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How to Stay in My Home After Foreclosure in Asheville North Carolina

If you’re facing the daunting prospect of foreclosure in Asheville, you’re not alone. Many homeowners find themselves in this challenging situation, but the good news is that there are strategies and options available to help you stay in your home even after a foreclosure notice.

In this guide, we’ll explore practical steps and valuable advice to help you navigate the process and potentially keep your home. Discover the key insights and resources you need to know to secure your future in your beloved Asheville residence.

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 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’re able to sell it to get all or most of their money back.

It’s noteworthy that when a foreclosed property in Asheville becomes vacant, there is a significantly higher likelihood of it falling into disrepair. In many cases, the bank would actually prefer to have occupants in the property, even after mortgage payments cease and the foreclosure process begins. This approach serves as a deterrent to vandals and helps maintain the property in good working condition.

There has been widespread media coverage regarding individuals living in foreclosed properties without making payments for extended periods, and there have even been stories of banks seemingly ‘abandoning’ these properties.

At first glance, the idea of living without housing expenses might seem appealing, but it’s important to consider whether it’s truly that straightforward —

Wait… it can’t be that simple, right?


No bank would purposely neglect to collect payments. The only way that you get to live without making any payments is when some major mistakes are made.

But you might get lucky! It’s possible, and it’s happened before. However, it’s not exactly legal to avoid payments that you owe, and it can get you in serious trouble.

So why are so many foreclosed homes occupied? It’s important to remember that no one wants the house to be vacant. Vacant homes are targets for vandalism and 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. Partly because of the ways that the foreclosure laws are structured in NC, banks may ask you to leave while wanting you to stay.

There are a few perfectly legal ways to remain in your home, even after foreclosure.

How To Stay In My Home After Foreclosure In Asheville

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.

  • Wait it out. Honestly, this is a pretty 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 takes 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.
  • Go to court. In very rare cases, judges are granting stays and delaying evictions. This is really 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, a lot of fraudulent behavior at banks has been uncovered – so we may see an increasing trend of using the courts to stop 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).
  • Propose a move-out bonus. Often buyers of occupied foreclosure properties spend thousands of dollars on lawyers and 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 smoothly. Plus, you can help out the bank and the buyers by not abandoning the house to squatters before they’re ready to take possession.
  • 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.
  • Leaseback. In certain situations, you may have the option to enter into a lease agreement for your previous property. Typically, your lender initiates the bidding process at foreclosure auctions, where they aim to recover the outstanding balance along with associated fees. When there are no other bidders, the property reverts to the lender, who can then sell it at their convenience. Interestingly, some lenders do provide leaseback programs, allowing former property owners to rent the property until it finds a buyer on the open market. It could be worthwhile to inquire with your former lender about the possibility of entering into a leaseback arrangement while the property is in the process of being sold.

Zombie Foreclosures: Why Moving Out Too Soon Might Be a Mistake

In certain instances, lenders fail to complete the foreclosure process, resulting in a situation commonly known as a “zombie foreclosure.” This term refers to a scenario where the foreclosure is canceled, no foreclosure sale occurs, and ownership remains in the homeowner’s name, even if they have already vacated the property. While this may not seem immediately troublesome, the implications can be alarming for homeowners who have moved out.

The repercussions of zombie foreclosures can be quite severe. Since the property’s title remains in the homeowner’s name, they retain the legal obligation to cover various debts and expenses such as property taxes, HOA dues, and property maintenance. Over time, several distressing events may unfold, potentially months or even years after the homeowner’s departure.

During foreclosure, it’s wise to stay in your home as long as possible to minimize the risk of a “zombie foreclosure.” Waiting for an official notice before moving out is a safeguard. To avoid such a situation, verify that the property’s title has been transferred out of your name post-foreclosure sale, and refrain from leaving until this is confirmed. These steps protect your interests in this challenging process.

Disclaimer: Please note that we are not attorneys and this is not legal advise, but for education purposes only.


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 Asheville NC houses like yours from people who need to sell fast.

While we understand that we may not be the right fit for everyone, we are dedicated to providing assistance to those we can. Our expertise lies in purchasing properties in Asheville, particularly from individuals who are looking for a quick and hassle-free sale.

If you find yourself in a situation where you need to sell your house quickly, we’re here to explore potential solutions that could work for you. Feel free to reach out to us, and we’ll be happy to discuss how we might be able to assist you in achieving your goals.

Give us a call anytime at (828) 220-6662 or
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