Dealing with a foreclosure is a stressful experience that, unfortunately, many homeowners face each year. In fact, it has been estimated that 1 out of every 200 homes will be foreclosed yearly in the United States. While dealing with a foreclosure is never easy, there are a number of options for delaying and even preventing this devastating process. One such solution is to continue staying in your home, even after foreclosure in North Little Rock.
While this may sound surprising, a recent study has revealed that 47% of foreclosed properties are still occupied by their original owners. This is mainly because banks are trying to avoid homes from becoming vacant, as unoccupied homes are common targets for vandalism and crime. Because of this, many banks are now allowing homeowners to continue living in their current homes for up to several months or even years. What’s more, some homeowners are avoiding house payments for long periods of time.
One reason this is made possible is because of the length of time it takes for banks to foreclose a property in North Little Rock. In recent years, the number of foreclosed homes each year has greatly increased. Both lenders and courts are backed up by so many foreclosures that the average foreclosure process takes 18 months, although some foreclosures have taken up to two years. During this time period, homeowners are allowed to continue living on the property while making partial payments. Depending on the situation, some homeowners have been able to continue living on the property for free.
If you’re wondering how to stay in a foreclosed home in North Little Rock, you have come to the right place. Today, we’ll reveal our top tips and advice for staying in your home after foreclosure in North Little Rock.
How To Stay in a Home After Foreclosure in North Little Rock
Before we dive in and explore the options for staying in a house after foreclosure, it’s important to note that these options may not be solutions for every situation. While staying in the property is beneficial not only for you but also for the bank, some lenders may not allow homeowners to continue living on the property. Because it can be difficult to convince a lender to allow you to stay in your home after foreclosure in North Little Rock, it’s extremely important to seek expert advice as you navigate this challenging process.
Below, we’ve put together a list of the top four legal ways to stay in your home after foreclosure in North Little Rock. Remember to consult your attorney for any one of the options listed below.
Stay on Your Property in North Little Rock
Because the foreclosure process can take as long as one to two years from start to completion, many homeowners choose to continue living on the property after foreclosure in North Little Rock. While this isn’t always the best option, it may work out well for you and your family if you don’t have anywhere to relocate to during the foreclosure process.
If you’re considering staying on the property after foreclosure, it’s important to talk to your lender first. Many lenders allow and may even prefer homeowners to stay on the property during the foreclosure process. Additionally, in some states, a bank is not allowed to evict you for several months during your redemption period. This redemption period starts immediately after foreclosure and can last anywhere from a few days to a whole year. Because it is impossible for a homeowner to be evicted during this redemption period, this is an opportunity for you to stay in your home after foreclosure in North Little Rock.
Bring Your Case to Court
In a few very rare cases, homeowners are allowed to stay on the property due to wrongful foreclosure and a bank’s lack of due diligence. Keep in mind that this is a valid option only if you and your attorneys have proof that the bank neglected a legal requirement during the foreclosure process. In most cases, this is an extremely difficult if not impossible solution for staying in a home after foreclosure in North Little Rock.
If you think it’s possible your bank made a mistake during the foreclosure process, consult with your attorney immediately. In recent years, more judges are granting stays and delaying evictions primarily because of fraudulent behavior at certain banks. As a result, it has become somewhat common for the courts to stop foreclosures and delay evictions. If you’re considering going to court to prevent or delay foreclosure, remember that bringing your case to court can be incredibly expensive and time-consuming. Even if you have the perfect case, it can be very difficult to use courts for stopping foreclosure in North Little Rock.
Request a Move-Out Bonus
Banks understand that eviction can be a lengthy process, which is why many lenders offer a certain amount of money to homeowners after foreclosure. Also known as the “cash for keys” deal, homeowners agree to vacate the property by a specific deadline in return for cash. The amount of money received may vary from a few hundred dollars to a few thousand dollars.
A cash for keys arrangement will take place after your legal right to stay in the home ends. Homeowners who receive a move-out bonus will be required to not only move out by a certain date but also clean the house and not vandalize any items on the property.
If the bank hasn’t already offered a move-out bonus, you may need to present the arrangement to them. In some cases, you may need to request a higher amount if their offer is unfair or too low for you to relocate.
Rent Your House in North Little Rock
The final option for staying in your home after foreclosure in North Little Rock is to rent the house. While this isn’t always an ideal solution, many banks are willing to accept previous homeowners as tenants on the property. This is only a temporary fix, however, as the bank will require you to vacate the house as soon as they find a buyer for the property.
Facing foreclosure is never easy. There are, however, many solutions for delaying evictions for several months or years. Because every situation is different, it is important to seek expert advice during this difficult time. Depending on how you plan on handling the situation, you may need an attorney to handle legal matters.
If you’re looking for another solution to stay in your home after foreclosure, Little Rock Property Buyers may be able to help! Our team understands how stressful foreclosure can be, which is why we offer to buy your home as-is for a fair price. Little Rock Property Buyers works around your schedule, allowing you to search for properties to relocate to before selling your current home.
Interested in selling your North Little Rock home to Little Rock Property Buyers? Give us a call at 501-580-3035 or contact us online to learn more about our process.