If you’re wondering “How can I stay in my home after foreclosure?”, let this article help you out as a guide on what you can do to stay in your Arizona home.
You might be surprised about the statistic below on foreclosed properties, but we’re not. That is simply because most people don’t realize is that banks aren’t in the business to own homes. This may present you the opportunity in Arizona to get what you need, which is to “stay in my home after foreclosure.”
47% of foreclosed properties are still occupied based on a recent study.
You must always remember that banks and lenders are in the business to loan people money. When they have to foreclose on a house, it will be only out of business necessity. The bank or lender is actually forced to own the house until they’re able to sell it to get most, if not all, of their money back.
But how does knowing this help me stay in my home?
Based on their dealing with foreclosed houses in Arizona, they have learned that there is a much greater chance that the house will fall into disrepair when a foreclosed house goes vacant. Often times the bank or lender would actually prefer to have you staying in the property even after you stop paying your mortgage and the foreclosure is started because it prevents 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. There are even some 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 in Arizona. (wink)
It can’t be that simple to stay in my home, right?
That’s is right.
No bank or lender would purposely neglect to collect payments. The only way that you get to live in your foreclosed Arizona house for free is when some major errors were made during the process. You might get lucky! It’s possible and it has happened before. However, it’s not exactly legal to avoid payments on your Arizona house. Once those errors are corrected, you can get in serious trouble.
So why are so many foreclosed homes occupied? It’s important to remember that no bank or lender wants the house to be vacant. Vacant homes in Arizona are targets for vandalism and crime. It will cost them money just to fix it up when they deal with selling it after foreclosure.
Having you stay in the property helps them maintain the value of their investment, so it’s actually in their best interests to keep you there and keep it occupied. This is partly due to the ways that the foreclosure laws are structured in Arizona. Asking you to leave will just be due to the process while they actually want you to stay.
So, how can I stay in my home in Arizona after foreclosure?
There are a few perfectly legal ways to remain in your home, even after foreclosure. Just take note that not all these options will be available to you. It will all depend on your situation and your lender’s decision. Check these options out and see what’s best works for your situation to stay in your Arizona home. Keep in mind that you’ll need some expert advice along the way to help you get through it.
1) Wait it out and stay in my home. This option seems to be increasingly common, but honestly, this is not the best option. You definitely shouldn’t run away and abandon your house in Arizona when the first notice of default shows up and starts the foreclosure process. 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 just wait until the sheriff shows up to evict you to start packing up your stuff.
2) Stay in my home and go to court. In very rare cases, judges can grant stays and delay evictions in Arizona. If you (and your attorneys) can prove that the bank has neglected a legal requirement during the foreclosure process, this can be done. In the past few years, a lot of fraudulent behavior at banks have been uncovered, and we are seeing an increasing trend where homeowners go to the courts to stop foreclosure. Fighting banks with lawyers can be very difficult, expensive and time-consuming, even if you’ve got a perfect case (most people don’t stand a chance), but it can be worth a try.
3) Propose a move-out bonus while I stay in my home. 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 and stay in my home for longer. It may sound crazy, but some banks or lenders are willing to take on previous homeowners as tenants for the Arizona house. Although 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, it still allows you to meet your goal to “stay in my home after foreclosure” even for just a while longer. In some cases, we, as direct buyers, can even purchase your property and rent it back to you.
It’s excellent that you’ve read this article and explored your options. We help homeowners in Arizona like you to find creative solutions. We can’t help everyone, but we might be able to help you.
Let’s talk about how we can help you “stay in my home” in Arizona
We’re Casa Grande locals who buy local Arizona houses like yours from people who need fast transactions to save their house or their credit. We also have foreclosure resources that might help.