How do I negotiate Cash for Keys?

[cleach]

Our foreclosure sale date is tomorrow. I've JUST heard about cash for keys, and want to know how I can negotiate this with my lender (Wells Fargo). Sure could use some of their money!

[trappedincali]

Just updated my cash for keys situation in another thread here:

House was auctioned off yesterday


The bank left a note on my door today (house was auctioned off four days ago). It offers the option of 'Relocation Assistance' with a contact.

[cleach]

Thanks! So I guess I'll just wait a few days and see what happens.

[knownick]

We didn't "negotiate" anything. A couple days after the sale there was a notice on the door from Freddie Mac saying the house was sold and that we may be offered compensation to leave the premises. I called the number and talked to the agent. She said she didn't actually handle any of the cash for keys negotiation, that happened directly with the bank (Freddie Mac).

We didn't hear anything for almost a whole month and had actually given up on getting anything at all. Then a notice showed up on the door offering us $5000 if we could leave within 30 days, or $3500 if we were out within 60 days. We signed the contract and faxed it in. We're supposed to meet with the local agent to walk through the place and exchange keys/checks this Friday.

[reddog64]

Originally Posted by knownick

We didn't "negotiate" anything. A couple days after the sale there was a notice on the door from Freddie Mac saying the house was sold and that we may be offered compensation to leave the premises. I called the number and talked to the agent. She said she didn't actually handle any of the cash for keys negotiation, that happened directly with the bank (Freddie Mac).

We didn't hear anything for almost a whole month and had actually given up on getting anything at all. Then a notice showed up on the door offering us $5000 if we could leave within 30 days, or $3500 if we were out within 60 days. We signed the contract and faxed it in. We're supposed to meet with the local agent to walk through the place and exchange keys/checks this Friday.

Thats awesome...
I only hope i am that fortunate... I'll hand the cash right back to BofA and finish paying off their credit card...

[cleach]

So, knownick - from your other thread I understand you were already moved, right? Hope I'm not confusing you with someone else.

We're moving next door, so we're ready to go in the next couple of weeks. But I'm thinking if it's obvious we're not living there anymore, where's the incentive for them to pay me to get out of the house?

[knownick]

Originally Posted by cleach

So, knownick - from your other thread I understand you were already moved, right? Hope I'm not confusing you with someone else.

We're moving next door, so we're ready to go in the next couple of weeks. But I'm thinking if it's obvious we're not living there anymore, where's the incentive for them to pay me to get out of the house?

You're right on all counts - we had moved already. They DON'T really have an incentive to make a payment to you if you've already left - so either don't leave or make them believe you haven't left.

We just moved down the street, so it was easy to come by and check on the place every day. We left all the utilities on, turned the porch light on/off every other day or so, left the doormats out, checked the mail, put the trash cans out on trash day, mowed the lawn, etc. We kept all the blinds and curtains shut tight so nobody could see in. Your mileage may vary, but that apparently worked for us.

[cleach]

We're moving next door! So I think it will be pretty easy to appear we still live there.

Thanks!

[ultimate4799]

Originally Posted by knownick

You're right on all counts - we had moved already. They DON'T really have an incentive to make a payment to you if you've already left - so either don't leave or make them believe you haven't left.

We just moved down the street, so it was easy to come by and check on the place every day. We left all the utilities on, turned the porch light on/off every other day or so, left the doormats out, checked the mail, put the trash cans out on trash day, mowed the lawn, etc. We kept all the blinds and curtains shut tight so nobody could see in. Your mileage may vary, but that apparently worked for us.

hey Knownick, just curious. When you moved out, did you change your physical address via post office to reflect your new one? My spouse and I are in debate if we need to now or wait until we have the $$Fkeys offer. I did submitted request online and won't start until mail forwarding until Oct 8th but not sure if I should cancel until last min.. I appreciate if you can let me know..

[knownick]

We forwarded our mail shortly after the sale, doesn't seem to have affected anything.

[ultimate4799]

Thanks, Knownick. My spouse and I decided to forward mails on our existing P.O Box starting Oct 8th. In case lenders asked later why, it will be easier to explain that orig NTS sale date is Oct 8th and we worried what is gonna happen next after sale.. Let me know your thought. It seemed from your experience it doesn't affect much on $$fkeys.