Recent figures have been released showing that foreclosures in quarter one of this year have
gone up 39% since last quarter and a whopping 132% from the first quarter of last year. With the expiration of the eviction moratorium, foreclosures have been moving along even quicker than before.
Staying inside your foreclosure may be easier to do than you first thought!
This may surprise you – but the average length of a foreclosure is typically 900+ days! Here in Connecticut, they begin foreclosure proceedings after the third month of nonpayment, but it clearly takes time for the bank to move through the whole system.
You can use this system to your advantage. Banks are in business to loan people money. When they are not getting paid and feel they need to foreclosure on a house, they may be willing to work with you and continue your loan so they can guarantee those payments are made.
“Zombie houses” are properties that have gone into foreclosure and eventually find themselves vacant in the hands on the bank, slowly deteriorating and decreasing the value of the neighborhood. Banks are not interested in allowing this to happen and therefore will often work with you to make payments that are affordable for you, allowing you to stay in the house and keeping your account and property in good, sound standing. Vacant properties are a larger target for vandalism and crime.
While banks may want to keep their investments occupied, they will not allow it to be done with no cooperation or communication from you. Just because some instances of foreclosure have taken a very long time, doesn’t mean you should count on that for your situation. Being proactive is the best way to stay in my home after foreclosure in Connecticut!
There are a few perfectly legal ways to remain in your home, even after foreclosure has been initiated.
How To Stay In My Home After Foreclosure In Bristol
*Note: this is not legal advice, and every situation is unique and must be handled by experts in the field
- Wait it out. This of course is not the least stressful option, but it does seem to be happening more and more. Rather than fleeing and finding another home for you and your family the second you get your foreclosure notice; call in and ask for options while you wait! Court proceedings to legally evict you can take quite a length of time; use this time you legally have left in your home to collect your belongings to possibly move and/or communicate openly with the bank to learn all your options! There are many!
- Go to court! Your unique situation may pull on the heartstrings of the bank mediators and the court judges; by attending court and respectfully communicating with the professionals, you open your chances for staying in your home longer. During this time, you can also decide it’s easier to vacate your home and could get an all-cash offer from an investor like us. While this does mean you would not be staying in your home after foreclosure, you are cashing out and moving on legally and gracefully. Having to deal with banks and lawyers can be very difficult, expensive and time-consuming; but so can having to find another place to live. This is why its important to communicate with all involved!
- Propose a move-out bonus! In many instances, an occupied foreclosure can cost thousands of dollars in attorney fees trying to evict the person. Rather than having this on your record, and to save everyone the hassle; ask for “cash for keys”. Although this might sound a little greedy, we all need help sometimes. Asking for a small chunk of change to help you move into a new place and legally move on is just small pennies in the grand scheme of what the bank might need to spend. Asking never hurt anyone!
- Rent it back! While this sounds unrealistic, banks are not in the game of managing vacant properties. While it is only a short-term fix, you will still have a place to live in the meantime and the bank can ensure its asset is protected. Ask your bank representative about options on renting the property back from the bank!
The best thing someone can do when trying to stay in my home after a foreclosure in Connecticut is to call everyone involved and find out their options! Reaching out to local investment companies like us could also be helpful.
We can’t help everyone, but we might be able to help you!
We buy local Bristol CT houses like yours from people who need to sell fast!