The best way to hold onto a home long-term without paying the mortgage yourself is to lease it.
Leasing, also known as renting, involves having a tenant pay a monthly rent that, in most cases, the homeowner uses to pay the monthly mortgage. If the rent is higher than that mortgage the homeowner gets positive cash flow. If the rent is below the mortgage, the homeowner must make up the difference each month.
The disadvantage to leasing is that the tenant may stop making payments, may not make payments on-time, or may trash the house leaving you with a large re-hab bill and no tenant paying the mortgage while you are getting the home ready to be re-leased. Regardless of what the tenant does (or doesn't do) the homeowner must continue to pay for all necessary maintenance and repairs and pay the mortgage even while the home is vacant between tenants.
In most cases, only homes with a lot of equity (that could easily be sold through many of the programs we offer) are the homes that can generate enough rent to pay the carry costs on a home. Additionally, most people don't want to be landlords. For these reasons, few homeowners that need to sell end up leasing.
New Dream Home Solutions only recommends leasing as an option to those homeowners that want to hold onto a property long-term and have the financial means to lose money on the property short-term. If leasing is something you are considering, consider hiring full-time property manager. Call us and we'll put you in touch with one or our reputable and pre-screened affiliates.