Can I stay in my house after a foreclosure in Warner Robins?
Foreclosure can be a difficult and stressful experience for homeowners, but it may not mean the end of living in your home. Sometimes, the homeowners are allowed to stay in the house even after foreclosure at the permission of the new owner. This is because banks (or the investor that bought the house in the foreclosure) do not want their properties to be vacant as it makes them susceptible to vandalism and disrepair. In this article, we will discuss a few legal ways for homeowners to stay in their homes even after a foreclosure in Warner Robins.
Wait out the foreclosure
The homeowner could stay in the house after foreclosure, until they hear from the new owner. Warner Robins is in Georgia, which is a non-judicial state. It is increasingly common for homeowners to wait out the foreclosure process. There are laws and procedures that regulate eviction of a former homeowner. The new owner cannot just throw former homeowner out the next day.
Foreclosure proceedings can take a month or two to complete. After the public outcry on the first Tuesday of the announced month, the new owner, being the bank or a private person, can take days or weeks to send a letter to state their intentions.
Go to Court
In rare cases, homeowners can go to court and seek a stay or delay in the eviction. This is only possible if the former homeowner can prove that the bank neglected a legal requirement during the foreclosure process. However, fighting banks in court is a difficult and time-consuming process, so it’s best to consult with an attorney before pursuing this option.
In the meantime, a Warner Robins judge (any judge in Georgia) may see fit to grant an eviction to the new owner until the court case filed against the bank is resolved. If the judge does see in favor of the former homeowners, then it may open the door to the suggestion in the next section.
Propose a Move-Out Bonus
One option is to stay in the house after foreclosure until paid to leave. Foreclosure buyers in Warner Robins often spend thousands of dollars on lawyers and eviction costs, and homeowners can take advantage of this by proposing a move-out bonus, also known as “cash for keys.” This can help the bank and the buyers by avoiding the costs of eviction and keeping the house from being abandoned to squatters.
Rent it Back
In some cases, the new owner may be willing to rent the foreclosed property back to the previous homeowner, letting them stay after the foreclosure. This is a short-term solution. The new owner will eventually want to sell the property to a new buyer or rent the house for full market value (which in Warner Robins is usually more than the previous mortgage payment). In some cases, the previous homeowner may even be able to purchase the property back, after they regain their financial footing.
Before the foreclosure
Before your foreclosure is complete, run some numbers and see if you can fix your finances. Try our mortgage loan calculator to see if refinancing or modifying your loan will solve your real estate problem.
Ultimately, in most cases, staying in the house after foreclosure is only prolonging the inevitable. There are several legal options for homeowners to stay in their homes after a foreclosure in Warner Robins, but can be costly and time consuming.
It’s important to remember that Georgia law only requires a four-week process, so it’s crucial to seek help as soon as possible if your home is facing foreclosure. Consulting with a real estate expert or attorney can help you find the best solution for your specific situation.
If you need help, don’t wait, Contact Real Estate Problem Solver as soon as possible.
Here are some related articles that may help;
Before your sell-Use a Line of credit
Using a Line of Credit, part 2