A recent study estimates that 47% of foreclosed properties are still occupied.
This stat is hard for most people to believe. But not us.
The fact is that banks do NOT want to own houses.
They are in the business to loan people money. But when they have to foreclose on your house the bank HAS to then take possession of the home until they’re able to sell it to get all or most of their money back.
But what studies have found is that when a foreclosed house in Dallas TX goes vacant, chances are it will fall into disrepair. Even if you stop paying your mortgage and the foreclosure process is underway, the bank would rather have you in the house than to have it vacant. It lessens the chance for burglary and even prevents a faster deterioration.
There’s been a lot of reporting in the news about people going through foreclosure and still living in the house afterwards. There are even some about banks just “getting rid” of properties for nothing. In these reports, people can stay for a long time and basically live for free.
Sounds too good to be true, right?
No bank would stop collecting mortgage payments on purpose. The only way this situation would ever exist is if someone, somewhere makes a huge error.
But some lucky ducks have managed to slip through the cracks. But make no mistake about it, if you don’t pay your mortgage, you can definitely get in some serious trouble.
The question is then, how to stay in my home after foreclosure in Dallas TX? How is it possible? Well, it’s important to consider that no one wants the house to be vacant. Again, 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. The laws in TX might make the banks get you out of our house but the banks might not always want you out.
Here are some ways to stay in your house even after foreclosure:
How To Stay In My Home After Foreclosure In Dallas
NOTE* 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 out.
1) Wait. This is a seriously terrible solution but it happening more and more. Don’t head for the hills as soon as you get your first notice from the bank. Don’t forget that the process of foreclosure takes many months even years to complete. It’s not over until it’s over, so don’t give up too quickly. But at the same time, don’t wait until DPD shows up before you start getting ready to leave the house.
2) Head to the courthouse. Sometimes, judges will granting stays and delaying evictions. (this doesn’t happen ofter) This is really only a valid option if you (and your attorneys) can prove that the bank has neglected a legal requirement during the foreclosure process. During the past few years, a lot of fraudulent behavior at banks has been unearthed – so we may see an increasing trend of using the courts to stop foreclosure. Fighting banks with lawyers is hard and takes lots of time and money, even if you’ve got an open and shut case.
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 bit off but a little oil does help everything to run smooth. Plus, you can help out the bank and the buyers by not abandoning the house to squatters before they’re ready to take possession.
4) Rent it back. It may sound crazy, but some banks are willing to take on previous homeowners as tenants in their property. That’s only a short-term fix, as they’ll want your agreement to vacate the premises as soon as they find someone to purchase the property. In some cases, we can even purchase the property and rent it back to you.
It’s awesome 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 local Dallas TX houses like yours from people who need to sell fast.