How To Stay In My Home After Foreclosure in Dallas
A recent study estimates that 47% of foreclosed properties are still occupied.How To Stay In My Home After Foreclosure In Dallas
It may surprise you to see this stat but to us it is all too commom.
What most homeowner’s don’t realize is that banks are not in the business to own houses.
Banks are in the business to profit from loaning people money. If they have to foreclose on a house… the bank will then have to own the home until they get the chance to sell it and get most of their money back out of it.
You may be thinking How To Stay In My Home After Foreclosure In Dallas?
But, what they are finding is that when a Dallas Fort Worth forecloses on a vacant house… there is a much higher chance that the house will fall into a distressed state needing repairs. Many times the bank would choose to have you in the property even after you stop making your payments and the foreclosure process has already started because it decrease the chance of vandalism and it helps keep the house in good better condition which means the bank can sell it for a higher price.
Lately there’s a ton of talk in the media about people living for free after foreclosure – and there are many cases when banks actually “abandon” properties.
In those stories, people are avoiding house payments for many months and sometimes even years.
Living for free sounds awesome right? lol.
Can it really be that simple?
No bank would actually neglect collecting on payments. It does happen but only when the bank makes a mistake.
But there is always the chance that you can get lucky! It definitely is possible and has happened many times before. However, it is illegal to avoid payments and it can get you in serious trouble.
Vacant homes are targets for vandalism and crime. This is why banks are ok with you living in them for a little bit of time after foreclosure starts.
Not leaving and remaining in the property can help the bank keep up the value of their investment, so it’s actually in their best interests to let it remain occupied. Many times the bank will ask you to leave when in reality the want you to stay.
Most people do not know but there really are a handful of perfectly legal ways to remain in your home, even after foreclosure.
How To Stay In My Home After Foreclosure In Dallas Fort Worth
Ways to stay in the home after foreclosure….
1) Wait it out. It happens but it is not a very smart option, but it seems to be more ane more common. We highly suggest that you do not run away and abandon your house when the first notice of default letter shows up. The process can take months and sometimes years. So remember that it’s not over until it’s over, so don’t give up too early.
2) Go to court. It happens but it is rare, but sometimes judges are granting stays and delaying evictions. This is really only a valid option if you (and your attorneys) can prove that the bank has neglected a legal requirement during the foreclosure process. During the recent years, there has been a lot of fraudulent behavior at certain banks that has been uncovered – so as a result we may start to see an increasing trend of using the court system to stop foreclosures.
3) Propose a move-out bonus. Many times the buyers of occupied foreclosure properties spend multiple thousands of dollars on lawyers and other costs for eviction, so why not save everyone the time and expense by taking some of that money yourself? You alwas have the option known as “cash for keys”. You can always pay the person to leave. Plus, you will be able to help out the bank as well as the buyers by not abandoning the house to squatters.
4) Rent it back. We know this sounds crazy, but some banks are actually willing to take on previous homeowners as tenants in their property. It is only a short-term fix, as they’ll want your agreement to vacate the premises as soon as they find someone to purchase the property.
We help homeowners like you to find creative solutions.
We can’t help everyone, but we might be able to help you.
We buy local Dallas Fort Worth TX houses like yours from people who need to sell fast.s