Foreclosure in 93726>Question Details

Gloria, Other/Just Looking in Fresno, CA

My landlord has not been making his house payments,We just found out.We were told that the bank will pay us

Asked by Gloria, Fresno, CA Mon Aug 17, 2009

to move out is that true? Its called KEYS FOR CASH and how would I find who to talk too. The landlord will not tell us.

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Linda Ginex’s answer
Hi Gloria,

Sorry to hear that you may be moving within the year. The landlord is not telling you who to contact for Cash For Keys (CFK) because they don't know themselves. You won't be offered CFK until the bank takes back the home after the Trustee's Sale. Then they still must assign it to a REO Listing Agent. That Listing Agent will try and meet with you if you are still in the home. They will look at all factors involved and the Listing Agent will be told whether or not to offer you CFK and at what sum. Typically for a $1500, they will want you out with 2 weeks. There is however no guarantees and it would be silly to put all your eggs in one basket hoping that this scenario occurs.

Good luck with the move. It's not always fun but maybe something good will come out of it.
0 votes Thank Flag Link Tue Jan 26, 2010
Hi Gloria,

A couple of things you should be aware of. Federal law allows you to stay in the property for 90 days after the trustees sale. You will have to pay fair market rent if you wish to stay, but, you do not have to move out in a hurry. Most Banks will offer you "cash for keys", from $500 to $1,500 to move out sooner, if you leave the property in good condition. If you move out before they make the offer you will not receive anything for moving.

You also want to be certain you know when a trustees sale is scheduled. They should post a notice on your property 21 days prior to the sale and it will be published in the newspaper. I would refuse to pay any more rent to the landlord once this has been posted. Be sure to save the money in the event the landlord is able to modify his loan or get the money to stop the sale. The landlord owns the property until the date of the sale and if it does not go to sale and you are not paying rent you can be evicted, which will hurt your credit.

If the property is currently on the market for sale, you might ask the landlord for reduced rent in exchange for cooperating with agents showing the property. Good luck and remember, you have rights of quiet enjoyment and possession as a tenant. Do not let anybody you don't know into your home. One of the current scams is to pretend to be from the bank and want to do an interior inspection. This could be crooks looking for things to steal later.
0 votes Thank Flag Link Mon Aug 17, 2009
Hi Gloria, Once the house is foreclosed the bank will assign it to a listing agent (Realtor). Once that is done the agent will come by and due an occupancy check. If you are still living there, there may be an opportunity to participate in a cash for keys exchange. Keep an eye out for any notices that are attached to your door. There may be contact information for you in them. Good Luck!
0 votes Thank Flag Link Mon Aug 17, 2009
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