You may be surprised that a homeowner can stay in their home after foreclosure. A recent study showed that 47% of homeowners still occupied their properties after foreclosure.
Firstly, you need to know how the foreclosure process works. Suppose you took a loan from the bank and were unable to repay it. The bank is going to recover its loan by selling the mortgaged property. But some homeowners can avoid foreclosure if they contact with a local home buyers like us and say “I need to sell my house fast in Sebastian”
How to sell my house fast in Sebastian is a common question asked by Sebastian home owners. If you want to avoid foreclosure, and want to sell your house fast in Sebastian. We are ready to help you because we are a cash buyer’s house in Sebastian.
Why do banks allow homeowners to stay home after foreclosure?
You need to understand that the bank is not a property-selling company. So it’s difficult for banks to maintain the mortgaged property because if you keep a property vacant for a long time, there might be many problems like disrepair, vandalism, and crime. It would also be advantageous for banks to remain in the property in order to preserve the value of their investment.
So don’t think that the bank is doing a favor for you. They are doing this to gain their interest, but it’s a win-win situation because you don’t need to pay rent for months or even years.
How to Stay In My Home After Foreclosure In Sebastian
There are some options which might help you stay home after a foreclosure.
- Wait for the end: Don’t go away from your property when you get the first notice because it’s a lengthy procedure, not an overnight job, so don’t give up. It might take months or even years so stay there until you come to know that the sheriff will come to evict you.
- Go to Court: You can go to court so that the court issues a stay order for eviction. But it’s rarely happened in Sebastian; you have to prove that banks violated any legal steps during the foreclosure process.
- Rent it back: You can rent the bank’s foreclosure home. Sometimes banks are willing to rent homeowners so that they can earn from it and it’s difficult for the bank to find a tenant. However, this would be a temporary solution because you could stay there until the bank found a buyer for the property.
So, if you are going through a foreclosure process, don’t hesitate to call us.