How to stay in your home after foreclosure Fort Worth TX

A recent study estimates that 47% of foreclosure properties are occupied, even though they have been foreclosed.

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 of owning homes.

They are in the business of loaning people money to buy houses.  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 Fort Worth 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.

The below info may show you how to stay in your home after foreclosure Fort Worth TX.

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.

No bank would purposely neglect collecting payments.  The only way that you get to live without making any payments is when some major mistakes were made.

But you might get lucky!  It’s possible, and it’s happened before.  However, it’s not exactly legal to avoid payments that you owe, and it can get you in serious trouble.

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.

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.  Partly because of the ways that the foreclosure laws are structured in TX, banks may ask you to leave while wanting you to stay.

There are a few perfectly legal ways to remain in your home, even after foreclosure.

How To Stay In Your Home After Foreclosure Fort Worth

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 get through.

1) Wait it out.  Honestly, this is a pretty bad option, but it seems to be increasingly common.  You definitely shouldn’t run away and abandon your house when the first notice of default shows up.  Remember that the proceedings and the process takes months and sometimes years. It’s not over until it’s over, so don’t give up too early.  On the other hand, don’t 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”.  It sounds a little greedy, but greasing the wheels 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 really good that 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 Fort Worth houses fast like yours from people who need to sell fast.s

Give us a call anytime at (817) 550-5069 or
fill out the form on this website today! >>

TMC Property Solutions

Together, We Can Create Your Solution!

TMC Property Solutions is an accredited business and A+ rated members of the Fort Worth BBB.

masterrei

About masterrei

TMC Property Solutions is a Veteran owned and operated small business and is your premier house buyer in the Dallas Fort Worth metroplex based in Weatherford, Texas. Tim has been helping families with their housing situations since 2000 buying houses fast in Fort Worth and the surrounding areas, locating and offering Investor deals at deeply discounted prices. Tim Cook is a dedicated real estate professional, REI mentor, and entrepreneur with extensive training and experience in buying houses fast in difficult situations and helping hundreds of families with their housing needs all across the north Texas, Dallas, Fort Worth, Weatherford, and surrounding areas and is an expert in creative problem solving for home owners needing an out-of-the-box solution that works for today's difficult real estate market and teaching other investors to do the same. Tim is also the founder of the West DFW REI Group and would like to invite all Texas investors to join him at www.Meetup.com/West-DFW-REI-Group. Contact us for a free no-obligation consultation and let us know how we can help you or visit us online at www.IBuyNorthTexasHomes.com. Investors please visit www.AllWholesaleProperties.com and take advantage of all the free Investor Resources. To Your Success! Tim Cook, President

Get More Real Estate Market Info... Subscribe Below!

Learn more about TMC Property Solutions and find other resources on selling your house fast in Fort Worth and the surrounding area below. Please Like us, Follow us, Subscribe, Together, We Can Create Your Solution!

, , , ,

No comments yet.

Leave a Reply