We Buy Houses In Castle Shannon, Pennsylvania. A recent study estimates that 47% of foreclosed properties are still occupied. When you first see that stat you may be surprised, but as local homebuyers in Pennsylvania, 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 property, 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 Castle Shannon PA foreclosed home 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 property 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 home 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.
You’re correct that banks generally do not purposely neglect to collect payments, as it is in their best interest to receive timely payments from borrowers. In some cases, major mistakes or errors in the foreclosure process can occur, leading to potential opportunities for homeowners. However, it’s essential to note that deliberately avoiding payments that you owe is not legal and can result in serious consequences. It’s important to fulfill your financial obligations and seek legal advice if you encounter difficulties in making payments to address the situation appropriately and within the confines of the law.
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 Pennsylvania, 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 Castle Shannon PA
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 exceptional circumstances, some judges may grant stays and delay evictions. However, this typically requires substantial evidence presented by you and your attorneys, demonstrating that the bank has neglected a legal requirement during the foreclosure process. It’s worth noting that over the past few years, instances of fraudulent behavior at banks have been uncovered, which may lead to a growing trend of using the courts to halt foreclosures. It’s important to understand that engaging in legal battles against banks can be incredibly challenging, expensive, and time-consuming, even if you have a strong case (which most individuals do not).
3) Propose a move-out bonus. In many cases, buyers of occupied foreclosure properties often incur significant expenses, such as legal fees and eviction costs. However, there is an alternative approach that can save everyone involved time and money. It is commonly referred to as “cash for keys.” While it may initially appear self-serving, providing financial incentives can contribute to a smoother process overall. Furthermore, by not leaving the property vulnerable to squatters before the buyers are prepared to take possession, you can assist both the bank and the new owners.
4) Rent it back. While it may seem unconventional, there are instances where banks are open to allowing previous homeowners to become tenants in their foreclosed properties. This arrangement serves as a temporary solution, as the bank will typically require an agreement for you to vacate the premises once they find a buyer for the property. In certain cases, there may even be an opportunity for you to purchase the property and continue renting it from the new owner. This can provide some stability and continuity for you while also enabling the bank to facilitate the sale of the property.
Sell My House In Castle Shannon PA
It’s really good that you’re reading this page and exploring your options. As professional Pennsylvania home buyers, we help homeowners like you to find creative solutions. We can’t help everyone, but we might be able to help you. We purchase local Castle Shannon PA properties like yours when you need to sell your house in Pittsburgh fast.