Anybody experience cash for keys with BOA?

[eventsdj]

4 months behind.. so far got notice to accelerate.. sent in mod. packet. Haven't heard anything yet, but that could change any day.

We were initally going to move in our town, but now we are pretty sure we are going to pack it in and move to North Carolina by family.

WOuld be nice to have a little moving money, 1st and last, or whatever.

How do we go about making that happen? Anyone get a cash for keys through BOA?

Thanks!

[confident]

I will watch for an answer to this as well, as we are close to probably having that happen if it does (also BofA, sale date in two weeks). From reading other posts it seems they might offer cash for keys after trustee sale date (and, according to BK lawyer, these days, the operative word is "might").

Any more concrete feedback will be enlightening. If/When we go through ours, I will post as well.

[tobee43]

well i never heard of any bank doing cash for keys....we were and are with one of the big 10.....we surrendered the house...but not before we had enough money for the move.

our house will most likely not hit the sheriff's sale for another 2 years and it's been over 2 since they were FC'ing on it!!

we most likely could have stayed without paying other than for utilities for over 2 years. and just saved money...but we just saved enough to leave and went for it. besides we couldn't afford the HEAT and cooling anyway.


by the way...we were in loan mod when we got served with foreclosure papers...and the bank said the ONLY way to get into loan mod WAS to get behind...it's sounds and is an oxy moron situation. however, you have time to save before you leave i think.

[ccsjoe]

I got a C4K with Fannie Mae through BofA but from a renter's perspective, not a homeowner's. I'll be glad to share how the negotiations went though if y'all think it can help. I'm in CA where C4K also tends to be very prevalent in certain metropolitan areas.

[confident]

I got a C4K with Fannie Mae through BofA but from a renter's perspective, not a homeowner's. I'll be glad to share how the negotiations went though if y'all think it can help. I'm in CA where C4K also tends to be very prevalent in certain metropolitan areas.

Please share, it might be relevant. Thanks.

[owoody]

A friend just got approved for a Mod after 4 late payments and the terms are Great.Now the problem is his ex- girlfriend won`t sign the papers to do it and to release her interest in it.She has nothing to gain by not doing it except a foreclosure on her record. Couldn`t believe it was so quick though since it is Bof A.............

[goodyphilips]

Well I found some body in wiki answers saying yes, see this link:

http://wiki.answers.com/Q/Does_Bank_of_America_give_cash_for_keys

[ccsjoe]

Please share, it might be relevant. Thanks.

I started a separate post as a lot of people asked about my C4K experience.

http://www.bkforum.com/showthread.php?p=447087#post447087

Hope it helps

[ryan]

I was offered 'cash for keys' by BofA....I declined to pursue it, never actaully told them 'no' just to keep them in the dark. It would have been a few grand but was tied to a deed-in-lieu.... it would have had me out of house sometime ago. After doing the math, it was not worth it. YMMV

[lorrieduke]

Hubby and I had a mortgage through Bank of America. After the Trustee Sale happened and nobody purchased the property, it went back to the bank. A few days later a gentlemen knocked on the door, said he worked for Prudential and was representing Bank of America. He wanted to know our intent and offered a few options. One of them was cash for keys if we promised to be out in 21 days and left the place broom clean and didn't remove or destroy anything. We also had to take all of our belongings including any and all trash. Could leave only the frig if we left it plugged in. Other options were to purchase the house back from the Bank or stay and risk eviction.

We choose cash for keys and in 21 days he did a walk through and said everything looked great, handed us a check for $2000 and we were on our way.
I might add, he stated Fannie Mae only offers $2000 max for the keys. Others may be receiving more but if you have a Fannie Mae loan you can expect that amount.

[confident]

Hubby and I had a mortgage through Bank of America. After the Trustee Sale happened and nobody purchased the property, it went back to the bank. A few days later a gentlemen knocked on the door, said he worked for Prudential and was representing Bank of America. He wanted to know our intent and offered a few options. One of them was cash for keys if we promised to be out in 21 days and left the place broom clean and didn't remove or destroy anything. We also had to take all of our belongings including any and all trash. Could leave only the frig if we left it plugged in. Other options were to purchase the house back from the Bank or stay and risk eviction.

We choose cash for keys and in 21 days he did a walk through and said everything looked great, handed us a check for $2000 and we were on our way.
I might add, he stated Fannie Mae only offers $2000 max for the keys. Others may be receiving more but if you have a Fannie Mae loan you can expect that amount.

Thank you Lorrieduke, did your trustee sale happen recently?

[ccsjoe]

confident, for whatever it's worth, mine (posted a few posts above) happened end of April/early May of this year and except for amounts (I was a renter, got higher amount to leave) it went textbook like Lorrieduke's.

[confident]

Thank you CC.

As it were we may be out of the place before that even happens, as the sale date keeps getting postponed. :\ I suppose I don't mind, except for the HOA liability - as we are liable for incurred HOA fees as long as the property is in our name, right?

[tobee43]

Thank you CC.

As it were we may be out of the place before that even happens, as the sale date keeps getting postponed. :\ I suppose I don't mind, except for the HOA liability - as we are liable for incurred HOA fees as long as the property is in our name, right?

yes, that's correct, you will still be responsible for the HOA fees.

[ccsjoe]

Yes, you are liable for post-bk HOA fees. I've seen some where they're attached to the property and the bank eventually pays them at foreclosure sale, however, if the HOA wants to pursue you for them they can.