Is it possible to remain in your house even after foreclosure in Kansas City? The answer to this question is yes. According to a recent study, around 47% of the foreclosed real estate properties in Kansas City are still occupied by their previous homeowners.
Some people who see this figure the first time around may be surprised. But for us, this is no longer surprising. What a lot of people do not know is that banks are not there to own homes because it is primarily not their business. Banks in general mainly focus on providing people money to loan and not to acquire properties. But since not all people are able to pay religiously their loans because of varied reasons, the banks have nothing to do but foreclose their properties. In this case, the banks are being forced to own the property and hold it until they can find someone to buy it from them and to get back their lost money.
When a property in Kansas City got foreclosed, the previous owner normally leaves and vacates the house. What banks found out is that when the house is left unoccupied, the chance that the house will break down is higher than when it is occupied. In this case, they will have to spend more on the repair and maintenance which can be an addition to their lost. Because of this, some banks may allow you to continue to stay in the house even if your property has already been foreclosed and even if you also have stopped paying for your monthly payments. This way, the banks can ensure that the house is being kept in good condition.
Tales about people who continue to dwell for free on their house even after foreclosure as well as about banks abandoning foreclosed real estate properties have become widespread. In fact, the media have been talking about this topic a couple of times already. And because of this, a lot of people are motivated to avoid paying their house amortization for months and even for years.
Living comfortably for free? Hmmm… that seems to be a great idea! But wait, is it that simple?
No! It’s absolutely not as simple as it seems to be.
Banks are there to collect payments on time. And they do not purposely neglect payment collections. You can only continue to stay in your house without paying for your monthly financial obligations if there are some major mistakes.
Although this had happened a couple of times before and if you are lucky enough it can also possibly to happen to you, avoiding payments for the amount that you owe is definitely not legal. And if you do it purposely, you can get yourself in serious trouble.
If this is the case, why is it that there are a lot of foreclosed houses that are still occupied by the previous owners?
There is one important thing that you need to always remember: no one would want to keep any house unoccupied. Vacant houses become the perfect targets for crimes and vandalism.
If the bank allows you to stay, it is actually not because they are concern about your welfare, it is in their best interests. If the property is occupied, the bank can be able to maintain its value, avoid costly repairs, and ward off crimes and vandalism. It definitely depends upon the banks whether they want you out of the house or stay for a few months.
How To Remain In Your House After Foreclosure In Kansas City
Are there any legal ways to stay in your house even if has already been foreclosed? You may ask. To answer this question, you may refer to the different options we have stated below. But be aware that these options may not always be available for you. The availability of each of the options below depends both on your lender and on your situation. This is why it is highly recommended to seek advice from experts in order for you to know your options. Experts can help you get through.
1) 1. Wait for the eviction letter to be delivered
In all honesty, this may not always be a good option. However, it has continued to become increasingly common in Kansas City. And a lot of people are sorting to this option as well. It does not mean that you have to immediately leave and abandon your home the moment you receive your first notice of default. You definitely should not do this if you want to stay in your house. The foreclosure proceedings and the process can take a couple of months to complete. In some cases, the process can even take years. You can never call it the end until it is completely over. Always remember not to give up that easily and too early. However, you should also keep in mind that the eviction letter may be delivered at any moment. So, start packing up your things as soon as you receive your notice of default, and always be ready. Do not wait for the sheriff to show up to evict you before you get yourself ready.
2) Go to the court
Sometimes, judges can grant you not only to stay still in your house but also to delay the eviction process. But this is considered as a very rare case and it needs you and your lawyer to submit necessary evidence to the court that will prove that the bank has neglected a legal requirement during the process of foreclosure. These past few years, it has been discovered that many banks are doing some fraudulent behavior. This is one of the reasons why the number of people who are using this option has gradually increased. Note that it can really be costly, time-consuming, and difficult to fight against banks with your lawyer. Sometimes, people losses at the end even if they seem to have a perfect case while others do not even have the opportunity to do so.
3) Try to offer move-out bonus
This process of proposing move-out bonus is also popularly known as “cash for keys”. In many cases, buyers of foreclosed houses that are still being occupied by the previous owner spend a huge amount of money to cover the cost for an attorney and other eviction expenses. Why not save the expense and time of everyone by taking some of that money yourself? You may end up sounding a bit greedy, but greasing the wheels will definitely not make everything to run smooth. And, you can absolutely not help out either the buyer or the bank by vacating the house and making it available for squatters before they are ready to take possession.
4) Rent back your house
It may sound a little crazy but this is one of the great options you have to remain in your house. There are some banks that are willing to allow previous homeowners to become the tenants of their property. This can be just a short-term agreement though because of most of the time, previous homeowners are only allowed to rent the house until the bank finds someone who will buy the property. If you really want to stay in your house for whatever reason you have, in some cases, we may be able to help you by purchasing your house and letting you rent it back.
We bet it is really helpful that you spend a portion of your time to read this post. In this post, you can get ideas about your options. We are always willing to help people like you who want to find creative solutions to their problems with their property.
We may not be able to help everyone, but who knows? We might be able to help you find solutions to your problems.
We buy houses in Kansas City and we help people who need to sell their property fast.