Wont waste time on Mod - Time to move on.. try cash for keys?

[CCsAreEvil]

It's been a few months now, and we finally received the Notice of Trustee Sale. I really don't want to ride this out to the extreme edge (stay as long as possible until they kick me out with eviction). Also, I've heard the whole loan mod thing can be very stressful. They can still foreclose on you even if you are in the loan mod process. I would not want to deal with that.

My lawyer said I should look into Cash for Keys. So, do I ask the present lender to do this? If so, when would be the right time to approach the lender about this? Before the auction sale date or after or what? I've heard some people say the lender answers with an eff u.

Yeah so.. since we have been able to live mortgage payment free for a few months, is cash for keys asking too much? Some people claim it's greedy/selfish. Anyways, I really don't want to stress over possibly dealing with eviction even though that buys probably a few weeks. I really don't think it's worth it. We will probably rent a new place and be out by the auction sale date. So, bypass the cash for keys or are we losing out possibly?

Lastly, I'm guessing if no one bids (besides the bank), then the bank buys/gets it back. Under normal circumstances, the DEED transfer happens right after the auction, correct?

Thanks.

[Pandora]

While mods are few and far between and do take quite some time - if you can get one that doesnt have a huge balloon payment at the end and the payment all the way through is sustainable; then its well worth it. I know it was for us; a nightmare process, yes - but in the end, well worth it especially when you add in us stripping the 2nd.

As to your other questions/concerns:

If you can get a Cash for Keys offer - do it. Who cares what "others" think? Are they paying your bills? Nope.

If the bank buys it back - no the deed doesnt transfer title right away. Thats the problem that most people are having is that while its foreclosed and sold back to the lender, the lender takes their sweet time in doing the transfer.

Take the offer if you can get one for CFK's, its more money to help you in the long run

[tobee43]

CC...i don't think requesting cash for keys is being greedy at all....we had wished chase had the program when we left, as we felt exactly like you do...just didn't want to drag on the inevitable....i know many said stay and save...but we just didn't want to deal with the stress of it all either. actually, and i'm not saying this is greedy...it is just rebounding...but how about those that stay and don't pay for a year or two.

if i could have, i most certainly would have attempted an exchange of cash for keys...as opposed to locking up and securing the property and leaving the keys on the kitchen counter.

best of luck with it...and i really wish you the best! it's not easy...but i just want you to know, for us, it was personally the BEST business decision we ever did!

[tobee43]

oh!! i was posting when pandora was and forgot to mention...when we actually left, we had been in loan modification for just a taste over a year...and nothing...

but then again times have changed and maybe the banks are working faster, not so much as what people have been posting on the board...but if that is what you chose to do, it may be worth it...but as pandora pointed out...it takes a while at best.

[CCsAreEvil]

If you can get a Cash for Keys offer - do it. Who cares what "others" think? Are they paying your bills? Nope.

That's the issue. Do I just wait and see if they offer? Of course, if they offer it, I will definitely take it. But "when" do they usually offer CFKs? Do they usually do it before or after the auction sale date? I'm such a nut, I think I will probably attend the auction to see if anyone buys it. :P

So, if they do NOT offer CFKs, do I ask and approach them about it? And if so, when?

I read far too much about tobee's situation and don't want to be in that predicament. However, I still think it's probably because of the state she's (he?) in.

[tobee43]

That's the issue. Do I just wait and see if they offer? Of course, if they offer it, I will definitely take it. But "when" do they usually offer CFKs? Do they usually do it before or after the auction sale date? I'm such a nut, I think I will probably attend the auction to see if anyone buys it. :P

So, if they do NOT offer CFKs, do I ask and approach them about it? And if so, when?

I read far too much about tobee's situation and don't want to be in that predicament. However, I still think it's probably because of the state she's (he?) in.

CC...i'm certain it's not only the lousy state we lived in...but it was also Chase....yet, i have heard them work with others and your right, or correct, it was in other states but NOT in my at the time.

i have heard of some on the site getting cash for keys....and it worked out great for them, but i'm not certain if the bank offered or the person asked ....i would first see if your bank offers that particular program of "cash for keys".

again, i know it's a hard decision...but it's just the beginning of a better life...either way.

[helpme2010]

My house will be sold in 20 days and my mortgage company isn't doing much to work with me, such as extending the sale date, allowing me a short sale option, the loan mod they said I could submit it, but it would take too long to go through the process and there is a slim to none chance it would go through in time.

They did recommend I go to the sheriffs office to see how the eviction process works, e.g. what my time frame is after the sale date and all that.

I understand the stress and feel your pain.

[screentest]

CC... a "cash for keys" offer comes after the trustee sale(auction). It is the new owner or lender (99% of the time it's the original bank) that will make the offer to you. The idea behind cash for keys is to help you move on and out without the lender having to go through and pay for an eviction process. They cant make you a cash for keys offer until they have legally repossessed your home (foreclosure). Right now, if you meet their requirements they may offer you a died in lieu of foreclosure. This prevents them from having to go through the foreclosure process and you both agree to turn over the house.
I don't know if a DIL would also include a cash for keys offer.

Each lender has their own offer guidelines and amounts for cash for keys and it depends on many factors they don't want you to now about.

Once your house is sold at auction the lender will assign the property to a local Realtor to offer you cash for keys, clean and prep the house for sale and list it for sale. This Realtor will make you the offer, complete a walk through of the property with you and then sign a check over to you for the agreed upon amount.

In my in-laws case(I handled their foreclosure) our offers were as follows:

(Wells Fargo/ASC)

Auction sale date...then...14 days went by before we were contacted by the local Realtor assigned the property.

Offer #1: $4000 to be out in 14 days. (I had them out in 7)
Offer #2: $3000 to be out in 30 days
Offer #3: $2000 to be out in 60 days
Offer #4: $1500 to be out in 75 days
Offer #5: No cash....eviction!

Keep in mind the Realtor is authorized to offer you a certain amount they wont tell you. Whatever amount you settle for the Relator gets the rest of the undisclosed amount.

Its going to vary depending on your lender. If you want cash for keys I would recommend securing new housing when you are within 60 days of auction/move-out date, ride through the process, take the highest amount and move out at the earliest date and be done with it.

Good luck. Incidentally, my in-laws house is still vacant and has now been for sale for over a year.

ST

[dneil]

After the sheriffs sale *in Michigan) you have six monthes and 3 days to be out. If you look at the notice, my understanding is that you have 6 months (legally) from the date of auction. That is exactly when they put those "locks" on our doors.

Good luck

[helpme2010]

CC... a "cash for keys" offer comes after the trustee sale(auction). It is the new owner or lender (99% of the time it's the original bank) that will make the offer to you. The idea behind cash for keys is to help you move on and out without the lender having to go through and pay for an eviction process. They cant make you a cash for keys offer until they have legally repossessed your home (foreclosure). Right now, if you meet their requirements they may offer you a died in lieu of foreclosure. This prevents them from having to go through the foreclosure process and you both agree to turn over the house.
I don't know if a DIL would also include a cash for keys offer.

Each lender has their own offer guidelines and amounts for cash for keys and it depends on many factors they don't want you to now about.

Once your house is sold at auction the lender will assign the property to a local Realtor to offer you cash for keys, clean and prep the house for sale and list it for sale. This Realtor will make you the offer, complete a walk through of the property with you and then sign a check over to you for the agreed upon amount.

In my in-laws case(I handled their foreclosure) our offers were as follows:

(Wells Fargo/ASC)

Auction sale date...then...14 days went by before we were contacted by the local Realtor assigned the property.

Offer #1: $4000 to be out in 14 days. (I had them out in 7)
Offer #2: $3000 to be out in 30 days
Offer #3: $2000 to be out in 60 days
Offer #4: $1500 to be out in 75 days
Offer #5: No cash....eviction!

Keep in mind the Realtor is authorized to offer you a certain amount they wont tell you. Whatever amount you settle for the Relator gets the rest of the undisclosed amount.

Its going to vary depending on your lender. If you want cash for keys I would recommend securing new housing when you are within 60 days of auction/move-out date, ride through the process, take the highest amount and move out at the earliest date and be done with it.

Good luck. Incidentally, my in-laws house is still vacant and has now been for sale for over a year.

ST

screentest, I met with my attorney today and he was telling me something like what you wrote, he said to wait until the eviction process and let the mortgage company offer me cash for keys. I said I was nervous about the sheriff & eviction and he said the eviction time would be the time to get the cash for keys.

[CCsAreEvil]

Thank you for the thorough answer screentest. I will probably go that route. Although, I don't know if I need to have a lawyer to help me through it. I had used a BK lawyer for me BK. He hasn't been too helpful other than him mainly showing up at the 341 (over a year ago). He just answer e-mails when he felt like it? That was our main communication after the initial meeting.. just e-mail communication.

Anyways, I've also read people staying in their homes still for months after the auction sale date. Honestly, we want to move on, but make use of CFKs if it's offered. But it will be interesting to see what happens.

One last question, so the auction sale date is the actual foreclosure process point where they can change over the DEED OF TRUST? I've already noticed they did a DEED ASSIGNMENT back in Nov 2010. I don't know exactly what that did, though. With the Notice of Trustee Sale notice, there was also a Substitution Trust form recorded as well.

[screentest]

Thank you for the thorough answer screentest. I will probably go that route. Although, I don't know if I need to have a lawyer to help me through it. I had used a BK lawyer for me BK. He hasn't been too helpful other than him mainly showing up at the 341 (over a year ago). He just answer e-mails when he felt like it? That was our main communication after the initial meeting.. just e-mail communication.

Anyways, I've also read people staying in their homes still for months after the auction sale date. Honestly, we want to move on, but make use of CFKs if it's offered. But it will be interesting to see what happens.


One last question, so the auction sale date is the actual foreclosure process point where they can change over the DEED OF TRUST? I've already noticed they did a DEED ASSIGNMENT back in Nov 2010. I don't know exactly what that did, though. With the Notice of Trustee Sale notice, there was also a Substitution Trust form recorded as well.

Yes, the actual sale date is the date the 'new" owner (the bank) becomes the legal owner again. The sale then gets recorded, just like it did when you bought the place and were given the keys. Once this is complete, you can start looking for the cash for keys offer and deadline to move. Concurrently while this is going on they will begin the eviction process. Just be out at the earliest offered time if you can, collect the most cash for keys and avoid the unlawful detainer on your credit report.

ST

[screentest]

screentest, I met with my attorney today and he was telling me something like what you wrote, he said to wait until the eviction process and let the mortgage company offer me cash for keys. I said I was nervous about the sheriff & eviction and he said the eviction time would be the time to get the cash for keys.

Yes, once the house is sold they will begin the eviction process and also the cash for keys process. Have something lined up, time it right and you can be out with some decent cash in your pocket.

ST

[tyson24]

I am not sure who your lender is, but a friend of mine is a real estate agent and does cash for keys offers for Chase. Depending on location and the probability that they may get someone to buy your house, CFK can be anywhere from $3000-$5000.

[helpme2010]

Thanks, I am going with this strategy for the cash for keys. For me personally right now, it's not really about the money, although I will make my decisions based on money, but rather just trying to stall for enough time to find a job so I will look more credit worthy to a home renter. If I can't land a job, then of course I will try to get as much money and save as much money as possible in this process.

It's scarier than hell not knowing if you will lose your house and not find a new place to live.