If you are starting to get behind on your home doing nothing is the worst possible thing that you can do. There are some options still available to you even if your lender is unwilling to work with you. However keep in mind that when considering sale leaseback solutions there are several factors you must look into.
First of all, sale leaseback solutions generally only work if there is a decent amount if equity already in the home you own. This is typically how sale leaseback solutions will work. They buy your home for what you owe, and any arrears. Then they lease it back to you for a specified period of time, usually between one and two years.
Here is the downside. They now own your home not you. In sale leaseback solutions they buy the home and you deed it to them, now you are essentially a renter until you can get back on your feet, rebuild your credit and buy the home back. Another thing to keep in mind is that generally you will also sacrifice some fees out of your equity for any sale leaseback solutions, and you will also be paying an option fee when you go to purchase your home back.
