I was told that if you are renting a home and it goes into forclosure the bank (or lender) will pay for your

Asked by Theresa Moran, Roseville, CA Sun Dec 16, 2007

moving expenses. Is this true?

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Garrett Smith, , Modesto, CA
Tue Dec 18, 2007
Theresa-
I can only speak from my personal expierence and I give cash for keys to all people that are living in homes in order to get them out as soon as possible, if the tenant however, becomes difficult in terms of moving out, we just start the eviction process. I would not use it as a profit center, but a lot of banks, World Savings/Wachovia, Countrywide, etc. will offer money so you don't wreck the house.

Nick
1 vote
Rebecca Cham…, , Palos Verdes Estates, CA
Mon Dec 17, 2007
Hi Theresa. As Elizabeth said, the bank has no responsibility to help you move. They also have no responsibility in California to abide by an existing lease. Sometimes rather than go through a proper eviction, the bank will offer the tenants an agreed apon amount to move, "cash for keys." This speeds up the process, prevents an eviction and is usually less expensive for the bank.
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