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Living in a foreclosure... Is this a crazy idea?
I've read that some banks are allowing people to live FREE in foreclosed homes if they promise to keep it up and make it look lived in so it isn't vandalized. Does anybody know about this? If you're in the banking business and have knowledge of such a thing or if such a thing would be considered, please comment. Thanks.
3 Answers
- LandlordLv 71 decade agoFavorite Answer
This is not happening in CA, the REO's are all vacant. It is too hard to sell them if someone lives in them. It would delay closing (which is only 7-15 days for an REO).
- glennLv 71 decade ago
In the 1980's in Texas this was done by HUD because they did not want to dump so many houses on the market at once. It also was only done thru charitable homeless organizations. One huge problem was that some people fraudulently claimed to be homeless so they could live rent free. (If I remember right there was a preacher that sold his home and found a very nice HUD owned home to move into rent free).
I have not heard about anyone doing that this time around.
- 1 decade ago
I doubt this. If it is a foreclosure, they want the property vacated as soon as possible. Properties sell better empty. They may give you a kick back if you leave quietly and the home is in good condition.
