A recent study estimates that 47% of foreclosed properties are still occupied.
This statistic may come as a shock to many, but for us, it’s an understood reality of the banking and real estate industry. Banks, fundamentally, are not in the business of owning homes. Their primary goal is to lend money. However, the foreclosure process inadvertently forces them to take ownership of properties, aiming to sell them to recuperate their investments. In Lakeland, a foreclosed home left vacant stands a higher risk of deteriorating or becoming a target for vandalism. Banks have recognized that keeping the former homeowner in the property can significantly mitigate these risks, maintaining the home’s condition and safeguarding the neighborhood’s integrity. So, you might be thinking, Great! Tell me !! How to Stay in My Home After Foreclosure in Lakeland!
The media has been abuzz with stories of individuals living mortgage-free in their homes long after foreclosure proceedings have begun, sometimes extending to years. While the notion of living without housing payments may seem appealing, the reality is far more complex and nuanced.
This article delves into the truth behind staying in your home after foreclosure in Lakeland, offering insight into how banks operate and what options may be available to those facing foreclosure. Whether these stories of “free living” hold any truth or if there’s a catch to this seemingly ideal situation, we aim to provide clear, actionable advice for homeowners navigating this challenging scenario.
The Reality.
No bank would purposely neglect to collect payments. The only way that you get to live without making any payments is when some major mistakes were made.
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.
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 Florida, 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 Lakeland
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. Honestly, this is a pretty bad option, but it seems to be increasingly common. You definitely shouldn’t run away and abandon your house when the first notice of default shows up. Remember that the proceedings and the process takes months and sometimes years. It’s not over until it’s over, so don’t give up too early. On the other hand, don’t wait until the sheriff shows up to evict you to start packing up your stuff.
2) Go to court. In very rare cases, 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 past few years, a lot of fraudulent behavior at banks has been uncovered – so we may see an increasing trend of using the courts to stop foreclosure. Fighting banks with lawyers is very difficult, expensive and time-consuming, even if you’ve got a perfect case (most people don’t stand a chance).
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 Lakeland Florida houses like yours from people who need to sell fast.
Give us a call anytime at 813-422-3570 or
fill out the form on this website today!
Final Thoughts.
In summary, while the idea of remaining in your home post-foreclosure in Lakeland can appear less daunting with the various legal avenues and strategic options potentially available, it’s crucial to recognize the limitations and realistic outcomes of such endeavors. Banks, primarily focused on recouping their investment, operate within a well-established process designed to manage foreclosures efficiently. The likelihood of securing arrangements that deviate significantly from this process, such as a “cash for keys” agreement or negotiating a stay through legal challenges, while possible, remains relatively slim.
The reality is that banks function like vast machines, adhering to procedures that favor the swift recovery of their assets. Although strategies exist that can delay the foreclosure process, ultimately, if you’re unable to catch up on the owed amount plus manage a newly recalculated mortgage payment, selling your home might be the most pragmatic solution. In situations where the value of your home exceeds the mortgage balance, taking swift action to sell to an investor can not only provide you with the leftover funds after settling your mortgage but also help in preserving your credit score.
In scenarios where selling on the traditional market proves unfeasible, turning to investors can be a wise move. Investors have the flexibility and resources to quickly assess your situation and offer a solution that traditional buyers cannot. This approach can be particularly beneficial for homeowners seeking to navigate the complexities of foreclosure with urgency and discretion.
We at Quick Cash Offers Now understand the stress and uncertainty that comes with facing foreclosure. Our team is dedicated to providing homeowners in Lakeland Florida with compassionate, comprehensive assistance. By exploring all possible options, including selling your home fast for cash, we aim to help you move forward from this challenging period in your life with financial stability and peace of mind. If you’re navigating the foreclosure process and looking for immediate solutions, reach out to us. Let’s discuss how we can support you in making informed decisions about your home and future.