cash surplus from the sale of the property, you can spend it for anything you wish.
• The process is simple Process and it covers all the legal expenses. The scheme also works fast as all those involved in it are approved professionals.
• The sell n stay scheme is a great option for you to work out a suitable plan to repair your credits and simultaneously save to reclaim the house.

The sell n stay scheme is helpful for those who have undergone a divorce and would like to keep the house even though they do not have the required finances. People who suffer ill health and want large amounts for treatment can also use this scheme to get back the property at a later time when their finances are good enough to re-mortgage the property.