“I need to know how to stay in my home after foreclosure in Stockton. Help!”
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.
But, what they had found is that when a Stockton foreclosed house goes vacant… there is a much greater chance that the house will fall into disrepair. Often times the bank would rather have you in the property even after you stop paying your payments and the foreclosure is started because it wards of vandals and keeps the house in good working order.
If you’ve found yourself searching “How to stay in my home after foreclosure in Stockton”, this article is for you. A recent study reported that nearly half of all foreclosed properties are still occupied. That may seem surprising, but think about it from your lender’s perspective – banks are in business to buy homes; they’re in business to loan people money. An unfortunate side effect of a lender loaning money is that when borrowers don’t pay them back, the bank has to deal with foreclosing and auctioning off the house.
When a home goes vacant, it can be vandalized, infested with bugs and rodents, and fall into disrepair. That’s why sometimes banks prefer to have tenants continue living in a home after foreclosure – it wards off these destructive elements, thus makes it a bit easier to auction off the home. That doesn’t mean you get to live for free, and it doesn’t mean you have a stable place to live. But there a few ways to stay a bit longer, as you’ll see in this guide.
How to Stay in My Home After Foreclosure in Stockton
Keep in mind that not all of these options will be available for you. It’s going to depend on where you live and who your lender is, but some of them might come in handy! No matter what, make sure you get expert advice. That said, here are some great options:
- Wait it Out: This is a risky option, but it’s surprisingly common. Some people run away when the first notice of default shows up, but that isn’t necessary. The proceedings can take months – if not years, so there’s no reason to jump the gun. So don’t give up early, but also don’t wait until the sheriff shows up to evict you.
- Take it to Court: It’s rare but sometimes judges grant longer stays or eviction delays if tenants take their case to court. This is only applicable if you and your attorney have a case for negligence on your lender’s side during the foreclosure proceedings. Of course, fighting a bank is very expensive, and it’s going to be very time-consuming, but it’s worth it if you’ve actually been wronged.
- Cash for Keys: 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.
- Rent it Out: This might sound a bit risky, but some banks let you rent out the property to previous homeowners as a short-term fix. They still expect you to vacate the premise as soon as the new person to purchase the property is found. Sometimes our house buying company, MCB Homes Inc., can even buy the property and rent it back to you.
If you’re going through a foreclosure, it’s great that you’re taking steps to learn more about your options. We can help you find creative solutions to stay in your home longer, and maybe even evade foreclosure.
Want more information? Call (209) 743-0602 or click here to fill out the form.