A recent study estimates that 47% of foreclosed properties are still occupied.
Seeing that statistic may surprise you, but not us.
Many people don’t realize that banks are not in the business to own homes – they are in the business to loan money to people. However, when a bank has to foreclose on a house, they are forced to own the home until they sell it and get all or most of their money back.
What they have experienced though is when a Wichita home is vacant after foreclosure, it is likely the condition of the home progress into bad shape. Banks would prefer you remain in the property after the foreclosure started even after you stop making payments to keep the house in good working condition and eliminate possible vandals.
There has been a great deal of talk in the media about people remaining in their homes after foreclosure, and more stories on banks that abandon properties. In those articles, people are avoiding mortgage payments for months, even years.
Wow! That sounds great, we can all live for free! (wink)
Wait…it isn’t that simple, right?
Banks would never wittingly avoid collecting payments. And unless major mistakes were made, you don’t get to live without making any payments.
Unless you’re lucky, which is possible as it has happened before. Nevertheless, it isn’t legal to avoid making payments you owe and this route can get you in trouble.
Remember that no one wants a home to be vacant…it opens the home up for crime and vandalism. This is why foreclosed homes remain occupied.
Remaining in the home is in the best interests of the banks to maintain the value of their investment while still occupied. Kansas foreclosure laws are structured in a way that banks may ask you to leave but want you to stay in the home.
You may have a few options to legally remain in your home, even after foreclosure.
How to Stay in My Home After Foreclosure in Wichita
Depending on your situation, as well as your lender, there may be several options, but you will need expert advice to guide you through.
- Wait it out. Although increasingly common, this is not a good option. You should not abandon your home after receiving the first notice of home foreclosure. The process and turn of events typically take months, sometimes years. Don’t give up too early because it isn’t over. But, also, don’t refrain from packing your stuff up now and wait until law enforcement arrives to evict you.
- Go to court. It is rare, but some courts may delay evictions and grant residents to remain. This option is not valid if you and your attorney can provide evidence that the bank neglected a step in the legal process or a legal requirement during their foreclosure process. The past few years have uncovered fraudulent behavior from banks so there may be an increase in homeowners using the courts to stop a foreclosure. But even if you have a perfect case, most homeowners don’t stand a chance to fight the bank; even with lawyers, it is extremely difficult, time-consuming, and expensive.
- Propose a move-out bonus. You could save the time and expense of spending thousands on lawyers and other eviction costs during foreclosure by acquiring some of the money yourself. While it sounds greedy, it is known as “cash for keys.” This helps the bank and the buyers to avoid possible squatters in an abandoned home before they are ready to take possession.
- Rent it back. Some banks are willing to rent their property to previous homeowners…Crazy, right? But this is only a short-term fix and the bank will want you to agree to vacate the premises as soon as the property is purchased. In some cases, we can purchase the property and rent it back to you.
It’s really good that you are 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 Wichita Kansas houses like yours from people who need to sell fast.