Foreclosure in 07108>Question Details

Toyashonte, Renter in 07108

I recently gave my written 60 day notice to vacate the apartment that I'm currently renting due to forclosure. How do I obtain cash for keys?

Asked by Toyashonte, 07108 Wed Nov 3, 2010

funds?

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5
Cash for keys is a cash settlement the bank offers an occupant in a foreclosed home to vacate the property in a negotiated time frame. If the property has not been foreclosed on yet, then the owner is still the current homeowner not the bank.

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0 votes Thank Flag Link Fri Nov 5, 2010
Toyashonte that is something that is offered by some lenders after the forclosure is complete and the property has been to auction. Normally they want to see rent receipts showing that you are current and not a part of the problem. Their justification is why pay someone that did not pay the property owner so in turn they could not pay the mortgage. If your landlord took your 60 day notice you have to leave and face eviction if you do not pay rent.
0 votes Thank Flag Link Thu Nov 4, 2010
Not all lenders offer that program. It is listing agent OR representative of back who would work details out with you.

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0 votes Thank Flag Link Wed Nov 3, 2010
"You gave notice" might have spiked your chances. See a Real Estate Attorney. Best wishes.
0 votes Thank Flag Link Wed Nov 3, 2010
Cash for keys is offered once a home is foreclosed on and the bank offers you money to leave in exchage for you agreeing to void the remainder of your lease. If you gave a written notice to vacate, there is not much reason for them to offer you cash at this point. You are leaving and ending your lease voluntarily. If the home is foreclosed on already, normally they would not take a notice to vacate in 60 days, however they might if it means they get out of a lease with 8-10 months remaining.
0 votes Thank Flag Link Wed Nov 3, 2010
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