A recent study estimates that 47% of foreclosed properties are still occupied.
When you first see that stat you may be surprised… but 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 house… 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 FOND DU LAC foreclosed house 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 house 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 house 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.
Banks really want to get paid back for the money they lend people to buy homes. It’s their job to collect those payments. So, the idea that a bank would just let people live in a house without paying for it is strange. This usually only happens when there’s been a big mistake or something wrong with the process.
It’s true that sometimes people get lucky and manage to stay in their homes without paying their mortgage. But it’s important to know that this isn’t legal, and it can cause serious problems.
You might wonder why there are so many people living in homes that have been taken back by the bank. The answer is simple: banks don’t want empty houses. Empty homes can be damaged or broken into. Keeping someone living there helps protect the property and stops it from losing value.
Because of the way foreclosure laws work in WI, banks can find themselves in a tricky situation. They might want people to stay in the home but also need to follow the rules for taking it back.
Even though a home has been taken back by the bank, there are still some ways for people to legally stay there.
How To Stay In My Home After Foreclosure In FOND DU LAC
Facing foreclosure is scary and confusing. There’s no one-size-fits-all answer, and what works for one person might not work for another. That’s why it’s important to explore your options carefully.
Waiting it out might seem like the easiest thing to do, but it’s usually not the best choice. Ignoring the problem won’t make it go away. In fact, it can make things worse. Foreclosure takes time, but it will eventually happen if you don’t take action.
Fighting the bank in court is a long shot. You need solid proof that the bank did something wrong, and even then, it’s a tough battle. Lawsuits are expensive and stressful, so it’s generally not worth it unless you have a strong case.
Negotiating a deal to leave is sometimes possible. This means getting paid to move out early. It might sound strange, but it can save everyone involved time and money. Homebuyers often want properties vacant, so they’re willing to pay to speed things up.
Renting back your home is another option, but it’s usually temporary. Some banks might let you stay as a renter while they look for a buyer. In rare cases, we can even buy your house from you and rent it back to you.
It’s important to remember that not everyone qualifies for these options. Your situation is unique, and you may need professional help to figure out the best path forward.
We understand how stressful this is, and we’re here to help. We specialize in buying houses fast in FOND DU LAC, WI. We work with people who need to sell quickly, often due to foreclosure.
If you’re feeling overwhelmed, don’t hesitate to reach out. We can discuss your situation and explore your options without any pressure.
Remember, you’re not alone in this. There are people who can help.