Home Buying in 95833>Question Details

ZZZjohncfole…, Home Buyer in Citrus Heights, CA

I did the cash for keys program, but on the last day and there was no cash , 2 years ago. Now they say it was a Foreclosure. What can I do?

Asked by ZZZjohncfoleyZZZ, Citrus Heights, CA Sat Nov 23, 2013

Keep your Home California/ Hope Now "GUIDED" me through this telling me to do Bankruptcy and once everyone started knocking on my door, they disappeared. They did not even submit any of my paperwork to try to save my home. I ended up doing the Cash for Keys program but it took so long for the Hope Now people to get back, it ended up being the last day and I got no cash. The house was move in ready with even the landscape perfect.
What to do?

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4
It sounds like maybe you did not abide by the rules for moving out through the cash for keys program, but it's hard to read between the lines. If you wait until the last day, there generally is no cash. There is never any guarantee they'll give you cash anyway.

There are lawyers who specialize in suing banks after homeowners have lost their home, but we rarely hear about the individual homeowners being made whole. Contingency cases are rarer yet. I'm so sorry this has happened to you. Trying to navigate the waters of a loan mod and going through Keep Your Home California has frustrated many struggling homeowners in Sacramento and throughout California.
1 vote Thank Flag Link Sat Nov 23, 2013
It's pretty simple, you were foreclosed on, so as to it being reported as a foreclosure, that is what happens the minute you were foreclosed on. The cash for keys was offered only in relation to an "eviction", two separate things totally.

Move forward and work to get back on track

Best of luck

Bruce
0 votes Thank Flag Link Mon Dec 2, 2013
The cash for keys program was most often used for cooperation of a homeowner during the foreclosure process by incenting you to move our sooner, and to leave the home in good condition. If they didn't provide you any cash for keys, I would expect, as you kind of describe, that you had transferred ownership after the offer expired. Good for you for leaving it in good condition!

I'm not sure what you want to do. I can only surmise that through some hardship, you were unable to pay your mortgage as specified in the contract with your lender. The lender exercised their right to foreclose on the property. You had delayed that process by the use of a bankruptcy but in the end, the foreclosure occurred. Is that correct?

If so, then during that time, you lived in the home for many months without paying any housing expense. Hopefully you saved that money and were able to start over again in a new home, albeit a rental home. Despite your hardship, and your loss of your home, you received many months of rent-free living. If you wish to buy a home again, and can qualify for a mortgage you may be able to as early as now, or possibly have to wait for one more year, depending on your circumstances. Speak to a loan officer on your qualification if that's what you want.

As for speaking to an attorney...where do you think you were wronged? The law regarding foreclosures is the law, giving a lender a right to repossess the property if you default in payments. Keep Your Home California (who is not always great but can be) is an assistant to help you understand your rights and gave you an angle to delay the process by filing bankruptcy. If they did not respond to you as quickly as you wanted, what did you expect? Did you pay them for legal services that were not provided?

Thank you for leaving the home in move in ready condition and the landscape perfect. When you lose the home through foreclosure WE are all affected with lower property values, and the costs of these losses by banks being subsidized by us taxpayers. Except for the fact that a short sale would most likely have been a better course of action, you did everything correctly. Now you have the chance to start again where property values and interest rates may be lower. Good luck to you.
0 votes Thank Flag Link Wed Nov 27, 2013
You should probably meet with a real estate attorney to look the matter over to see if you have any actionable claim. When you do, make sure to have all the paperwork and documentation pertaining to the matter with you to help make your case.
0 votes Thank Flag Link Sat Nov 23, 2013
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