Foreclosure in Warren>Question Details

Jen, Other/Just Looking in Warren, MI

My mtg company won't give me cash for keys due to my home being a hud/fha home. What restrictions are there?

Asked by Jen, Warren, MI Tue Jan 27, 2009

I desparately need cash for keys--I live in michigan where it is hurting the worst. I've tried to save but the situation is that bad that I can't. I have a court date tomorrow telling me if I have 2 wks or 4 wks left in my home--the six month redemption period ended this month. My mtg company says that because I have an FHA home I cannot get cash for keys, but I know about 5 other people who did CFK no problem. Can I fight this?

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4
There is no right to cash for keys. Mortgage companies offer it to avoid expenses like court dates. You can try to negotiate with them, but it is ultimately up to them.
1 vote Thank Flag Link Wed Jan 28, 2009
Maureen Fran…, Real Estate Pro in Birmingham, MI
MVP'08
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Guess you can take a positive side than cash for keys you have not paid a mortgage for x amount of months x $,$$$ per month include no payment of real estate taxes, insurance, and other fees. You may have approx. not spent $20K over past 6 months. Sorry to hear about situation, however Judge could have other negative rulings unknown how petition reads.
Web Reference: http://www.lynn911.com
1 vote Thank Flag Link Tue Jan 27, 2009
Contact HUD or MCBREO to see if you can get the cash for keys.
Web Reference: http://mcbreo.com
0 votes Thank Flag Link Mon Feb 16, 2009
Maureen Fran…, Real Estate Pro in Birmingham, MI
MVP'08
Contact
The FHA implemented the "cash for keys" program, and your lender is pocketing it. Its purpose was to avoid the cost of rehabbing homes stripped of their plumbing and fixtures removed by individuals who needed the cash to get a place to live.
0 votes Thank Flag Link Mon Feb 16, 2009
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