How to Stay in My Home After Foreclosure
Based on the recent study, 47% of properties that are foreclosed are still occupied. This may be surprising to you, but to us – it isn’t. We often forget that banks are not in the business to own homes. They are in the business to lend people money. Once they foreclosed a property, they will have to resell it to get their profit back. They will be forced to wait it out. And that is not good business for them.
They soon found out that once a property is foreclosed, it will soon fall into despair and they will have to do a lot of repairs. Often times, even after the foreclosure process is done, they would still want you to occupy the property because you being there wards of all the vandals and it would also mean the house would stay in good working order.
There’s a lot of posts in social media about people living for free after foreclosre. Stories about banks “abandoning” their properties. In these stories, people have avoided house payments for months, sometimes years! Wow. That’s a lot of money. Every would want that. But it couldn’t be that simple. Right?
How to Stay in My Home After Foreclosure
No bank would neglect to collect payments on purpose. The only way that you get to live in their property for free is when some major mistakes were made.
You might think you’re so lucky and you’ve saved thousands of dollars. However, it’s not exactly legal to avoid payments that you owe, and it can get you in serious trouble.
So why are so many foreclosed homes occupied? It’s important to remember that no one wants the house to be vacant. Vacant homes are targets for vandalism and crime.
Staying in the property can help the bank maintain the value of their investment, so it’s actually in their best interests to keep it occupied. Partly because of the ways that the foreclosure laws are structured in , banks may ask you to leave while wanting you to stay.
There are a few perfectly legal ways on “How to Stay in My Home After Foreclosure”
Expert Tips | How to do it!
Not all these options are available (depending on your situation and your lenders), and you’ll need some expert advice along the way to help you get through.
1) Wait it out. This is the least option that I would like to recomment but this is also the most common. you should not abandon your house when the first notice of default shows up. The proceedings and the process actuallly takes a while! It takes months or a year. Dont give up to early. But, dont also wait up until the sheriffs behind the door and forcing you to move out.
2) Go to court. There are some rare cases that judges are granting stays and delaying eviction process. this only happens if you and your lawyer proves that there was a negligence on the banks end. Neglect of a legal requirement during the foreclosure process on the banks end can work in your favor. theres a lot of fraudu;ent behavior at bank that has been uncovered in the past few years. So theres a huge chance that there will be an increase trend of using court to stop foreclosure in the future. Fighting banks with lawyers is very difficult, expensive and time-consuming, even if you’ve got a perfect case (most people don’t stand a chance).
3) Propose a move-out bonus. Often buyers of occupied foreclosure properties spend thousands of dollars on lawyers and other costs of eviction, so why not save everyone the time and expense by taking some of that money yourself? Greasing the wheels does help everything to run smooth. It may sound greedy, but who cares if it helps you, go for it. Plus, you can help out the bank and the buyers by not abandoning the house to squatters before they’re ready to take possession.
4) Rent it back. Some banks prefers previous homeowners as tenants to the property. Although, this is only a short-term-fix. they would still want you to move out as soon as they find a buyer to the property. But, we can actually purchase the proprty and rent it back to you!
It’s really good that you’re reading this page and exploring your options. We help homeowners like you to find creative solutions.
We can’t help everyone, but we might be able to help you.
We buy houses nationwide from people who need to sell fast especially if you want to know “How to Stay in My Home After Foreclosure”