A recent study shows that nearly 47% of foreclosed homes are still occupied — and here’s why.
At first glance, that stat might surprise you. But if you understand how foreclosure works in Savannah, Ga, it actually makes a lot of sense.
The reality is this: banks are not in the business of owning homes — they’re in the business of lending money. When a homeowner stops making mortgage payments and the bank forecloses, they are forced to take back the property. But that doesn’t mean they want to manage, maintain, or rehab it.
What many homeowners don’t realize is that a vacant foreclosed home is a major liability for the lender. Vacant homes are far more likely to be vandalized, fall into disrepair, and lose value fast. So, in many cases, the bank would prefer that the homeowner continue living in the property during and even after foreclosure proceedings.
There’s been media coverage about people “living for free” in foreclosed homes for months — even years — after the foreclosure process begins. And while those stories may sound like a dream scenario, the truth is far more complex.
No, You Probably Can’t Live for Free — But You May Have Options
It’s extremely rare to avoid payments entirely without consequences. Banks don’t just forget about loans. That said, due to legal delays, bureaucratic mistakes, or negotiation, some homeowners can remain in their home for months — and sometimes years — after foreclosure has begun.
So why are so many foreclosed homes still occupied? Because keeping the property occupied preserves the home’s value and deters crime and vandalism. In some cases, lenders are legally required to maintain the property — and that’s easier when someone is still living there.
In states like Ga, foreclosure laws can be complicated. You may be told to leave, while simultaneously being encouraged (unofficially) to stay. Confusing, right?
Fortunately, there are some legal and creative strategies that could help you remain in your home — at least temporarily — even after foreclosure.
How to Stay in Your House After Foreclosure in Savannah, Ga
Depending on your specific situation and your lender’s policies, one or more of these options may help you extend your time in the home — and in some cases, create a path to a fresh start.
1) Wait It Out
This isn’t the ideal solution, but many homeowners stay in their home for months after foreclosure simply by staying put. The legal process takes time. If your home hasn’t been sold at auction yet, you may still have some time before you’re legally required to leave. However, don’t wait until the sheriff shows up — be proactive, know your deadlines, and be ready to act.
2) Fight It in Court
In rare cases, homeowners can delay or stop foreclosure through legal action — especially if the bank made a procedural error or failed to follow proper steps. This strategy requires solid legal grounds, excellent documentation, and legal representation. It’s expensive and rarely successful, but it’s an option if your case has merit.
3) Negotiate “Cash for Keys”
If your home has already been sold, you may be able to negotiate a move-out bonus with the bank or the new owner. Known as “cash for keys,” this agreement allows you to leave the home in good condition in exchange for a small cash payment. It saves the bank or buyer the time and cost of formal eviction — and gives you money to relocate.
4) Rent It Back
In some cases, banks or new investors may be open to renting the home back to the former owner on a short-term lease. This is a rare but possible option that buys you more time to plan your next steps. In certain situations, we may even buy the property and rent it back to you temporarily as part of a custom solution.
Explore Your Options Before Walking Away
If you’re facing foreclosure in Savannah, don’t give up hope. There are often more options than you think — and staying informed is the best way to protect your future.
We specialize in helping homeowners just like you explore alternatives to foreclosure. We understand the laws, the process, and how to negotiate with banks to create win-win solutions.
We may not be able to help in every case — but we might be able to help you.
We buy houses in Savannah, Ga from homeowners who need to sell fast due to foreclosure, divorce, probate, job loss, and more. If you need to sell your house quickly and want a fresh start, we can make a fair cash offer and close in days — not months.