A recent study estimates that 47% of foreclosed properties are still occupied.
When you first see that stat you may be surprised… but we’re not.
What most people don’t realize is that banks aren’t in the business to own homes.
They are in the business to loan people 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. They don’t want to kick you out and let your house fall apart. So, if you’re asking, “How can I stay in my home after foreclosure?”, I think we can help.
Banks have found out that when a house goes vacant in Parkersburg there’s a much higher chance that it will fall into disrepair. This causes an even bigger headache for the bank. To prevent this, the bank would rather have you in the house after the foreclosure process is started because it will ward off vandals and help keep the house in good working order.
There’s been a lot of talk in the media about people living for free after foreclosure – and even many stories about banks “abandoning” properties.
In those 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?
No bank would purposely neglect to collect payments. The only way you’ll get to live there for free is if the bank makes some big mistakes.
But you might get lucky! It’s possible, and it’s happened 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, and this will end up costing everyone more money in the long run.
Staying in the property can help the bank maintain the value of their investment, so it’s actually in their best interests to keep it occupied. Partly because of the ways that the foreclosure laws are structured in WV, banks may ask you to leave while wanting you to stay.
There are a few perfectly legal ways to remain in your home, even after foreclosure.
How To Stay In My Home After Foreclosure In Parkersburg
Not all these options are available (depending on your situation and your lenders), and you’ll need some expert advice along the way to help you get through.
1) Wait it out. This is probably your worst option, but it is still an option. You shouldn’t abandon your house as soon as the first notice of default shows up because the proceedings can take months and sometimes even years before they can actually force you to leave. See if you can wait it out for a while, but I also wouldn’t suggest waiting until the sheriff comes to kick you out. Take steps to be prepared for when you will have to leave.
2) Go to court. In very rare cases, judges are granting stays and delaying evictions for some of the individuals in default. This is only going to work if your attorneys can prove that the bank has neglected a legal requirement at some point during the process. Over the past several years, there has been more fraudulent behavior from banks uncovered, so we may see an increasing trend of using the courts to stop foreclosure. Fighting these banks on your own if very costly, difficult, expensive, time consuming and your chances of wining are very low, even with a great case. If you decide to go this route make sure you have some sort of case, and you aren’t just throwing money away.
3) Propose a move-out bonus. Often buyers of occupied foreclosure properties spend thousands of dollars on lawyers and other costs of eviction, so why not save everyone the time and expense by taking some of that money yourself? It’s known as “cash for keys”. It sounds a little greedy, but greasing the wheels does help everything to run smooth. Plus, you can help out the bank and the buyers by not abandoning the house to squatters before they’re ready to take possession.
4) Rent it back. It may sound crazy, but some banks are willing to take on previous homeowners as tenants in their property. That’s 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. In some cases, we can even purchase the property and rent it back to you.
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, but we might be able to help you.
We buy local Parkersburg WV houses like yours from people who need to sell fast.s