Foreclosures in Florida doesn’t always mean leaving your home after it’s been foreclosed upon. According to a recent study, 47 percent of foreclosed homes still have the owner living in them. It may be a surprising stat to you, but not for many others.
Why is that?
The thing that the majority of people forget is that banks don’t want to own houses, they want to make money. They loan people money to purchase homes, and when they have to foreclose on property, it means they take possession of the home until they can sell it or recoup their losses.
What banks and other financial institutions have realized is that letting foreclosed homes in Florida sit vacant leads to disrepair. Rather than letting that happens, the bank chooses to let you stay in the home even after the foreclosure process has started. This ensures them the house won’t be vandalized and that everything is in working as it should.
There have been many news stories of people living free after they’ve been foreclosed on. There have been stories about some banks just abandoning the properties after they’ve been foreclosed on, leaving the prior owners in place. Wouldn’t it be nice if everybody could live a life like that? These stories are, unfortunately, not true.
Here’s what you need to keep in mind – a bank will always collect payments. The only surefire way you live rent/mortgage free is if the bank made some serious blunders in their paperwork. While it’s possible it could happen, let’s face reality. You can’t legally live somewhere for free, avoiding payments you legally owe.
You could be in serious legal trouble if you do.
Why is it that so many foreclosed homes are still occupied then? Think of it this way – would you want a home unoccupied for very long? It brings nothing but trouble to the area – crime and vandalism. If a bank allows someone to stay in the home, they can keep up the investment’s value. It’s in their best interest financially to allow someone they’ve foreclosed upon to stay in the home. It’s not uncommon for banks to ask you to leave even if they want you to stay. There are several legal ways in which you can stay in a home even if you’ve been foreclosed upon.
4 Tips To Remain In Your Foreclosed Florida Home
There are four ways you can stay in your home after a bank has foreclosed upon it. Now, each option may not work for you, which is why you may need some expert advice to assist you during this difficult time.
Wait The Bank Out
In all honesty, this is not the best choice out there! However, it appears to be the most common. There’s no reason for you to run and abandon your home even when you get the first notice of default. The process for foreclosures in Florida can take months and even years to finalize. It’s like the old saying, “it’s not over until it’s over.” Don’t just give up.
You also shouldn’t want to pack in case the sheriff does show up to evict you from the home.
There are rare cases where a judge has granted a stay or delayed an eviction. This option only works if you can prove the bank has overlooked a step in the foreclosure process. This has happened many times in the last several years. Reports have uncovered banks’ fraudulent behavior, which can be used against them in a court of law to stop a foreclosure.
This step can be exhausting and time-consuming. Even with the perfect case, you may not win your battle.
Suggest A Move-Out Bonus
Many times, the buyers of an occupied foreclosed property will spend a lot of money to get a legal eviction. Rather than letting them spend money on the eviction process, propose they give it to you by giving you a move-out bonus. This is called “cash for keys.” While it sounds greedy, it makes the foreclosure process go a little smoother.
On top of that, you assist the bank by not abandoning the house to trespassers before they can take possession of the home.
Become A Renter
This may sound odd to you, but banks have been known to let a former homeowner rent the home, allowing them to stay in the property. It’s a temporary move and only works if you agree to move out if they find a person to buy the property from them.
We have been known to do this as well. We buy houses in Florida and have rented it back to the tenant.
If you’re selling a house in Florida, it’s good to know that you’re looking at all your options. We have helped many homeowners come up with a creative solution to their home selling problems. While we try to help everyone, it’s not always possible.
We buy houses with cash in Florida from people just like yourself. Do you want to sell your house fast and get cash? If so, give us a call (305) 882-9887 and speak to any of our representatives or fill out this form to see how Alfaro Real Estate Investments can help you.