Refinancing and lease purchase option question

Hi,

I think it is quite possible for you to do so.

Thanks

Hi Guest,

When you refinance the property, you actually take a new loan against the same. Then how can you sell the property? You can only sell the property if the debt against it is cleared.

You can request the lender to allow you for a lease on your property with the lessee assuming your new loan and making regular payments on it. With the passage of time, the lessee can purchase the property while he still remains on the loan (if there is an outstanding balance). You can then use the sale proceeds to obtain a new mortgage on your new home.

Thanks,

Sara.