Finally done. Question on cash for keys?

[rjb471]

Finally, after a year of not paying (and a year with a crappy mod), Fannie Mae has foreclosed.

We moved last December because the first auction date was in January. However, that didn't happen. The house was less than a mile from the new rental, so I tried to maintain the house somewhat, but they caught on and changed the locks.

Now I have the notice from the realtor and Fannie Mae. Is there any way I can still get cash for keys? If so, how should I negotiate it?

Thanks.

[Evan Bedard]

Now I have the notice from the realtor and Fannie Mae. Is there any way I can still get cash for keys? If so, how should I negotiate it?

Unfortunately, to get cash for keys you usually have to be residing in the property. It is basically an agreement to get out of the home in x amount of time and have all of your belongings removed. These are funds to help you relocate and move your belongings. But it definitely would not hurt to ask especially if you still have some furnishings or other items you would like to remove from the property. If you type in "cash for keys" in the google search bar at the top of the page you will find many discussions on this topic and other members who here who have been through the process.

[gumbymaywalk]

Moor. We had the notice too after the auction and I believe its more of a formality than anything else especially since you already had the locks changed. We did not however when our lawyer called to inquire he was file they already found out it was vacant so no cash was offered.

[Evan Bedard]

That is a common scenario, if the bank is aware the property is vacant it is not too likely they will offer any funds for cash for keys..