A study recently done shows that 47% of foreclosed homes still have someone living in them.
That statistic may seem high, but it’s less surprising than you might think.
Typically, banks aren’t in the business of owning homes, but in the the business of giving loans.
When a bank has to foreclose on a house, that means that they own the house until they can get all of the money back from the loan.
The problem the bank faces here is that a home they own is more likely to fall into disrepair if no one is living in it. In the long run, they lose money on these. The longer the house sits in disrepair without anyone living in it or taking care of it, the less it’s worth and the more money the bank will lose.
There have been multiple reports in news stories about people living for free and foreclosed home. While they don’t have to pay for the home, they can also be evicted at any time, and they don’t have any support from banks or anything else while they’re living in that home.
In the rare instance, some people live in their Metro Atlanta home for years without paying.
Keep in mind, though, this is few and far between. More than likely, you’ll be removed from the home.
Then What Happens To Me And My Home?
No bank would purposely not collect payments on a house. If this happens, something is going seriously wrong with the bank.
You might end up lucky and have the bank not coming after you for a long time. The odds of this are very low, though, and you shouldn’t rely on it.
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. You might wonder why so many foreclosed homes are still occupied. For the most part, vacant homes are much more rampant in vandalism, crime and even squatters.
Keeping people in the property can help the bank raise the value of their investment. Due to this and some of the way that foreclosure laws are structured and Atlanta, GA, banks may ask you to leave, but want you to stay.
We’ve got a few ways that you can legally keep or live in your home after foreclosure.
How To Stay In My Home After Foreclosure In Metro Atlanta
Keep in mind that you will not have access to all of these options depending on your situation.
1) Your first option is to simply wait. Honestly, this is a pretty bad option, but it seems to be increasingly common. Giving up your metro Atlanta home the moment the notice of default shows up isn’t the best idea. These proceedings can take months and occasionally will even take years. This doesn’t mean you should wait until the sheriff shows up to start putting your things away or getting ready to leave. But it does mean that you do have some extra time, even after you have been served.
2) Your second option is to go to court. In exceptionally rare cases, judges may grant you a stay and delay an eviction. This is only a valid option if you and your attorneys can prove that your bank has done something illegal or has failed to file certain paperwork about your house. However, even if you have a perfect case, the banks are typically the winners in these disputes. Not to mention the massive amount of attorney and lawyer fees you’ll be paying. Unless you already have a lot of money on hand, this isn’t a good option.
3) Offer the bank a move out bonus for yourself. The amount of money it costs to evict someone from a foreclosed house can cost the bank thousands of dollars. However, some will pay you directly to evacuate the house. Because it not only immediately gets them access to the house, so there’s no squatters. It also helps you move to your next location as well. The term for it is cash for keys.
4) Rent the property. This might sound a little strange, but some banks will take on previous homeowners as tenants. It’ll only be a short term solution, and they typically will have you vacate the premises as soon as they find someone to purchase it. However, that means that the bank still gets some money, and you don’t lose your home immediately. In some situations, we can even purchase the house and then rent it back to you.
There are a lot of solutions on this page, but one of your best solutions is still to sell your Metro Atlanta house for cash. Because we buy houses directly in cash, we can help you in some of these situations.
Getting in contact with us will make your home foreclosure or home sale easier. Call us at [number goes here], or at [our website].