CA foreclosure wells fargo cash for keys question

[Wantmypeace]

Our home went back to the bank in the Sheriff's sale at the courthouse today. We have mostly moved out, and we are renting a new place. However, we have at least one full room of furniture, clothing, etc. at the old house, still. (Our rental is much smaller, and we will probably have to rent a storage unit for the rest of our stuff.) The utilities are still on, but when you look in the window, you can see htat the house is mostly empty. The pool is a swamp, too.

My question is this: will Wells Fargo change the locks and take all of our stuff, or will we be contacted with a time frame to get the rest of our stuff out? Any chance of cash for keys since we aren't totally out?

Does anyone have experience with Wells Fargo and Cash for Keys? Thanks!

[feelingnutsy]

When you says the sheriff's sale---I assume you mean the regular foreclosure sale.

If so---have you gotten a letter from WF yet about options---including Cash For Keys?

If you do CFK---you have to have the property broom-swept clean---a real-estate agent
representing WF will check.

Does this help?

[Freddy03]

I was under the impression that when the FC sale is already done and over it's too late for cash for keys?

[Wantmypeace]

I actually got someone ON THE PHONE to talk to me! Can you believe that!?! At any rate, this is what I was told: the house was auctioned yesterday, but there were no bidders. So, Wells Fargo took it back. I NO LONGER OWN THAT HOUSE! HURRAY!!! An attorney for Wells Fargo (through Pite Duncan) will be contacting me this afternoon to discuss the options. This could be "get out in three days," or it could be, "get out broom/swept, etc. in X amount of time, and we'll pay you X amount of money." Of course, I'm hoping for the latter.

[newdaytoday]

We are just a couple of days behind you...our home is scheduled to be auctioned tomorrow and we are also with Wells Fargo. We also have begun to move out and have a rental, but there is still quite a bit of moving left to do as we are also moving to a smaller place. Luckily it has a 3 car garage, so we can store things there. It just takes a long time to move 12 years of living! I will be very interested to hear what your experience with Wells Fargo will be like when the attorney calls you. Please post after you have spoken with them, we are also hoping for some sort of cash for keys incentive, as I don't think there will be any bidders. Who did you call to find out the information about the attorney and that there weren't any bidders? I feel like this whole foreclosure system is difficult to navigate and we are kept guessing much of the time. Can't wait for it to be completely over! Thanks for posting and good luck to you!

[Wantmypeace]

I spent over two hours on the phone. I started with Cal-Western Reconveyance, since they were the one who handled the Trustee Sale. They referred me to Wells Fargo who referred me to Pite Duncan who made me have my bk lawyer fax over an authorization to release information to me. Then, they directed me to one of their lawyers via voicemail. I left a message, but didn't get a call back. I called them back again (30 minutes later) and explained that I needed answers NOW. They referred me to Wells Fargo's REO department who referred me to a separate division of their company who referred me to Freddie Mac. All that to find out that our Wells Fargo home loan was backed by Freddie Mac, and all Freddie Mac loans go back to Freddie Mac. So, I called Freddie Mac, got a very nice gal on the line, and was told that in the next 5-10 days, a realtor will contact us by stopping by the old house or leaving paperwork there. She said that their process is to have an appointed real estate agent contact us to work out our options. She also said the computer did not yet show which agent had been assigned, but it will in the next 5 days or so. So, now we wait.

[newdaytoday]

Wow, you must have a lot of patience! I think I will start with whoever is handling the trustee sale and go from there after tomorrow. At least you know you have some extra time to get everything moved out. I'm hoping we have the same kind of situation. We definitely need the extra time. Thank you so much for posting all that information.

[Wantmypeace]

You're welcome! I know all the details help. This is super stressful, and the more information we can get the easier it is!

[newdaytoday]

Well, the sale was supposed to happen today, but I don't know for sure. Although, as my son and I were leaving our "old" home today a woman parked out in front and was taking pictures. She didn't say anything to us and we were on our way somewhere and couldn't stop, but it was pretty strange to say the least. I'm guessing she was probably a realtor and the fact that she saw my son and I leaving tells her that we're still in the house. Hopefully we will be contacted soon to be given our options.

[Wantmypeace]

I'm guessing that she's the realtor that's been assigned to your home.

We stopped by our house today and found a lockbox. It wasn't on any of the doors, but instead, it was attached to a railing near the front door. We shook it, and there was no key in it. We're not sure what to think of this. Are they going to come and change the locks? We were told a realtor would contact us. I'm very confused!

[newdaytoday]

So, my husband was over at the old house today going through things and a realtor showed up and introduced himself and told my husband that he was appointed by the bank to take care of the house. The realtor had apparently been by the evening before and left a card, but it had nothing written on it, so we weren't sure if he was a random realtor or what. So, he said that he told the bank that the home seemed to be occupied, and he expects to hear back from the bank on Monday with some sort of deal to have us leave the house. He said they MAY offer cash for keys, but it's not guaranteed. My husband said he didn't seem to be pressuring him at all and seemed to feel sympathetic, so at least there is some comfort in that. I'm glad we have some extra time still to continue to get things out of the house. I will post on Monday if I find out anything more.

[newdaytoday]

Have you heard anything more WMP? We were offered a CFK deal and once it is all completed I will come back and post the details. We chose to be out on the earliest date offered in order to receive the maximum amount, but that still leaves us some time to remove the rest of our belongings, sweep up and make sure there is nothing left behind.

[BROKEDED]

I was under the impression that when the FC sale is already done and over it's too late for cash for keys?

Nearly every account I've read said that C4K is offered AFTER the foreclosure sale. Of course you can always contact your bank/servicer or Fannie/Freddie or the Substitue Trustee and inquire before the sale.

That said, I doubt they will be very responsive since I guess the bank hopes that there will be a buyer at the sale. In that case they could wash their hands of it and one would be a lot less likely to be offered anything but an eviction order from a private buyer.

Everything that I've seen suggest the average amount offered is $1000-4000 but I've seen one experience that resulted in $20,000. That was supposedly a leasor who had over a year and a half left on a $3000/month lease. Apparently the bank, WF, asked the tenant to make the offer and date to be out and apparently they REALLY highballed it because they were approved for more than half of what they requested which was $20k. Wouldn't that be a nice parting gift? A lot nicer than some appliances and a few lightbulbs.

Edit: I'm about to let you know something about this as we've finally gotten a sale date for the end of February.

[newdaytoday]

Well, our foreclosure process is now complete. We met with the realtor over the weekend and did a walk through, he handed us the check and we handed him our keys and garage door remotes and it was all done in a matter of 10 minutes, maybe less. We were offered $5500 to be out of the house by 1/3. We were also offered about a thousand dollars less for every 2 weeks pushed out from the initial date, but we had already found a rental and were partially moved out, so we decided on the earliest date for the most money. It still gave us about 2 1/2 weeks from the date of the offer. The realtor didn't know that we had already found a place, but I don't think it really mattered. The home still looked occupied and that's what counted. We definitely needed the extra time to get all our things out and sweep up. We were surprised to be offered as much as we were and were thankful for it. We are so glad to have this all behind us and can start moving ahead and rebuilding. I think the hardest part about all of this is the not knowing and lack of readily available information. I hope our story helps someone going through the process.

[chiwawa]

I have a hole in the wall it is in the garage was cause by water leakage from the bathroom upstairs, and termites issue with the back yard patio. I did not have the money to have these repairs before I filed ch7. Does this will be an issue if I am to asking for cash for key? My lender is with Chase. Thank you.