I was told that we only qualify for $1k/ 30 days in the cash for keys program because we had an FHA loan. Can we negotiate for more $?

Asked by Monica Bice, New Port Richey, FL Fri Dec 16, 2011

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Carl Gresen’s answer
Carl Gresen, Agent, Clearwater, FL
Fri Dec 16, 2011
FHA no question is more difficult. You may be able to get them to 1,500.00, but probably not worth the hassle to try and they may not give in. Why are you doing cash for keys? Is this a DIL or a foreclosure? I only ask because the credit hit is very severe compared to doing a short sale that would get you a full release from the mortgage. If a foreclosure and many of the DIL's they can and will come after the deficiency.
1 vote
Thomas Bohlm…, Agent, Rolesville, NC
Fri Dec 16, 2011
Nogotiate is not an option. Take the $1K and move on

Good Luck
1 vote
Danielle Sha…, Agent, Cape Coral, FL
Fri Dec 16, 2011
You're getting free money to move. Take it and move on!
1 vote
Danielle Sha…, Agent, Cape Coral, FL
Fri Dec 16, 2011
Unfortunately you really aren't in a position to negotiate now. I would take what is offered and do the best you can to move on with your lives. The amount of CFK varies depending the investor, loan amount and borrower. Most banks do not evict during the holidays but come Jan 1st files ramp up.

I wish you the best.
0 votes
Monica Bice, Home Buyer, New Port Richey, FL
Fri Dec 16, 2011
It is already foreclosed, bank owned. We're not worried about credit that much, unfortunately we owe more in medical bills than what we owed on the house. We have a child who has common variable immunodeficiency and severe autism. My home business (corporate research- name generation) died a yr and a half ago, and my unemployment ended in the fall. I applied for SSI for our daughter, but won't receive a determination until the 29th and a payment until Mid January. My husband is working for a lawn care company since his lay off, and now only makes enough to pay our utilities and groceries! Wells Fargo extended our deadline to accept CFK from yesterday until Monday, otherwise we will be evicted, and I have no idea how long that will take! Could they kick us out by Christmas?

$1k won't cover first/ last/ security, and transfer our utilities. I have read that others have negotiated for more $ and that FHA gives $2k CFK? Any advice would be helpful.
0 votes
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