Did you know that almost 50% of foreclosed properties are still occupied?
It may seem surprising, but it’s actually not…
A bank’s number one business actually isn’t to own homes, it’s to loan people money. When a foreclosure does happen, the bank now becomes forced to own the property until they can sell it an retain some of their lost money.
However, their discovery revealed that when a foreclosed property in Hudson Valley, NY becomes unoccupied, the likelihood of it deteriorating significantly increases. In many instances, the bank prefers occupants to remain in the property even after payments stop and foreclosure initiation, as it serves as a deterrent to vandals and helps maintain the house in proper condition.
Much discussion in the media revolves around individuals living rent-free post-foreclosure, with numerous narratives highlighting instances of banks seemingly “abandoning” properties.
Within these narratives, individuals are depicted evading house payments for extended periods, stretching into months or even years.
Wouldn’t that be nice, let’s all live for free!
It certainly can’t be that simple, right?
Right.
It is inconceivable for any bank to intentionally overlook the collection of payments. The only scenario allowing for a payment-free existence is the occurrence of significant errors or oversights.
Fortune may smile upon you in rare instances, as it has happened before. Nevertheless, circumventing payments that are rightfully owed is not within the bounds of legality and can lead to serious consequences.
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.
Remaining in the property can serve as a means for the bank to preserve the value of its investment, aligning with their best interests. The dynamics of foreclosure laws in a particular state, such as NY, may lead banks to request your departure while simultaneously preferring that you stay.
Several entirely legal strategies exist to continue residing in your home, even in the aftermath of foreclosure.
How To Stay In My Home After Foreclosure In Hudson Valley NY
These options may not be universally applicable, contingent upon your specific circumstances and the policies of your lenders. Seeking expert advice along the way is crucial to navigate through the complexities effectively.
1) Exercise patience. While not the most favorable option, it is becoming more prevalent. Resist the urge to hastily abandon your home upon receiving the initial notice of default. Recognize that foreclosure proceedings are protracted, spanning months or even years. It’s crucial not to concede prematurely. However, striking a balance is key – refrain from waiting until the sheriff arrives for eviction to commence packing your belongings.
2) Pursue legal action. In exceptionally rare instances, judges may grant stays and defer evictions. This option holds merit only if you, with the aid of your legal counsel, can substantiate that the bank has overlooked a legal obligation in the foreclosure process. The revelation of fraudulent practices within banks in recent years might lead to a growing inclination to employ legal avenues to halt foreclosures. It’s important to note that contesting banks through legal means is a formidable challenge—costly, time-consuming, and often an uphill battle, even with a compelling case (a circumstance many individuals find challenging).
3) Suggest a relocation incentive. Frequently, purchasers of foreclosed properties with occupants incur substantial costs, including legal fees and eviction expenses. Instead of prolonging the process, consider proposing a “cash for keys” arrangement, where you receive compensation. While it might seem self-serving, offering such an incentive can streamline the overall procedure, benefiting both the bank and the buyers. It not only eases the transition but also prevents the property from falling into the hands of squatters before the new owners are prepared to take possession.
4) Explore a rental arrangement. While it may sound unconventional, certain banks are open to the idea of leasing the property back to the previous homeowners. Although this serves as a temporary solution, as the bank typically seeks your agreement to vacate once a buyer is secured, it can offer a short-term reprieve. In specific situations, it might even be possible for you to purchase the property and subsequently lease it back to yourself.
Your proactive engagement in reading this page and exploring various options is commendable. We specialize in assisting homeowners like you in discovering innovative and tailored solutions.
We can’t help everyone, but we’d love to try and help you!
We buy local Hudson Valley NY houses like yours from people who need to sell fast.
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