It has been estimated by a recent study that some 47% of foreclosed properties are still occupied.
You might be surprised when you first see that stat, but honestly, I’m not surprised at all.
The thing that most don’t know is that banks like to carry around houses.
They are in the business of granting loans to people. When they have to foreclose a house, they’re stuck with the property until they can let it go to another interested party who would give them all their income or more from the deal.
But what they have come to realize, is that if an El Paso foreclosure home turns vacant…the chances for the house to be left into decay are multiplied. Many times they want you to stay on the property even though you will stop paying your payments and the foreclosure is in process-this is in a bid to deter vandals and keep a house well preserved.
Most media conglomerates were very quiet on the people who reside rent-free and some even spoke of properties that supposedly had been abandoned by banks.
In these stories, people of all sorts avoid house payments for months, and in a few cases for years.
Man, that sounds great! Let’s all live for free. (wink)
Wait… it can’t be that simple, right?
Right.
No bank will actively fail to accept payment. The only way you can go without making a payment is when a serious error is made.
Still, if you are lucky, you may not have to pay the arrears of the loan you owe, though this has been observed to occur. In general, ignoring the payment of what one owes is not technically legal and one could be charged for that.
So why are foreclosed homes occupied? They are occupied because no one wants a vacated home. Empty homes are simply waiting there to be destroyed through vandalism or delinquency as soon as a property goes into foreclosure.
Staying in the property helps the bank maintain the value of its investment, so it is actually in its interest to keep their homes filled. It’s not surprising that given the way the Texas foreclosure laws are structured, a bank would be asking you to leave because, at the same time, they are asking you to stay.
There are a few perfectly legal ways to remain in your home, even after foreclosure. If you’re wondering how to stay in my home after foreclosure in El Paso, here are some options to consider.
How to Stay in My Home After Foreclosure in El Paso
Depending on your situation and your lenders and rather than mere programmable, just remember, not all will ever be easily available to you – which is natural, so you have to be prepared to take some expert advice along until you get through this.
1) Wait it out. It truly cannot be recommended, but it seems to be increasingly common. It is never advisable to run off because the very first instant you get a notice of default on the estate. Keep in mind that the time between the notice and full court proceedings can be months or years. It is never over until it is over, so hang in there for some time. But remember, don’t wait until the sheriff walks in through the front door to start packing your stuff.
2) Go to court. In rare cases, judges grant stays of execution to evict foreclosures. This is an option for you if you can prove that the bank and the ‘Trustee of Record’ were not able to follow a particular rule during the foreclosure process. Of late, bank fraud has been uncovered, so there could be a rising trend of people using the courts to stop foreclosure. Fighting the banks is the most challenging and costly part where one has justified grievances (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 the operation. Also, you can do a little favor for the bank and the buyers by not leading squatters to claim the house earlier in possession than they would wish.
4) Rent it back. This may sound a bit odd, but some banks are so kind that they will take you back as their tenant on the same property. This agreement is done by the bank only on a short-term basis with one condition-clear one. As soon as the bank finally finds a buyer, usually, the notice is given to you so that you can arrange to move out fast. Alternatively, if necessary, we could even purchase the property and rent it back out to you.
It’s very good that you’re here on this page exploring your options. We help homeowners like you to find creative solutions.
We cannot assist everyone, but perhaps we can help you. If you’re searching for how to stay in my home after foreclosure in El Paso, we may have a solution for you.
We buy local El Paso, Texas houses like yours from people who need to sell fast.