Our home we been living in for 7 years is in foreclosure-and we have no where to go yet they want to give us cash for keys-do we have to move?

Asked by dnrm85, Victorville, CA Tue Jun 12, 2012

It was in our brothers name the loan-and we were suppose to buy it from him-we even bought the land next door free/clear.

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All Star Home…, Other Pro, Fort Lauderdale, FL
Sun May 17, 2015
You will need to contact the bank that is foreclosing on your home. They will be the best point of contact as each bank, city, and municipality has different practices and procesures.
Web Reference:  http://fha.gov
0 votes
Kevin and Ju…, Agent, Wildomar, CA
Tue Jun 12, 2012
Can you tell us a little more? Has the foreclosure already happened?
0 votes
Jory Blake, Agent, Norco, CA
Tue Jun 12, 2012
If they are offering you cash for keys , the trustee sale has most likely already taken place.
This shouldn't come as a surprise as the banks notify the occupants very well over the course of many months.

You do have rights as a tenant though and need to be made aware , right away.

Jory Blake
Web Reference:  http://www.JORYBLAKE.com
0 votes
Ron Thomas, Agent, Fresno, CA
Tue Jun 12, 2012
If you can afford the house, you probably cannot buy it; now.
But you can buy it after the Foreclosure, when it becomes an REO.
Realistically, you are looking at 3 months or maybe 12, (the speed with which the banks moving now).
Take the money and run.
Save everything you can; give up pizza and movies!
Connect with a Realtor and have him watch for the LISTING to appear.

Good luck and may God bless
0 votes
Pamela Wiest, Agent, Victorville, CA
Tue Jun 12, 2012
The best thing you can do if you have no money is 1. acknowledge that yes you will have to move eventually, 2. If they are offering you cash for keys, take this money and rent somewhere foe awhile until you re establish your credit. 3. Once your credit is good within 2-3 yrs you can sell the land that is free and clear and purchase another home
0 votes
Suzanne MacD…, Agent, Morristown, NJ
Tue Jun 12, 2012
You don't have to move until the bank actually forecloses and becomes the legal owner of the property. However, unless you have the means to bring the mortgage up to date you would be well advised to find somewhere to go because you won't be able to live there forever unless someone is bringing and keeping the mortgage payments current. I feel for you, I really do, but nobody gets to live anywhere for free forever. I kow it's difficult to face this reality, but you need to find someplace to go or you WILL be on the street and no one wants that to happen.
0 votes
Don Tepper, Agent, Burke, VA
Tue Jun 12, 2012
Yes. Unless you (or your brother) can pay the deficiency and bring the loan current, you have to move. That is, the bank has the right to foreclose, and apparently intends to do so. Cash for keys at least gives you something. Take it, and find some other place to live. If you decline, they'll foreclose anyway and you'll receive nothing.

Hope that helps.
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Flag Tue Jun 12, 2012
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