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Cash For Keys - is this the best offer?

Discussion in 'Deed in Lieu of Foreclosure - Do You Need Help to ' started by tukeeAZ123, Jun 29, 2011.

  1. tukeeAZ123

    tukeeAZ123 LoanSafe Member

    Hi All,

    We just got a Cash 4 Keys offer for a measley $500 if we move out in five days.
    This really is not worth the hassle.

    Anyone know if this is just a 'first offer' and likely to increase, or do you think this really is all they are offering?

    Frankly I'd rather stay in the house 'rent free' for another month, than try to rush out of here (plus leave our appliances) for a mere $500.

    I asked if the offer was negotiable, and was told "no".

    Any thoughts/experience with c4K?
  2. yomann

    yomann LoanSafe Member

    No direct experience, but have read on this forum a range of $1500 - $2500.
    You are right, for a mere $500 I would stay the exrta month and not worry about cleaning up.
  3. estela13

    estela13 LoanSafe Member

    That is what they offered a friend of mine. She had renters and they get extra time and if they have a lease they usually give them more they offered renters in her house that were renting 1 room $4000.00
  4. Buckus

    Buckus LoanSafe Member

    Well, since you're still in the house, they have to get an eviction order from a judge, and then the sheriff has to come and kick you out. So, if I was you, I'd tell them they'll have to evict me unless they up their offer. And if they try to change the locks, have the police charge them with breaking and entering. That might change their tune. They're banking on you not having information and just taking whatever they offer.
  5. knownick

    knownick LoanSafe Member

    Everything is negotiable. I got $5,000.
  6. tukeeAZ123

    tukeeAZ123 LoanSafe Member

    Was this their initial offer? Or did you negotiate this?

    I got the line that Fannie Mae only authorized them (the representative realtor) to offer us $500, and that this value would only go down, not up.
  7. freedomwon

    freedomwon LoanSafe Member

    Knownick - Would you say the $5k was approx 1% of the 1st loan balance? How long ago did you get C4K?
  8. knownick

    knownick LoanSafe Member

    More like 2%. This was back in Sept. 2009.

    It was a Freddie Mac loan, that was their initial offer. $5k/30 days or $3.5k/60 days. I'm sure lots has changed since then and it's highly dependent on your area and how bad the new owners want you out.

    Several people on here have successfully negotiated though. They may just say no, and you might have to be willing to play hardball to get them to up the offer... but I guess it doesn't hurt to try.
  9. freedomwon

    freedomwon LoanSafe Member

    I'd say you did quite well for yourself. And yes, things have changed. Most banks now require the homeowner sign documents giving up all rights to participate in any future law suit. No signature on those docs = no C4K's.

    Also, as I see it, the moment you surrender to C4K's, you have voluntarily agreed to leave the property of your own free will. As much as I would love to have the money, I don't think I will take it, if offered. I want to leave my options open. I also want it legally documented till the end that the bank illegally forced me out. One of us will remain behind until the sheriff ******s us out. I won't subject my child to that though. When we suspect the very end is truly near, we will move 98% of our contents to a new home along with 1 parent.
  10. knownick

    knownick LoanSafe Member

    I can't remember the exact contract I had to sign but I wouldn't be surprised if similar language was in it. There was also the matter of providing my SSN so they could report the income - I got a separate 1099 from the law office that handled the foreclosure for the c4k deal.

    $5k was definitely a "good deal" - I was quite happy with it. I'm with you though, for a measly 500 bucks I probably wouldn't sign any rights away.

    One thing I did that I think may have helped was I never contacted anyone. Never called after the sale to see what happened, never asked a soul about "cash for keys". I just sat tight until they came knocking. It took almost a month - I had given up hope on getting anything and was expecting an eviction notice - not a c4k offer.
  11. freedomwon

    freedomwon LoanSafe Member

    That was a really smart move. I plan on doing the same. So here you are 2 years later. You are one of the rare gems that continues to remain connected with Loan Safe. Thank you for that.
  12. Jeffrey L. Shurtliff

    Jeffrey L. Shurtliff LoanSafe Member

    If you do not take the offer they will serve you a notice to quit and then if you do not they will file an unlawful detainer and they will take you to court and get triple monthly damages. I have been served with one and I have filed a Motion to Dismiss for failure to state a claim for relief to be granted, next I will file a contempt of judicial law objection against them.
  13. freedomwon

    freedomwon LoanSafe Member

    Hi Jeffrey - I have a plan on paper of what to expect here in California.

    1. House sells on ? (reverts back to lender)
    2. R.E. agent appears within a few days after sale - asks us to leave / offers cash for keys
    3. Say ok to 30 days to vacate - Verbally agree but don’t sign anything
    4. After 30 days goes by, agent sees I’m still in the house
    5. 3 day notice to vacate is taped to my door (but you don’t move)
    6. Sheriff stops by & serves an unlawful detainer
    7. I have 5 days to answer the complaint (I must file an answer to the complaint with the court)
    8. Hearing date is set & I enter a demur pleading.

    Somewhere between step 6 & 8, contents will be moved to a place we will need to rent. 1 adult will remain behind & maintain a presence at the home for appearance sake & to greet the sheriff as we get e s c o r t e d out of the property. I want it on record, along with a paper trail that we were forced out!

    Did I understand correctly, my loan servicer will come after me for triple monthly damages? If so, that would be the time I could file a counter suit against BofA for being in contempt of court for not adhering to the countrywide stipulated judgement. They are under court order to do so, but nobody is enforcing it!
  14. estela13

    estela13 LoanSafe Member

    Just found out today someone I know has court tomorrow in Los Angeles for eviction is it too late to enter a demur? Her husband left her and failed to tell her he stopped making payments when she found out she was 3 months behind. She works long 12hr shifts as a pediatric nurse in the hospital I believe. She qualifies for a mod but Wells Fargo just lies and has been stringing her along.

    Any suggestions anyone I know its short notice.
  15. freedomwon

    freedomwon LoanSafe Member

    Estela - Do you know if she has already been served with the unlawful detainer? It sounds like it. I would suggest she arrive at the courthouse as soon as it opens in the morning & meet with a public defender, explain her circumstances & see if anything can be done. In the meantime, I've got about 15 mins or so to search for a template for a Demur pleading. I encourage others reading this thread to do the same & see if we can help this person out. Sounds like tomorrow is her hearing so I believe the pleading must be entered into the court record effective tomorrow.

    Estela, do you know what time the hearing is scheduled for?
  16. estela13

    estela13 LoanSafe Member

    She was served I don't know the exact time all I know it's in the morning.
  17. freedomwon

    freedomwon LoanSafe Member

    [TABLE="align: center"]
    [TD="colspan: 2"][h=3]§6.01 Demurrer[/h][/TD]
    A tenant has the right to demur to an unlawful detainer (UD) complaint. [See CCP §1170.] A demurrer must be filed within 5 days after service of the summons. [See CCP §§1167, 1167.3, 1170.]The statutes governing UD actions do not provide for a shortened period of notice of hearing on a demurrer (as is the case for both a motion to quash and a summary judgment motion). Therefore the notice must specify a hearing date that [see CCP §1005(b); CRC 3.1320(c)–(d)]:​
    • Conforms with CCP §1005—served and filed at least 16 court days before the hearing date, with 5 calendar days added if the places of mailing and destination address are both in California; and
    • Is not more than 35 days after filing or on the first available date thereafter.
    However, for good cause you may order the hearing held on an earlier (or later) date and may prescribe appropriate notice. [See CRC 3.1320(d).]After you rule on the demurrer, the parties have only 5 calendar days, rather than the usual 10 days, to answer or amend. [See CCP §1167.3; CRC 3.1320(g).] The time within which an answer must be filed runs from the date on which notice of the court’s decision on the demurrer is served, unless the defendant waives notice in open court and the waiver is entered in the minutes. [SeeCCP §§472b, 1019.5.] If the defendant fails to answer, you may enter a default. [See CCP §586(a)(2).]

    So again, suggest she meet with the public defender first thing in the morning & see if anything can be done.
  18. estela13

    estela13 LoanSafe Member

    thanks will do:)
  19. Jeffrey L. Shurtliff

    Jeffrey L. Shurtliff LoanSafe Member

    Pursuant to your court rules you can only answer one way. You may answer with a cross complaint. You are entitled under the law to answer any way with a cross claim or a motion or just a plain answer. Most unlawful detainers must be answered in three business days. Defenses for complaints are listed under rule 12. Rule 7 is the guide for answering. Read them and GET EM!
  20. freedomwon

    freedomwon LoanSafe Member

    Estella13 - What happened with your friend the nurse that had to appear in court last week?

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