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 Fort Myers 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.
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?
Right.
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 FL, 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 Fort Myers
Going through foreclosure is a tough and stressful time, and many homeowners wonder what they will do after losing their homes. One option that is often overlooked is staying in the home after foreclosure. While it may seem like a daunting and impossible task, it is possible to stay in your home even after foreclosure.
Here are some tips on how to stay in your home after foreclosure.
- Know your rights.
The first step to staying in your home after foreclosure is to know your rights. Many states have laws that protect tenants from being evicted after foreclosure. In some cases, you may have the right to stay in your home for a certain period, usually 90 days to a year. Consult with a lawyer to understand your rights and options.
- Contact the new owner.
After foreclosure, the bank or lender sells the property to a new owner. Contact the new owner and explain your situation. Some new owners may be willing to work with you to allow you to stay in the property. They may also offer you a lease or rental agreement to stay in the property.
- Negotiate a lease or rental agreement.
If the new owner is willing to allow you to stay in the property, negotiate a lease or rental agreement. This agreement should include the terms of your stay, including the rent amount, length of the lease, and any conditions or restrictions. Make sure to read the agreement carefully before signing and consider consulting with a lawyer to ensure that your rights are protected.
- Explore financial assistance options.
If you are struggling financially and cannot afford to pay rent, explore financial assistance options. There are several federal and state programs that offer financial assistance to individuals who are facing foreclosure or eviction. Contact your local housing authority or non-profit organizations to learn about the options available to you.
- Maintain the property.
Staying in your home after foreclosure requires you to maintain the property. Make sure to keep the property clean and in good condition, and pay rent on time. Failure to maintain the property or pay rent can result in eviction.
Staying in your home after foreclosure is possible, but it requires careful planning and negotiation. Know your rights, contact the new owner, negotiate a lease or rental agreement, explore financial assistance options, and maintain the property. Remember to seek help and advice from professionals to ensure that your rights are protected and that you have the best chance of staying in your home after foreclosure.
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 Fort Myers FL houses like yours from people who need to sell fast.s