How to Stay in My Home After Foreclosure in Philadelphia

help for foreclosure in Philadelphia

Stay in My Home After Foreclosure in Philadelphia!

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

You may be surprised when you first see that stat, but we’re not surprised! 

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

They are in the business of loaning people money. But when they have to foreclose on a house… the bank is forced to own the home until they can sell it to get all or most of their money back.

But, they found that when a Philadelphia foreclosed house goes vacant… there is a greater chance that the house will fall into disrepair beyond house repairs! Often the bank would rather have you in the property even after you stop paying your payments, and the foreclosure is started because it wards off vandals and keeps the house in good working order.

There’s been a lot of talk in the media and on social media about people living for free after foreclosure – and even many stories about banks “abandoning” properties.

In those stories, people avoid house payments for months or even years.

Man, that sounds great! Let’s all live for free. 

Wait… it can’t be that simple, right?


No bank would purposely neglect to collect payments. The only way you can live without making any payments is when some significant mistakes are made!

But you might get lucky! It is possible, it’s happened before & it will occur again! However, avoiding payments you owe is not strictly legal, and it can get you in serious trouble and cost a lot of money! 

So why are so many foreclosed homes occupied? It’s important to remember that no one wants the home to be vacant. Vacant houses are targets for vandalism & 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. Because of how the foreclosure laws are structured in Pennsylvania, banks may ask you to leave while wanting to stay.

A few perfectly legal ways to remain in your home, even after foreclosure.

How To Stay in My Home After Foreclosure in Philadelphia

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. This is a 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 take 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 sporadic cases, judges are granting stays and delaying evictions. This is 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, much fraudulent behavior at banks has been uncovered – so we may see an increasing trend of using the courts to stop and avoid 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. Home buyers of occupied foreclosure properties often spend thousands of dollars on lawyers, real estate services, & 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 insane, but some banks are most certainly willing to take on previous homeowners as tenants on 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. Sometimes, we can buy the property and rent it back to you.

Ideally, you’re reading this page and exploring your many options. We help homeowners like you to find creative solutions when selling property

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

We buy Pennsylvania houses like yours from people who need to sell house fast! Our family-owned real estate company covers all closing costs; we purchase property in any condition, typically within three weeks! The Better Business Bureau accredits our company with an A+ rating! Contact a to receive a no-obligation, all-cash offers! {Thank you for reading our blog posts about “How to stay in my home after foreclosure in Philadelphia” be sure to check out our other blogs to learn more tips about real estate}

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Sell My House Philadelphia | Buying Property 215
Sell My House Philadelphia | Buying Property 215
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