EMC - cash for keys

[gohornsgo]

Does anyone have experience with EMC? My chapter 7 closed one week ago and the EMC mortgage was discharged. I want to move to another state soon. I am hoping they do cash for keys!!! Appreciate any input.

[StartingOver08]

Do you have just the one mortgage or do you also have a second?

It is my understanding that they do have a cash for keys program. I asked them last week. They are sending me the info in the mail. I had to ask because they sure don't volunteer it! I don't even know how much, but the going rate is $3k to $5k (except Wachovia which has a program up to $15k)

[broken64]

If you are fortunate to get the cash for keys, is it a tax trap at the end of the year?

[StartingOver08]

I don't know. Hopefully someone on the board is a tax professional and can answer the question. I would *assume* that you have to declare the income and pay taxes on it, but we all know about assumptions.

[gohornsgo]

No I do not have a second mortgage. Startingover08, please keep me informed. Thanks for your reply.

[StartingOver08]

Call EMC since you do not have a second mortgage you probably qualify.
I have not received the package yet describing the program. They snale mailed it to me on June 21.

I only know two criteria (because I know I don't qualify): 1) house has to be on the market for short sale X days before they will consider a cash for keys and 2) there can not be a second mortgage.

Call them. They don't bite. The number I have for the Loss Mitigation/REO dept is 866-419-4794

[feelingnutsy]

Hey---StartingOver08---how do you get the Wachovia $15K?

[feelingnutsy]

How do you find out in general about cash for keys?---just call the bank?

[StartingOver08]

feelingnutsy, call Wachovia and speak to their Loss Mitigation dept about the Voluntary HomeTransfer program. Their phone is 1-888-456-1685

[feelingnutsy]

Thanks for the info---StartingOver08---and I will do this.