A recent study estimates that 47% of foreclosed properties are still occupied.
Many home buyers don’t expect to find out that nearly half of all foreclosed properties are still occupied. But for the banks, this is an unfortunate but expected reality—afterall, they aren’t in it for ownership; their goal instead is simply to lend money and get as much back when possible through sales.
When a Raleigh home forecloses and becomes vacant, it is unfortunately more susceptible to physical decline. Yet the bank may still prefer that you remain in occupancy because this can help protect the property from vandalism and maintain its market value.
It’s easy to see why people mistake foreclosure for a free-living opportunity, but the reality is much more complex. Squatting in abandoned homes comes with its own risks and obstacles that may lead you down an unprofitable path; from legal hurdles to complicated property disputes. So as tempting as it might be at first glance – living rent-free isn’t nearly so straightforward!
With uncollected payments, you may think of yourself as fortunate – but be aware that it is illegal to avoid your financial obligations. Though in rare cases mistakes can result in going without payment for a period of time, law-abiding citizens should stay mindful and up-to-date with their finances at all times.
Foreclosure is a heartbreaking situation, and the last thing anyone wants is for their home to be left vacant. Banks understand this, which may explain why they often ask those in foreclosure to stay even though eviction has begun—it helps them maintain the property’s value while also preserving its safety from vandalism or crime. Luckily there are legal options available that can help folks remain in their homes following foreclosure proceedings without having any trouble with banks or law enforcement agencies.
How To Stay In My Home After Foreclosure In Raleigh
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. When financial difficulties arise, it can be difficult not to panic. But don’t worry! Foreclosure proceedings take time and shouldn’t be taken lightly; although you may have received a default notice of foreclosure, that does not mean the situation is hopeless yet. Despite how challenging this process seems, we urge you to continue seeking out any remaining options until the absolute last moment so that no stone goes unturned. Don’t give up early – but also make sure your belongings are ready in case eviction becomes imminent!
2) Go to court. Although it is rare, there may be an opportunity to delay or even avoid foreclosure if you can prove that the bank has neglected some legal requirements. Fraudulent behavior from banks have been exposed in recent years so taking them on legally could become more prevalent as a means of fighting for your home. That being said, this process often comes with heavy financial and emotional costs despite having powerful legal arguments – most people don’t stand a chance without substantial help and resources.
3) Propose a move-out bonus. Save yourself, the bank, and buyers of occupied foreclosure properties precious time and money by opting for “cash for keys”. With this approach, both buyers and banks benefit from smoother transitions – plus you get the extra boost! This kind way of greasing the wheels helps everything run smoothly while also allowing you to do what’s best—help those taking possession not find an abandoned house full of squatters!
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.
You are doing a great job by reading this page and researching your options. We assist homeowners like you in discovering creative solutions.
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