It is possible to stay in My Home After Foreclosure? According to a recent study it is estimated that 47% of foreclosed properties are occupied still.
When you first read such reports you might be surprised. We aren’t because we know that banks don’t want to own homes. What they need is their money and if they can get back their loaned money, they will not foreclose properties which were running behind on their mortgage payments.
When a house that is foreclosed stays vacant it will likely fall into disrepair. Often times the bank will allow you to stay in your house even after the foreclosure starts because it keeps vandalism at bay and the house stays in working order.
There are a lot of stories circulating about people living in their houses even after foreclosures and banks abandoning properties; even after people have avoided making payments for months, even years.
Boy that sounds awesome! Let’s all try and live for free. (wink)
Wait… it isn’t that simple, is it?
Right! It Isn’t!
No bank forgets to collect its payments. The only way you can continue living in your property after foreclosure is when some significant mistakes are made or very unique situations exist.
So why do foreclose homes stay occupied? Well you should know that a vacant house is a target for vandalism and crime and nobody wants a house to be vacant.
Staying in the foreclosed properties can help banks maintain the actual value of the investment and therefore they think it is best to keep it occupied. However because laws in some states are structured a certain way banks might ask you to formally leave while they actually want you to stay.
So here are a number of perfectly legal ways you can stay in your house, even after there is a foreclosure.
How To Stay In Your House After Foreclosure in Palm Beach County
Although you might not have all these options available, they may still be able to help you stay in your foreclosed home.
Wait: You shouldn’t really run away from your house when the first notice of default shows up. Remember the process takes a lot of time and therefore you should not give up to early. Find out what options you have. Just don’t take so much time that the sheriff shows up to throw you out of your house.
Go to court: On a lot of occasions the judges grant stays and delay evictions. However this is only possible when the bank has neglected any important legal requirement during the foreclosure process. During the past few years a lot of frauds have emerged from bank’s side and therefore the courts do give orders to stop foreclosure. The trend has been emerging but you need to know that this is a time consuming and expensive process to fight the bank in the court.
Propose a bonus for moving-out: Those who buy foreclosed properties often have to pay for getting the property evicted. Why don’t you take advantage of the situation yourself and propose a bonus for moving out until they new buyer is ready to move in. This will stop the squatters from taking over the property.
Rent it from the bank: A lot of times banks agree to keep the previous owners as tenants in their property. That is a short term situation and the bank might want you move out as soon as they have someone to purchase the property. We can also purchase the property and rent it back.
It’s a great idea that you are exploring the options you have. We help homeowners find solutions and help them to stay in their homes.
We buy homes in the local market from people like you.
Give us a call at (561) 370-8335 or fill out the form on this website today! >>