How to Stay in My Home After Foreclosure in Westchester County

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

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 Westchester County 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?


It’s important to understand that no bank would willingly forego collecting payments from a borrower. In most cases, the occurrence of foreclosure is due to major financial missteps or unfortunate life events that led to the borrower’s inability to repay their loan. While it is possible to avoid making payments and still live in your home, it’s not a legal or ethical approach and can have severe consequences.

Despite the risks involved, it’s not uncommon to find foreclosed homes still occupied. This is because no one wants to leave their property vacant. Vacant homes can be an attractive target for vandalism and other criminal activities, causing a decline in the property’s value.

Furthermore, banks and other lenders have a vested interest in maintaining the value of their investment. As a result, they may request that homeowners vacate the property while simultaneously preferring that the property remains occupied.

However, there are legal ways to remain in your home, even after foreclosure. For instance, you can negotiate with the bank or lender for a loan modification or repayment plan that works for both parties. In some cases, you may even be able to buy back the property at a discounted rate.

It’s also worth noting that in certain states, foreclosure laws may be structured in a way that allows homeowners to remain in their homes for an extended period, even after foreclosure proceedings have begun. Seeking legal counsel or professional guidance can help you understand your rights and explore all available options.

In summary, while it’s not advisable to avoid making payments and still live in your home, it’s possible to find legal solutions to remain in your property even after foreclosure. By understanding your options and seeking professional guidance, you can take control of your financial situation and work towards a brighter future.

How To Stay In My Home After Foreclosure In Westchester County

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.

When faced with the possibility of foreclosure, waiting it out may seem like a tempting option. While it’s not the most ideal solution, it’s important to recognize that the foreclosure process can take months, and sometimes even years to complete. Therefore, it’s essential not to give up too early and to explore all options available to you.

However, it’s equally important not to wait until the last minute to start taking action. Waiting until the sheriff shows up to evict you can leave you with limited options and may result in a rushed and stressful move-out process.

Instead, it’s advisable to start packing up your belongings and making preparations for a potential move as soon as possible. This can help to reduce stress and give you a sense of control over the situation.

It’s important to remember that foreclosure is a serious matter that requires careful consideration and planning. While waiting it out may seem like an easy way out, it’s essential to take proactive steps to protect your home and your financial future. Seeking professional guidance and exploring other options such as loan modifications, refinancing, or short sales can help you to find a solution that works best for your unique situation.

In summary, while waiting out the foreclosure process is not the best option, it can be a viable solution if approached with caution and careful planning. Don’t give up too early, but also don’t wait until the last minute to take action. With the right approach and support, you can navigate through this difficult time and find a solution that works best for you.

2) Go to court.

In the unfortunate event that you’re facing foreclosure, going to court may seem like a daunting option. However, in rare cases, it can be a viable solution, especially if you have legal representation and can prove that the bank has neglected a legal requirement during the foreclosure process. In recent years, there has been an increase in fraudulent behavior at banks, which has led to an increase in the use of the courts to stop foreclosure.

While going to court to fight foreclosure can be difficult, expensive, and time-consuming, it may be worth considering if you have a strong case. By working with experienced attorneys, you can potentially delay the eviction and stay in your home while the case is being heard. This can buy you some time to explore other options and potentially save your home.

It’s important to recognize that fighting banks with lawyers is not an easy feat, and it requires a significant amount of time, money, and resources. However, if you have been the victim of fraud or if the bank has neglected their legal requirements, it’s worth exploring this option and seeking legal counsel.

At the end of the day, going to court to fight foreclosure is not a decision to be taken lightly. It’s important to weigh the potential benefits and risks and to consult with experienced professionals who can guide you through the process. If you’re facing foreclosure and are considering going to court, reach out to a reputable attorney who can provide you with the guidance and support you need to make an informed decision.

3) Propose a move-out bonus.

If you’re facing foreclosure and are struggling to make mortgage payments, it can be a difficult and stressful time. However, one potential solution that you may not have considered is proposing a move-out bonus to the bank or the buyer of the property. This bonus, commonly referred to as “cash for keys,” can be a mutually beneficial arrangement that can save everyone involved time, money, and hassle.

By offering a move-out bonus, you can help the bank or buyer avoid the costly and time-consuming process of eviction, which can involve hiring lawyers and other professionals. In turn, you can receive a sum of money that can help you with your relocation costs and ease the financial burden of leaving your home.

While the idea of receiving a move-out bonus may seem a little self-serving, it’s important to recognize that this can also benefit the bank or the buyer. By incentivizing you to vacate the property quickly and without issue, they can avoid the risk of squatters or other legal complications that can arise when a foreclosed property is left abandoned.

At the end of the day, proposing a move-out bonus is a practical and effective solution that can benefit all parties involved. If you’re facing foreclosure and are unsure of what to do next, consider exploring this option and reaching out to a professional who can guide you through the process.

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 Westchester County NY houses like yours from people who need to sell fast.s

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