As local homebuyers in Oak Ridge, we often get asked by many homeowners how they can stay in their homes after foreclosure. Some homeowners are not looking to sell their house in Oak Ridge simply because they are in foreclosure. Many just want to stay in their home. Approximately 47% of foreclosed houses are still occupied. As local real estate professionals, we wanted to write a brief article that may help you stay in your home!
Understanding Foreclosure In Oak Ridge
Although you are upset with the bank for demanding you get out of your house, it’s time to look at things differently. Banks have no desire to foreclose on your house. They are not in the business of owning homes. They are in the business of lending money and being repaid that loan with interest.
If you are experiencing foreclosure, you need to communicate with your lender as soon as possible. Banks have many programs to help you stay in your home. With that said, there is a growing popularity in people just neglecting to make their payments and refusing to leave. Keep in mind that you have an obligation to make your payments. You signed a contract that legally states you will pay monthly payments every month back to the lender. Remember all of that paperwork you signed at closing? Avoid this new trend of becoming a “squatter.” You have too many options at your disposal to do something that may be considered illegal!
Quick Tip
Your bank wants to work out a way that you can make your payments. Taking your home is their absolute last resort! Banks have no desire to own homes as they usually lose money in the process!
There are a few perfectly legal ways to remain in your home, even after foreclosure.
How To Stay In My Home After Foreclosure In Oak Ridge
Every scenario is different. Not every single one of these options will be available to you in your situation. All lenders are different and have their own policies.
Communicate, Communicate, Communicate : This is hands down the best thing that you can do if you are wanting to stay in your home after foreclosure. Ideally, you want to work with your lender BEFORE they actually foreclose, but you may still have options through them after they do. Check with your lender as soon as possible about their programs.
Go To Court: Many homeowners elect to take their foreclosure to court because they think that some sort of mistake has been made. And in some cases, they are correct. A judge may also grant you a delay or stay. Keep in mind you will need to hire an attorney if you want a chance at having a successful outcome. Attorneys are not cheap, but if you truly feel like a mistake or fraudlent activity has occured from your lender, you need to seek legal counsel.
Move-Out Bonus: In our research, we uncovered the proponent of a move-out bonus. Though this is not common, it’s something many homeowners are electing to do. Banks know that if you leave your home vacant, it stands a higher chance of being vandalized or becoming occupied by squatters. They may offer you what is known as “cash for keys.”
Rent Your House Back: This is the most popular option that homeowners can you if they are wanting to stay in their homes after foreclosure. Many banks are open to taken on the previous homeowner as a tenant. Remember, they really don’t want a vacant house due to the risk associated with it! Unfortunately, they typically only do this until they can find a buyer to purchase the property. But it could still give you time to work out a solution and perhaps keep your house for the long term.
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 Houses In Oak Ridge
We buy houses in oak ridge to help many homeowners that may be experiencing foreclosure. Since we are local cash buyers, we can drastically speed up the process of selling your house. We always buy houses as-is too, meaning that instead of spending your time and money making repairs, you spend your time stress free! No one wants to leave their home. But sometimes, this may be the less stressful option. If you can move on from this financial problem with cash in your pocket, it may give you the perfect chance to start over. If this sounds like you, we would love to try and help you!
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