No Fees, No Commissions, No Repair Costs – 100% FREE. Get a Cash Offer Today!

How to Stay in My Home After Foreclosure in Savannah

by | Jan 22, 2021

A recent study estimates that 47% of foreclosed properties are still occupied.

You might be surprised when you see that statistic… but we’re not.

The majority of people don’t realize that banks aren’t in the business of owning homes.

Lending money is their business. However, when a bank has to foreclose on a property… that property must be owned by the bank until it can sell it to recoup all or most of its funds.

However, they found that if a Savannah foreclosed house remains vacant for an extended period of time, the chances of it falling into disrepair are much greater.  Even after you stop making payments, the bank often prefers you to remain in the property because it keeps the property safe from vandals and keeps the house in good condition.

The media has been talking a lot about people living for free after foreclosure – and even about banks “abandoning” properties.

People in those stories are avoiding paying their home mortgages for months, even years.

This sounds great, man! Here’s to living for free! (wink)

It can’t be that simple, can it?

No bank would purposefully fail to collect payments. The only way that you get to live without making any payments is when some major mistakes were made.

You might get lucky, though! After all, it has happened before. Nevertheless, avoiding payments that you owe is not exactly legal, and it can lead to serious consequences.

So why are so many foreclosed homes occupied? It’s very important to remember that no one wants a vacant house. Unoccupied homes are targets for crime and vandalism.

Keeping the property occupied can help the bank maintain the value of their investment, so it’s in their best interests to keep it occupied. Due to the way that foreclosure laws are structured in GA, banks may ask you to leave while still wanting you to stay.

You can remain in your home, even after foreclosure, if you follow certain legal steps.

How To Stay In My Home After Foreclosure In Savannah

Not all these options are available (depending on your situation and your lenders), and you may need some expert advice along the way to help you get through.

1) Wait it out. This is a pretty bad option, but it seems to be becoming more common. There is no need to run away from your house when you receive the first notice of default. The proceedings will take months, sometimes years. Do not give up too soon, since it is not over until it is over. On the other hand, don’t wait until the sheriff shows up to evict you to pack up your belongings.

2) Go to court. Judges are granting stays and delaying eviction in very rare cases. You can only use this option if you (and your attorneys) can prove that the bank failed to comply with a legal requirement during the foreclosure process. In recent years, a lot of fraudulent behavior on the part of banks has been uncovered – which may result in an increase in the use of the courts to stop foreclosures. It is difficult, expensive, and time-consuming to fight banks with lawyers, even if your case is perfect (most people will lose).

3) Offer a move-out bonus. In many cases, foreclosure buyers spend thousands of dollars on lawyers and other fees for eviction, so why not save everyone the time and expense by taking some of that money yourself? It’s called “cash for keys”. It may sound greedy, but greasing the wheels helps everything to run smoothly. Plus, you’re helping out the bank and the buyers by not leaving the house vacant so that squatters can take possession of it.

4) Rent it back. It may sound crazy, but some banks are willing to let former homeowners stay in their homes as tenants. They’ll want you to vacate the premises as soon as they find someone to purchase the property, so that’s a temporary fix. In some cases, we can even purchase the property and rent it back to you.

It’s great that you’re reading this page and considering your options. Homeowners like you can find creative solutions here.

We can’t help everyone, but we might be able to help you.

We buy local Savannah GA houses like yours from people who need to sell fast.

Give us a call anytime at (912) 421-9907 or

fill out the form on this website today!

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 to own homes.

They are in the business to loan people money. 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 Savannah 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.

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 to collect 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 GA, 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 My Home After Foreclosure In Savannah

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 Savannah GA houses like yours from people who need to sell fast!