A recent study concludes that 47% of foreclosed properties are still occupied.
When you first see that statistic you may be quite surprised… but we’re not.
What most people don’t realize is that banks aren’t in the business to own homes. In fact, they would much rather never own a home.
They are in the business to lend people money and get a return on that money. But when they have to foreclose on a house… the bank is forced to own the home until they’re able to sell it to get all or most of their money back. But they just are not great at being professional homeowners.
However, their discovery revealed that if a foreclosed property in a Lagrange remains unoccupied, it is more likely to deteriorate. Frequently, banks prefer to have occupants in the house, even if they have ceased making payments and the foreclosure process has commenced, to prevent vandalism and maintain the property’s condition.
There’s been a lot of talk in the news about people living for free after foreclosure – and even many stories about banks “abandoning” properties and not selling them or upgrading them for a long period of time.
In these stories, people are avoiding house payments for months, even years.
Man, that sounds great! Let’s all live for free. (wink)
Wait… it can’t be that simple, right?
Right.
No bank would intentionally forget to collect payments. The only way that you get to live without making any payments is when some major mistakes were made. And you can’t count on a mistake, especially when it comes to the roof over your head.
But you might get lucky! It’s possible, and it has happened many times before. 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.
By keeping the property occupied, the bank can preserve the value of their investment, which is in their best interest. Due to the structure of foreclosure laws in GA, banks may request that you vacate the property while simultaneously preferring you to remain in it.
There are a few perfectly legal ways to remain in your home, even after foreclosure.
How To Stay In My Home After Foreclosure In Lagrange
Not all these options are available (depending on your situation and your lenders), and you’ll need some professional advice along the way to help you get through it unscathed.
1) Wait it out. Honestly, this is a pretty bad option, but it seems to be increasingly common. You definitely shouldn’t run away and abandon your house when the first notice of default shows up. Remember that the proceedings and the process takes months and sometimes years. It’s not over until it’s over, so don’t give up too early. On the other hand, don’t wait until the sheriff shows up to evict you to start packing up your stuff. This is a very risky proposition to just sit & wait. Yes, there is a chance an analyst at the bank might forget to send someone out to vacate the property, but the shoe is going to drop eventually.
2) Go to court. In very rare cases, judges are granting stays and delaying evictions. This course of action is only viable if you can substantiate with your legal representatives that the bank has violated a legal prerequisite during foreclosure proceedings. Banks have been found guilty of much fraudulent conduct over the past few years, and this trend may lead to greater usage of legal channels to prevent foreclosure. Engaging in a legal battle against banks is arduous, costly, and time-consuming, and even those with a compelling argument have minimal chances of success (as most individuals are at a disadvantage).
3) Propose a move-out bonus. Purchasers of foreclosed properties that are still occupied frequently spend large sums on legal expenses and eviction costs. Instead, you can receive some of that money by utilizing the “cash for keys” approach. Although it may seem a bit selfish, facilitating the process can benefit everyone involved by avoiding complications. Moreover, you can aid the bank and the buyers by not allowing squatters to occupy the house before it’s ready for possession.
4) Rent it back. Although it may appear unconventional, some banks are open to allowing former homeowners to rent their property. However, this is a temporary solution since they’ll require you to leave once they secure a new buyer. Alternatively, you could consider buying the property and renting it back from us in some cases.
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 with their foreclosure, but we might be able to help you.
Joke of the Day:
Why do cows have hooves instead of feet? Because they lactose.
We buy local Lagrange GA houses like yours from people who need to sell fast.