Gedalessandro, Home Buyer in Charlotte, NC

Will Wells Fargo really pay you cash for keys if you leave the house clean of all debris or is it just a scam.?

Asked by Gedalessandro, Charlotte, NC Mon Oct 15, 2012

I also have a court date for eviction on October 29. Do I have to be out immediately or will they also give me thirty days. Will I be liable for deficiency if I don't accept cash for keys?

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8
Daniel Fisher, Agent, Charlotte, NC
Tue Oct 16, 2012
BEST ANSWER
Good morning, Gedalessandro:
You should be in contact with the bank and you should go to the court date for eviction if you want to preserve your rights. If anyone makes you a promise, you should ask for them to put it in writing. If you want to see what options there are for you to keep your home, or if you have questions about foreclosure, eviction and deficiency judgement, there are some good resources at http://www.NCForeclosurePrevention.org You would be well advised to check with a NC licensed real estate attorney about the possibility of the bank getting a deficiency judgement. There is another similar question in the link below that might be helpful....If you appreciate an answer, please give thumbs up. For the most helpful answer, please say thanks with a best answer click.
1 vote
Kathleen Tur…, Agent, Charlotte, NC
Tue Oct 16, 2012
Cash for Keys is a real program. My question to you, though, is why is there an eviction? Has your home already been sold at foreclosure? Once the house is sold on the courthouse steps at the foreclosure sale, you no longer own the home. Most Cash for Keys programs stipulate that you leave the home prior to the foreclosure sale. If you have missed the agreed upon date to move, the Bank may not be so willing to help you out. An eviction procedure costs the Bank additional funds. Regardless, the Bank would have sent you reams of paperwork regarding your foreclosure. Read it very carefully! Contact the Bank immediately to see where you stand and if you can move without going through the eviction. An eviction will also go on your credit report, in addition to the foreclosure, making finding rental property all that more difficult. Best of luck to you; I wish you well.
1 vote
Do you really need to know WHY it was foreclosed? I would think that is their business.
Flag Mon May 4, 2015
Don Tepper, Agent, Burke, VA
Tue Oct 16, 2012
As the others say, it's not a scam.

But . . .

What choice do you have? You're being foreclosed on. You've lost the house. Even if it might be a scam (which it isn't), what would you have to lose? Wait until the 29th and move out with no money. Or move out a week or so earlier and maybe get some money.

A scam typically is when someone is taking money from you. Not when they're offering you money.

Same as if someone walks up to you on the street and hands you a lottery ticket. Throw it away and you know you won't receive a penny. Check it out and maybe it's a winner and you do get some money. Again: What do you have to lose?

Take the money.
0 votes
I was told that I would get cash for keys, but they got the keys and did not give me the money. But then I received a 1099 form for the money that I did not get. I was told that I was not going to get the money because there was some things left on the tree lawn. I put the garbage out on the day that I was due, but the garbage men did not pick it all up that was not my fault. Now I can not file my taxes until they fix this problem. Do not want the IRS after me later. They are taking their sweet time too.
Flag Fri Mar 15, 2013
Scott Godzyk, Agent, Manchester, NH
Tue Oct 16, 2012
Banks do offer cash for keys, the day you have to be out is the date on the contract you sign stating what you will get and when you have to be out. Without a contract, you probabily will not be paid. In most cases if there is an eviction date, once it hits yiou willnot be getting any CFK. The point of CFK is to save the time and money of eviction. You should call your contact that offered it for some answers.
0 votes
Rose Cramer, Agent, Denver, NC
Tue Oct 16, 2012
I have done a number of programs with local banks this year. If you are doing the HAFA program, you should already know what the bank is willing to do for you at closing. You should be speaking to your bank customer service rep on your account. They will tell you specifics, I am sure you have received letters from the bank in detail of the process. Good luck, but you need to keep the communications with the bank until the end.
0 votes
Peter Mohyls…, Agent, Destin, FL
Tue Oct 16, 2012
You neec to contact the bank or the court about the eviction. I don't think it is negotiable. The cash for keys is a real deal.
0 votes
Robin Faison, Agent, Kannapolis, NC
Tue Oct 16, 2012
Gedalessandro,

Wells Fargo will really give you the cash, it is NOT a scam. Eviction will probably occur on Oct. 29th. I suggest contacting an attorney for the rest of the question about deficiency and eviction.

Robin Faison, broker
0 votes
dave, Agent, Charlotte, NC
Tue Oct 16, 2012
Banks ae offering cash for keys. For them it is a win win situation. They are assured you are going to leave the house in a manner that is acceptable ad you receive a little moeny to help you move. I have helped other banks with the program in the past by going to houses and ensuring that the house was as agreed upon and given the homeowner a check for the keys to the house.

Whether you ahve to be out on the eviction date ro not depends on the paperwork from the bank you received...I would call wells fargo and ask them. I would think that you would have to be out on that day but without seeing your paperwork it would be all speculation on mine or anyone's part

it is a common practice; just not one publicly vocalized among the banks....

Dave diCecco
Realtor/Broker
Coldwell Banker United
http://www.davedicecco.com
0 votes
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