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 can sell it to get as much of their money back.
But, what they had found is that when a Springfield 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.
How To Stay In My Home After Foreclosure In Springfield
Not all these options will be available (depending on your situation and your lenders), and you will need some expert advice along the way to help you.
1) Wait it out. To be honest, this isn’t the best option, but it is not all that uncommon. You definitely should not run away and abandon your house when the first default notice arrives. Remember that the foreclosure proceedings takes months and even sometimes years. It’s not over until it’s over, so don’t give up too early. On the other hand, it’s not a great idea to wait until the sheriff shows up to evict you to start packing up your stuff.
2) Go to court. In very rare cases, judges are granting stays and delaying evictions. 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 uncovered – so we may see an increasing trend of using the courts to stop foreclosure. Fighting banks with lawyers is very difficult, expensive and time-consuming, even if you’ve got a perfect case (most people don’t stand a chance).
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”.
4) Rent it back. We know that may sound odd, but some banks might be okay with taking on previous homeowners as tenants in their property. That’s only a short-term fix, though, as they’ll want your agreement to vacate the premises as soon as they find someone to purchase the home.
We can’t always help everyone who contacts us, but we could be able to help you.
We buy local Springfield OH houses like yours from people who need to sell fast.s