we already filed and have been discharged from bankruptsy. are we atill eligable for cash for keys?

Asked by Paula, 97229 Tue Jun 28, 2011

home is up for forclosure sale on june 30.

Help the community by answering this question:

+ web reference
Web reference:

Answers

7
Okay, Home Owner, Yelm, WA
Sat Aug 13, 2011
Since you have been discharged from the bankruptcy. Did that inclue having to pay your bank any more money? If the home is not yours free and clear - stay. If the bank fought the bankruptcy and you are suppose to pick up payments or at least negotiate for new ones or if you don't want to stay then cash for keys may work for you.

Cash for keys is a term that banks would prefer you didn't know anything about and for years they have kept silent about it. Now many banks are quick to initiate a cash for keys policy as standard procedure.

Cash for keys is a way for homeowners in foreclosure, or for tenants who are victims of foreclosure, to receive cash in exchange for surrendering the keys and vacating. Banks generally reach an agreement with the occupants of a foreclosed home, which stipulates the home will be left in good condition and cleaned. The agreements typically set forth a specific date that the home will be left vacant, including a promise from the occupants that they will not vandalize the foreclosed-upon home or strip the foreclosure of light fixtures, appliances, copper, etc.

The bank after forclosure is now responsible for the home. If the bank has to spend a ton of money to repair damage caused by the occupants, that money increases the bank's loss. It is really in your best interest to approach the bank humbly to get what you both want.

When you move out there are reasonable expenses you may expect to recover. Some of these are the following: A security deposit and first / last month's rent, Movers, Rental truck, Utility deposits and temporary living quarters such as a motel. If you agree to an immediate move out - some bank might pay a bonus.

It is really in their best interest to work with you and your bankruptcy discharge as nothing to do with cash for keys. They may want you out more than you know and it never hurts to just ask.
0 votes
., , Los Angeles, CA
Sat Jul 2, 2011
The creditor was able to overcome the challange to relief of stay provided in a chapter proceeding filed by you the petitioner. This is the clearance they eneed to fulfill the recovery. Its has nothing to do with cash for keys.

But who is (ARE) they - there is no lender , no servicing agent no benfefical interest . THE BOOGIE MAN MAYBE ? There is no holder in due course - - no one to foreclose on you - and your asking for cash for keys. I have a key to a pad lock i don't use anymore- want to offer me cash - WAKE UP!
0 votes
Sharon Wenger, Agent, Lake Oswego, OR
Tue Jun 28, 2011
It sounds to me like you should still be eligible for Cash for Keys. The point of this program is to have you move out and leave the property in a timely manner and in good condition. That is the agreement they will ask you to sign. Then on a pre-set date after you have moved out, they walk through the house to be sure you kept your side of it, they hand you the cash, and you hand them the keys. The bankruptcy should have little or nothing to do with it. If you have the bank's number, give them a call and see if you can get someone to give you a commitment, send you something in writing, etc.

Have you tried to do a short sale already? Usually this is a better alternative than foreclosure, and may give you more time before you have to move. Call me if you want to see if it's still possible. I do short sales in Portland...

Sharon Wenger, Avalar West Realty (503) 686-1665
0 votes
Gerard Carney, Agent, Spring Hill, FL
Tue Jun 28, 2011
Paula talk to the bank and see!
0 votes
Joanna Morris, Agent, Floral City, FL
Tue Jun 28, 2011
It is a shame you did not have the house in the bankruptcy. Have you spoken to an attorney? This may be a good idea.
0 votes
Cynthia Cont…, , San Jose, CA
Tue Jun 28, 2011
It depends on how long has passed since the Cash for Keys offer was made. Though all banks are different most only allow for a set period of time when the offer is still valid. If a lot of time has passed then I would probably say no. One of the reasons for the bank to offer Cash for Keys is to have you leave the property as soon as possible so they can avoid going through the legal process of eviction. I would check with the real estate agent that made you the offer.
0 votes
Lana Lavenba…, Agent, Grants Pass, OR
Tue Jun 28, 2011
That is a good question..it will depend on what your bank is willing to do - they are all different.
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more