Posted by Rick Goates on Wed, Jul 15, 2009 @ 01:29 PM
There is a little known secret in the Pre Foreclosure arena that most home owners don't know.The bank actually WANTS you to stay in your home after you stop making payments! That's right...they want you to stay "Free" in your home until they either work out your loan mod or foreclose on it.
Why? you might be asking?? Well for one...here in Redding California,where it easily gets over 100 in the summer and for weeks at a time,the grass goes dead in a matter of days....So if you are in the home,even though you are not making your payments, you can take care of it and that means more money to the bank when they take it back and sell it...so it is a Win-Win...you get free rent....and the bank gets a home that is not vandalized and needs $25k in landscaping!
Another little known secret is if you stay just a little longer after the bank takes it back you can get what is called "Cash for Keys"...this is a little known secret that can effectively net you a couple hundred up to sometimes a thousand dollars to leave in 24hours!....of course if you don't the Sheriff will be paying you a visit and you won't get a dime....so plan accordingly!
We have visited 10 homes in the last week and all of them were vacant and the grass was dead and the homes were in need of maintenance.
I know that many people think-Hey if we stop making the payments we have to leave immediately and they do...The thing is you don't have too!! Why not stay and take advantage of the free rent and save to get into that next place if you are going to let it go back to the bank anyway?
Regards
Richard