Foreclosure in 28215>Question Details

Shawn Terrell, Home Owner in Greensboro, NC

if Wells Fargo offers Cash for Keys, does that mean my home was sold in foreclosure?

Asked by Shawn Terrell, Greensboro, NC Wed Feb 2, 2011

I recieved a letter stating my home was sold 1/3/11 after a year of trying to modify & being turned down. I recieved a letter frm a guy at my door saying to call wells Fargo about a cash 4 keys. There offering 1000.00 w/ a 30 day move out. Is that far or is there anything else i can do?

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I have a forclosed house and in the process of moving out. I was told about C4K from the attorney. After calling around through Wells Fargo I got this number 866-518-2164 and was told to email my name, and exact address to 'fhareo@wellsfargo.com' but they forwarded it to 'FHARAP@wellsfargo.com'. I got this reply back the same day:

From: FHARAP@wellsfargo.com [mailto:FHARAP@wellsfargo.com]
Sent: Tuesday, June 14, 2011 9:06 PM
Subject: FW: Cash for Keys Program

***This email does not constitute a binding cash for keys agreement. The information provided in this email is for reference only. ***
a. We will offer you $1,000.00 to vacate the property in 30 days. This is reportable income.
b. The property must be in broom swept condition free of all exterior and interior debris, as well as free and clear of any damages such as Fire, Flood, Earthquake, Tornado, Hurricane and Boiler Explosion.
c. All built-in appliances and fixtures must be left in the property, as well as any landscape. Lawn must be mowed.
This offer is valid until 6/22/11. If offer is not accepted by that time, the offer will no longer be available and eviction will proceed as and when appropriate.
Please reply to this email if you have any questions, or if you are interested in accepting this offer.

Thank You

Hopes that helps someone else.
3 votes Thank Flag Link Tue Jun 14, 2011
Hi Shawn - I am so sorry to hear about your situation. I know that this past year has been very frustrating and devastating for you and your family. I hope that you will be able to move on from this and put this behind you as quickly as possible.

Foreclosures in this state are governed by NC law and certain procedures must be followed by mortgage lenders in order to "take back" your property. About 30 days after your initial missed payment, you should have gotten a demand letter from the bank. At least 30 days later, you should have received a "Notice of Intent to Foreclose & Notice of Hearing" from Mecklneburg County District Court. This is the point, under NC law, in which you were officially in foreclosure and now named by Wells in a lawsuit against you. Also you should have received a Notice of the Date of Sale, the date that the Court would sell your property on the Courthouse steps. Unforetunately, even though you (or any borrower in default,for that matter) were working with the bank to modify your loan, the Bank foreclosure lawsuit against you keeps moving forward simutaniuosly.

Shawn, only an attorney can give you advice and/or make recommendations to you regarding your particular foreclosure/lawsuit once the "Notice of Intent" is filed. If you feel that you were not noticed properly about the foreclosure or feel that you were treated unlawfully, contact an attorney immediately!Real estate agents cannot give you any legal advice whatsoever.

You can check with the Count ytax office to see if you are still listed as the owner of record of the property. If your house has been sold and you were noticed properly and treated lawfully, do reach out to Wells. The Cash for Keys program will give you some funds to relocate and 30 days to do so. If you ignore the Bank, a Sheriff will appear at your door to evict you & lock you out. They may or may not give you a couple of hours to get all of your belongings. I encourage you to be proactive and not wait until the Sheriff shows! You will feel a lot better about yourself in the end. Best of luck to you in the future. Kathleen Turner
2 votes Thank Flag Link Thu Feb 3, 2011
Watch out for WF. We just tried to do a cash for keys too. Their version of debris is different from mine. I spent days cleaning and mopping to get the place clean and trash free. The person who came out was not an agent but a clearing crew, who told me that if they can find things wrong, they get to clear it and keep the money instead of giving it to us. In this case, it was stupid stuff that was "not attached" like closet shelves, a built in fishtank (but the tank was not permanately attached to the stand, duh, any idiot knows that you cannot glue or nail down a 180 gallon aquarium, right?) and a wrapping paper tube that somehow got left in an attic closet. YES! A freaking wrapping paper tube was one of the reasons that we did not get our money for the keys!!! I would like to know where to turn regarding this scam, anyone else have ideas?? I am going to post this as a question and see if anyone knows of any lawsuits or compaints that I can work on as I feel that this is so wrong on so many levels, I dont know where to start.
1 vote Thank Flag Link Mon Jul 18, 2011
The Cash for Keys program was created to get people to leave without causing damage to the home or to steal the appliances or AC units. It comes with an inspection clause so that after you leave and give in the keys, an agent walks the house once over and decides if the condition meets the requirements for the cash for keys. If you left without the offer, you do not qualify for it!
1 vote Thank Flag Link Thu Jun 16, 2011
Where do you locate the cash 4 keys form to complete? I can't locate it online.
0 votes Thank Flag Link Fri Feb 14, 2014
Unfortunately, If you were in CA, NV, AZ, FL, or VA I could help. I don't know of any companies that do what we do in NC. More than likely there are violations in your loan or the Bank and Trustee didn't follow the rules. So it is possible to get the Trustee sale reversed. We have a No Cost Program to help home owners. Check with the Real Estate Attorneys in your area that are up on Universal Commercial Code Violations.
Good Luck
0 votes Thank Flag Link Fri Feb 7, 2014
$1000 is exremely low. My friend received $20,000 from his bank and I heard another person received 10,000. Contact a Hud councilor before youi do anything.
0 votes Thank Flag Link Mon Feb 3, 2014
Beware the Cash for Keys offer. In essences Wells Fargo is offering you $1000 to clean up the house after you vacate, then they will send an inspector to make sure it's clean enough to their standards. Only then if the house passes inspection will they give you $1000. Don't expect that to happen because I can tell you right now, no house, no matter how clean it is, will pass their inspections.
0 votes Thank Flag Link Thu Sep 13, 2012
I have been trying to get through to this number 8773374403 and can not get a call back can someone please help thank you jodi feller jfeller26@YAHOO.COM
0 votes Thank Flag Link Tue Sep 11, 2012
Hi i am Tracy Lashley i had a loan with y'all on the property of 88 kings way temple ga 30179 and i was wanting to know how i could get it back. My sister and i had a run in and she kicked us out and i just found out that yall foreclosed on her and i was want to see how i can get the property back. I tried to get it from her before but she wouldn't let me have it so i lefted it at that. The account # is 0201116894 so if u can get back to me as soon as u can i would like that. Thanksfor your help
0 votes Thank Flag Link Tue Jun 5, 2012
Yes a cash for keys offer means the property was foreclosed on, and they are trying to get you out as quickly and easily as possible in order to prepare the property for post-foreclosure sale (it is now a REO property).
0 votes Thank Flag Link Thu Jul 21, 2011
The answer is yes...they would not/could not offer you cash for keys if they didn't own the house. They are trying to avoid the eviction process, not the foreclosure process. Evictions are costly and take months. If you accept cash for keys, they can get the property on the market and off the books quicker. I find it highly unlikely for a foreclosure/sheriff's sale to take place without your knowledge though. You are sent countless letters, certified, from the foreclosure attorney leading up to the sale date, not to mention a posting from the sheriff himself taped to your front door. Don't bother checking the tax records. Deeds are not recorded immediately in most municipalities. You can check with the sheriff's office's website or call them. Regarding cash for keys...take the money. Try to negotiate more if you can, but take the money. It's better to leave with something than to have the sheriff knock on your door with a handful of movers and a locksmith behind him. You will only be issued a check if there is no furniture or garbage left behind, nothing is left in the house that can be picked up with your hands, the stove must be in place and the plumbing and heating systems are in place. Also, you cannot stack a huge pile of garbage out on the curb for the garbage men the day of the inspection either. This will not fly. Find out when bulk pickup day is in your community and make sure they take everything you put out.
0 votes Thank Flag Link Tue Jul 19, 2011
The answer to this is no. When banks offer you cash for keys, they are trying to save money and not go through the entire foreclosure process. It is similar to a voluntary reposession. Typically they will offer up to $5,000 to get your keys. If you decide to go this route, try to ask that they do not persue a dificiency balance against you. Example: You owe $200k and the house sells for $100k there is a balance of $100k (deficiency balance) that is your responsibility. Your bank can still file a judgement on you for that money still owed. The other option you have is to work with a licansed Realtor who has experience with handling Short Sales. This is when you place your house on the market to try to find a buyer. The Realtor will negotiate with you bank to get them to accept whatever the house sells for as full payment of your mortgage. In my opinion, Short Sales seem to be the better way to go because you are helping your bank get as much money as possible for the house in the fastest amount of time.
0 votes Thank Flag Link Mon Jun 20, 2011
As an update, I replied back that I was interested and was sent this:
"One (1) copy is for your records. The Relocation Agreement needs to be signed and faxed by end of day 6/20/11. A W9 form also needs to be completed and returned with the agreement as this is reportable income. My fax number is (855) 875-5459. Your move-out inspection is set for 7/15/11 at 3:00 pm. ***only one person needs to sign the W9 form****Please contact us with any questions 1-877-337-4403. You must show up for the inspection Thank You. Thanks"

I have a question about the verbiage though. It says
"1.Occupant(s) agrees not to harm the subject premises in any way or remove any fixtures, including, but not limited to, stoves, ranges, ovens, refrigerators, lights, sinks, blinds, appliances, landscape or permanent attachments from the subject premises. Occupant(s) shall be personally liable for any damage caused by them to the subject premises."

I am not about to leave my refridgerator. It did not come with the house. I bought it brand new 8 years ago it it still runs great. It is not built in either. I can understand about the build in oven and the counter top stove, and even the built in mircwave that I put in. What do you guys think?

You can see the full agreement in Word and PDF on http://ge.tt/90afYD5
Web Reference: http://ge.tt/90afYD5
0 votes Thank Flag Link Fri Jun 17, 2011
If anyone needs to fill out a w 9 tax form, I found a blank form here: http://pdf.ac/5sBQzC
Flag Sun Jun 21, 2015
Thank you, Karissa. I keep reminding my REO investors that the bank's experience with owner who lost their homes thru foreclosure, are leaving properties in very poor condition and most of them need lots of work. I guess Wells Fargo is telling me there is a lot more damage than I imagined

DAVID COOPER Foreclosure and Bank REO's Specialist-Las Vegas.35 years experience For freee list
Call +1-7024997037 or check website
0 votes Thank Flag Link Thu Jun 16, 2011
Sorry. You should have paid attention to the letter from the lawyers and court.
0 votes Thank Flag Link Thu Feb 3, 2011
Shawn,

The best way to verify the foreclosure is to call the Substitute Trustee who's contact info should be on the bottom of the notices that they've been sending to you BUT it does sound like foreclosure has occurred. Cash For Keys amounts are almost always negotiable so you can probably negotiate the initial amount offered.

Best of luck!

Bill Ahls
704-780-0654
0 votes Thank Flag Link Thu Feb 3, 2011
Shawn,
Unfortuantely everyone here is right in what they are telling you. Your home went to foreclosure and Wells Fargo is offering you a monetary amount of money to ensure you leave the home in good condition. For them it is cheaper than running the risk of you damaging your home out of spite to the bank.

At this point you need to look for a place to move to and I would take the money to help offset your moving expenses.
Web Reference: http://www.davedicecco.com
0 votes Thank Flag Link Thu Feb 3, 2011
I agree with Ralph, but to be sure I would look at your paperwork from the foreclosure attorney that you should have received prior to the sale. You are looking for a case number. Once you have that you can check in the “Special Proceedings” section at the courthouse to find out if it actually sold at foreclosure. Whether it has or not you will usually have the ability to receive money to move from your lender. The amount depends on a number of factors. If you have trouble finding the information at the courthouse send me the case number as I will be at the courthouse tomorrow.
0 votes Thank Flag Link Thu Feb 3, 2011
Shawn, your home has been foreclosed on and the bank would like to give you cash to move out of the property in 30 days rather than having to go through an eviction. Unfortunately, those are you options, cash or eviction. The cash would allow you to secure a rental and moving truck, not a bad deal! Good lu!ck
0 votes Thank Flag Link Thu Feb 3, 2011
You are in a position where the bank either already owns the property or will very shortly. Either way, this is an offer to leave the house in its present condition and move out without the intervention of law enforcement or other legal eviction proceedings. Sorry to hear this happened to you. Good luck.
0 votes Thank Flag Link Thu Feb 3, 2011
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