I am planning ahead just in case my home doesn't sell soon. A friend of mine just received Cash for Keys ($3K) after their home was foreclosed on ~ 2 mths back. Now I'm wondering if I file Chapter 7 a day prior to the Trustee Sale and after a Relief of Stay, the home gets foreclosed on and I am offered "Cash for Keys" while still in BK, will I be able to keep that money for my living expenses/moving?
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I've never heard that term "cash for keys" Explain it please.
If you get a sum above what your personal exemptions are, the Trustee may take it. It depends on your states exemption amount. It would become an asset (probably taxable). 'HubIf I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010. -
Bank will offers the tenants or previous owners some cash in exchange for moving out within an agreed upon timeframe after the foreclosure proceedings have been concluded. The bank will also usually stipulate that the house is left in decent condition (fixed appliances left, junk gone, etc).
The idea is that the bank will get the home back in much better condition than if they have to evict the occupants. Which also costs more legal fees for the bank.Filed Chapter 7: 06/09/09
341 Meeting: 07/16/09
Discharged: 09/21/09
Case Closed: 09/25/09Comment
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Exactly what DebtStinks stated Hub
Would that money (say $3K) be considered differently than say my paycheck after filing???
Originally posted by DebtStinks View PostComment
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When should you start negotiating the CFK offer and with who? Mortgage with national city but they are having cal-western handle all the paperowrk, trustee sale, etc. Home is to be sold September 8 so do i contact National city or do I contact Cal-Western.
ThanksChp 7 Filled 2-21-08
341 Hearing 3-24-08Comment
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Cash for keys is essentially when the want to know when you are abandoning the home so that they know and get the keys so they get the house in good condition. You agree not to do the following in most cases.
Otherwise people start ripping out appliances and such like crazy.
There is a guy in a adjoining town to us that is selling light fixtures, oven, stove top, built in microwave and wall switches.
Even his fence is for sale but you have to remove all of this stuff.
He has his ad on Craig's List
I am betting that~
A) He is leaving the home and owes a lot of money.
B) He does not have a clue that this is nothing but theft and he will be prosecuted.
C) He never thought about B)!!!!
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