A recent study estimates that 47% of foreclosed properties are still occupied.
This piece of information will be surprising for most who, unlike us, don’t know that banks aren’t in the business to own homes.
A bank’s main purpose is to loan people money but they do foreclose houses until they can sell or they get most of their money back.
But banks discovered that when a Palm Beach County foreclosed house goes vacant, it often attracts vandals and can fall into disrepair. So even if you stop your payments, the bank might let you live there to protect the house and prevent it from falling in disrepair.
In many stories on media, you can see people living for free in their houses after foreclosure, avoiding payments for months, even years sometimes. But it is not that simple, right?
Unless a bank made some mistakes in the process, you cannot live without making any payments. No bank would purposely do that! However, some have tried. It has happened before and it might just happen again with you. However, keep in mind that avoiding payments is not legal and can get you into serious trouble.
So why so many occupied foreclosed homes? An important point to remember is that no one wants to keep a house vacant as it attracts vandalism and crime.
Keeping the property occupied with maintain the value of the bank’s investment. This benefits the bank. But partly because of how the foreclosure laws are structured in Florida, the bank will at some point be forced to ask you to leave. Even though it doesn’t actually want you to leave the house and let it be sit vacant until it’s sold.
Therefore, there are a few perfectly legal ways to remain in your home, even after foreclosure.
How to Stay In My Home after Foreclosure In Palm Beach County
Not all of these options will be viable for. It depends on your situation and who your lenders are. Whatever you choose to do, you will have to do thorough research and get some expert advice throughout the process.
- Wait it out.
This is not the best option but it seems to be pretty common nowadays. Don’t abandon your house when the first default notice shows up because the proceedings can take months, even years sometimes. Don’t give up too early but you do need to careful. Don’t wait for the sheriff to show up to evict you to start packing up.
- Go to court.
In some rare cases, judges grant evictions delays and stays. But this is only possible if you and your attorney can prove that the bank has been careless in a legal requirement during the foreclosure. The fraudulent behavior of many banks has been exposed over the past few year which is why more and more courts are being used to fight foreclosure. But fighting a bank is a very expensive and time-consuming process even if your case is rock solid. And for many people, at the end of it all they fail miserably, losing all that time, money and their house.
- Propose a move-out bonus.
Buyers of foreclosed properties often spend thousands on lawyers and other eviction costs. You can save everyone the money and time by taking some of the money yourself. It is known as ‘cash for keys’ and can make things go a lot smoother. Also, you protect the property and helping the bank and buyers by keeping the property safe from squatters before the buyers can take possession of the property and move in themselves.
- Rent it back.
Although this is a short term fix, some banks are willing to rent out the property to the previous homeowners. However, eventually you will have to vacate the premises as soon as they find a buyer for the house. But if we buy the house, we can rent it back to you.
This way we might be able to help you.
We buy local Palm Beach County Florida houses like yours from people who need to sell fast.
Give us a call anytime at (561) 370-8335 or fill out the form on this website today! >>