What most people fail to realize is that banks don’t actually want to own your house. They are in the business of loaning people money, not taking property from you. But once foreclosure hits, they are forced to own the home until they get their money back by selling it again.
There’s been misleading information of people failing to meet their payments, but still living in their home even after foreclosure. Just to make things clear, no one is actually living for free after foreclosure! No bank will allow negligence when it comes to collecting payments. The only reason someone had the chance to live freely after the foreclosure is because mistakes were made at some point. If that does happen to you, make sure you speak to the right people about it because avoiding payments is illegal and can lead you to a lot of trouble.
How Do I Stay In My Home After Foreclosure?
There are a few perfectly legal ways to remain in your home, even after foreclosure. Keep in mind that the options available vary depending on where you live. Make sure to seek expert advice to get you through!
- Ride it out. This may not be the best option, but it seems to be increasing in popularity. All jokes aside, please do not run away from your responsibilities once they are brought to your attention. Remember that this process can take some time, sometimes even years. It isn’t over until it is, keep pushing through and don’t give up! Again, please don’t wait until legal action is taken against you.
- Go to court. It doesn’t happen often, but the judge may grant stays and could even delay the eviction. This option is only really valid if you and your attorney can prove your bank had been negligent in legal requirements during the process of foreclosure. Just know that fighting lawyers with banks is not easy, takes time, and is expensive!
- Propose a move-out bonus. It’s common for buyers of foreclosed properties to spend thousands of dollars on their eviction process. Why not save time and money by taking
- Rent it back. I know it may seem nuts, but there are banks willing to accept previous homeowners as tenants. However, this is a short-term fix, they’ll eventually want you to agree on vacating the property as soon as they are able to sell the property.
I’m glad you’ve taken the time to read through this! Exploring your options is always great and we love helping homeowners like you find creative solutions. If there’s any way we can help contact us today!
Give us a call anytime at (315) 558-8332 or fill out this form today!