Cash For Keys ??? Maximizing offer!

[BROKEDED]

1. Is there some type of formula to determine the amount the bank may offer or accept as an offer?

2. Has anyone on here got their own personal C4K story to tell?

I've been trolling the internet for the past few months trying to find the latest on C4Ks. I've seen reports of offers varying wildly from $1000 to amounts of $20,000. The typical amount I see is in the $1500 to $5500 range.

One realtor stated in on online interview that the amount was based on 1% of what the bank thought the sale price would be. Another realtor said that not many homeowners' counter offered but that she had never seen one denied if the mortgage was owned by Fannie or Freddie. Mine is Fannie owned.

Once we received our latest sale date, I called the mortgage company to inquire about C4K and simply asked the guy the amounts available. Surprisingly, he stated that for NC the amounts ranged from $500 to $5000. That was the first that I had heard of it being state specific even though I'd read that FL had some special programs.

Lastly, a realtor put the "Knowing Your Options" paper on my door the other day even though the house hasn't even sold yet. So I called him and he stated that typical was $1000 to $1400 to move out in 2 to 3 weeks after the redemption period(10 days). I laughed! I asked how to counter offer and said to to simply give him a figure and a move out date and he would enter it in the computer and should have a response of yea/nay or a counter from Fannie in 2 to 3 days.

I was thinking of countering with $5000 to be out in 32 days which would give me about 5 weekends to git r done but I don't want to leave money laying on the table either.

Anybody???

[keepsmiling]

I don't recall anyone here getting more than 5K for C4K. The amount tends to vary based on how quickly one hauls out. The quicker you get out, the more cash offered.
But hey, whatcha got to lose? Make your offer and see what they say.
Good luck, keep us posted.

[BROKEDED]

Sounds about right. Just don't know what to counter with. I have read of a couple of instances where the owner countered too high and the lender came back with a refusal and simply continued on with the eviction. I would like to get $5000 and my gut says to ask for more than what I want in case they counter back but I don't want to ask too high and get nothing.

Like I mentioned, the guy from the loss mitigation dept said that up to $5k was available, so........why not give it to me?

[BROKEDED]

Emailed the real estate agent last night with a date and counter offer. Checked my email this afternoon and he said that he started to put in the offer when he got an email from Fannie telling him to discontinue contact with me as our information had been eliminated from the system. I called and he said that he couldn't see anything pertaining to our account. Called the Sub. Trustee and it went to voicemail. Called Fannie and was told that they could not access my account even to verify the sale date. Only info he could see was to contact the lender. Wonderful!?!?! Got to deal with those mental midgets again.

So I called Met and was quickly asked what my plans were with the house. OKAY! FOR THE FIFTH TIME IN THE PAST WEEK. YOU CAN SHOVE THE HOUSE UP YOUR @$$. Then I was promptly told that Met does not offer C4K. Okay, that's neither here nor there but..... YES YOU DO! Then he said that nothing had changed and the sale date was still on but that I should call the Sub. Trustee........*sigh* So I called and essentially begged to speak to a person and they worked me in. Nothing had changed there either.

SO, I called the RE agent back and he said that maybe there had been an upset bid. I then told him for the umpteenth time that we hadn't even had the sale yet. He had no idea so my only guess is that they prematurely assigned him to the property and then realized their mistake and yanked it back. So the sale is tomorrow and I should be able to call tomorrow evening to see if it sold and to whom. HOPEFULLY, it will be to the bank and I will then have an agent reassigned to offer the Cash for Keys.

[keepsmiling]

Oh carp.

Good luck.

[Tony733]

My C4K story I was offered 3K to leave in 30 days or 2K to leave in 60 days on a Freddie Mac Foreclosure. This offer came about 60 days after the sale date.

My understanding that this program through Fanny and Freddie was originally meant for a carrot to avoid foreclosures sales and entice short sales or deed in lieu.

I took the 3K and left in 30 days after having a rent free home for over 30 months.

[BROKEDED]

We're in a similar boat. Haven't made a payment in 28 months. I think we could have stayed even longer had our escrow not came due in November. I expected that to throw a flag and apparently it did.

I was originally thinking of looking in to the Cash for Keys for a Deed in Lieu to avoid a foreclosure but I read that both required the same wait to be eligible for an FHA loan so I figured why bother. Thanks for sharing your story!

[BROKEDED]

I hope I'm not boring you guys with the details but I thought some of this might help someone later on.

So, still no reply from the Substitute Trustee as to who bought my house. I'm pretty confident that it sold, just don't know to who. Called them again and still goes to voice mail. Called the lender and all they could do at this point was refer me back to the Sub Trustee...DOH! Called Fannie Mae and THEY refered me to the Sub Trustee....Double DOH!!!

I did end up getting a little info from the rep with Fannie Mae. When the property sells, it is removed from Fannie's inventory. If a private buyer bought the property I assume Fannie nor the lender have anything else to do with it except applying funds to the mortgage. If it is bought by the lender at the sale and your state has a redemption period, the lender holds the property until the end of the redemption period and then assigns it back to Fannie Mae. I was also told that I wouldn't be contacted about my options with the property until after the redemption period had ended.

That said, when I got home there was another notice on my door that stated it was to "determine the occupancy and condition of the property". So I called the number to confirm that we are still here and the lady told me they were assigned by Fannie and that I probably wouldn't hear from her again until after Feb 12th at which time I should receive another "Knowing Your Options" flyer on my door.

I did call Fannie Mae back to verify that this company was assigned and they could not confirm anything at the time. So a Level Twoooo agent is supposed to return my call tomorrow with the info.

[BROKEDED]

Called the Sub Trustee again, couldn't get through. Called Metlife, same thing. Didn't bother with Fannie. Called the county clerk of court and they DO keep a record of sale and she was nice enough to tell me over the phone......... Metlife bought it!!! Yay!!! I think...

So now I will wait for the end of the redemption period, hope that there are no upset bids, and then talk to the new REO agent.

[BROKEDED]

Got the new "Knowing Your Options" paper on the door Monday the 12th. Thought I'd wait a couple days to call. It says to call within 10 days so I call today (2 days later) and the agent says that she can NOW look at my file since the redemption period is over and the offer is..........drum roll........... $1494.00 to move out.......... TOMORROW!!! Hahaha, these agents are a hoot! They're in the same bag of mixed nuts as used car salesmen.

Anyways, I countered with $5500 to move out in about 3 weeks. She seemed surprised but said she would enter it. I will try to call Fannie at some point to see if my counter was actually entered as that. I trust NO ONE! I know realtors can make $300-500 by just listing and appraising a house but I don't know if they get any incentive the quicker and cheaper they get you out.

She said she should have an answer tomorrow or Friday. We'll see....fingers crossed!

[keepsmiling]

That's HILARIOUS pfffff

good luck!

[BROKEDED]

Well, our counter offer wasn't denied but I felt like I was on 'Deal or No Deal' playing games with the banker. They offered $1494...where that figure comes from beats me... so I countered with $5500. Received their counter to my counter....................$750. Yes, $750. What the fudge?! The trash out guys make THAT much. If they want to play hardball, I've got loads of carp I don't feel like hauling away and quite a few parting gifts I'd like to take. I also have a couple of bags of fertilizer that would give the weeds, err umm, I mean lawn a nice springtime boost.

So anyway, I countered back. Hope to hear something Monday.


To be continued.......

[keepsmiling]

idiots

[BROKEDED]

Got a response today from the realtor....!#$%&* Not what I wanted to hear.

On 03/14/12, Fannie offered $1494 to be out by 03/15/12..... 3 days after the notice was posted, one day after I called.....suspicious timing to me.
On 03/14/12 we counter offered $5500 to be out by 04/02/12.
On 03/16/12 Fannie offered $750 to be out by 04/02/12.
On 03/16/12 we counter offered $3500 to be out by 03/26/12.
On 03/19/12 Fannie offered $750 to be out by 03/26/12.

I think a counter offer would be pointless so I think I can contest the eviction that will drag it out 10-30 days just to give me a little more breathing room to get my possessions out. Not sure. Have to speak to my attorney before doing that. Don't want to incur any attorney fees from the lender.

I still believe the realtor plays a hand in the offer game but I can't prove it. Anyway, the money wasn't mine to begin with so I haven't lost anything. The good thing is there's plenty of general junk that I'm not paying to remove and I'll keep all of my stainless appliances that we replaced the builder installed white ones with. And as mentioned, the yard could use a good dose of fertilizer.

Here at the end, the house will be missed, the family memories will be cherished, but my motherpuppy next door and across the street neighbors will be a good riddance. Let the next suckers deal with them. Finally, the time has come to put this chapter behind us. (no pun intended...ok maybe a little)

[keepsmiling]

You'd think it would behoove them to make an offer that would ensure they wouldn't have to pay 1000's to clean up after you. Or fix cemented toilets. Or whatever.
(not saying you'd do that, just saying... you'd think they'd be a bit more reasonable and think it thru)

Sorry it didn't work out the way you hoped.