The Best Way To Stay In My Atlanta Home After A Foreclosure.

The results of a recent study indicate that 47 percent of foreclosed residences are still occupied.

When you first see that statistic, you may be taken aback… We, on the other hand, are not.

What the majority of people are unaware of is that banks are not in the business of owning real estate.

They are in the business of lending money to other individuals. Foreclosures, on the other hand, are required to remain in possession of the property until they can sell it and recover all or part of their investment.

However, what they discovered was that when a foreclosed house in Atlanta is left vacant… there is a far increased likelihood that the house will fall into ruin. Many times, even after you have stopped making your payments and the foreclosure process has begun, the bank prefers that you remain in the property since it keeps vandals away and the house in excellent operating order.

After foreclosure, there has been a lot of discussion in the media about people who are living for free – and there have even been numerous tales about banks “abandoning” houses.

People in those tales are reported to have avoided making house payments for months, if not years.

That sounds fantastic, man! Let us all live for nothing. (wink)

Wait a minute… it can’t be that simple, can it?

Right.

No bank would deliberately fail to collect payments if they had the opportunity. The only way to avoid having to make any payments is if you’ve made some huge mistakes along the way.

But you never know, you might get lucky! It’s a possibility, and it has happened in the past. However, it is not quite lawful to postpone making payments that you owe, and doing so can land you in significant legal problems.

So why are there so many foreclosed properties that are still occupied? Nobody wants to see their house sit empty, and it’s vital to remember that. Vacant homes are prime targets for vandalism and other forms of criminal activity.

The bank’s investment in the property can be maintained if the tenants remain in the property, hence it is actually in the bank’s best interests to keep the tenants there. Because of the way the foreclosure laws in GEORGIA (GA) are organized, banks may urge you to leave while simultaneously wishing you to remain.

There are a few totally legal options for staying in your home even after it has been foreclosed on.

How Can I Retain My Home After Foreclosure in Atlanta, Georgia?

Not all of these choices will be available to you (depending on your situation and your lenders), and you will require expert guidance throughout the process to ensure that you get through it successfully.

1) Be patient and wait it out. Actually, this is a terrible alternative, but it appears to be becoming more and more prevalent. The initial notice of default should not be taken as an excuse to leave your home, but instead should be taken seriously. Keep in mind that the proceedings and the process can take months, if not years, to complete. Do not give up too soon since it is not over until it is finished. On the other hand, don’t wait until the sheriff arrives to begin packing up your belongings before you begin.

2) Take the matter to court. In extremely rare instances, judges are granting stays of execution and delaying eviction proceedings. In most cases, this is only an option if you (and your counsel) can demonstrate that the bank has failed to comply with a legal obligation during the foreclosure procedure. Because a great deal of fraudulent behavior at banks has been exposed in recent years, we may see an increase in the use of the courts to halt foreclosures in the coming months and years. Combating banks with attorneys is extremely tough, expensive, and time-consuming, even if you have a great case (which is unlikely for most individuals).

3) Make a proposal for a move-out bonus. Buyers of occupied foreclosure properties frequently spend thousands of dollars on attorneys and other eviction-related expenses; thus, why not save everyone time and money by taking a portion of that money yourself? It’s referred to as “cash for keys.” It may seem a little extravagant, but lubricating the wheels actually make things operate more smoothly. Additionally, by not abandoning the house to squatters before the buyers are ready to take possession, you can benefit both the bank and the buyers.

4) You can rent it back. Despite the fact that it may seem absurd, some banks are willing to accept former homeowners as tenants in their properties. That is only a temporary solution, as they will require your agreement to vacate the premises as soon as they have found a buyer for the house. Sometimes we can even purchase the property and rent it back to you, which is a great option.

It’s fantastic that you’re taking the time to read this page and consider your options. We work with homeowners like you to come up with innovative solutions.

We are unable to assist everyone, but we may be able to assist you.

We buy houses in the Atlanta GEORGIA (GA) area from those who need to sell quickly and need to sell soon.

Give us a call anytime at (404) 855-0944 or
fill out the form on this website today! >>

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