Home Loans and Support

Freddie Mac "cash for keys"

Discussion in 'Stop Foreclosure and Tell Us Your Story' started by Jon in MN, Apr 29, 2011.

  1. Jon in MN

    Jon in MN LoanSafe Member

    Well here is my story......

    Live in MN. Loan was with Wells Fargo. Sheriff sale was in Sept 2010. Was notified that I had to be out by March 29, 2011. I contacted WF about trying to get a 60 day extension before having to vacate. They said they would have to talk to the attorney representing them and call back in 2 days. I called back after 2 days and the said no, I have to be out by the 29th.
    Not sure where to go and having 2 kids I decided to move in with my girlfriend (got divorced 5 years ago if your wondering where the kids came from) The only problem is the house is very small and 36 miles away from where the kids go to school and even farther from work.
    I was at the old neighbors house picking up my son yesterday and checked the mail. I got a letter from an attorney representing Freddie Mac, stating they bought the loan/house from WF and have a "cash for keys" program. If I am out by June 5 2011 they will pay me $2000 for relocation expense if I meet certain criteria. I was suppose to send in the application within 10 days of date on letter. I didn't get the mail until 13 days after. Whats really odd is that it is the same attorney that was representing WF.
    If I had any idea I was going to get this letter I would have stayed in the home until the end of school year.
    This just seems real messed up and almost a little fishy.
    When would they start the eviction process? June 5th? How long does that take before the Sheriff is kicking me out?
    I thinking of moving a few beds and 1 couch back in for a month. It will save me about 350 bucks in gas.
    Any thoughts?
  2. Jeffrey L. Shurtliff

    Jeffrey L. Shurtliff LoanSafe Member

    I have just been offered cash for keys. A realtor who represents them contacted me and I told Freddie no more agents. Told them no. I will sign no more fraudulent documents. I asked them who owns them they said the government owns them. I asked them about Wells Fargo and they said they are not affiliated with Wells Fargo. They were the investor of the loan and Home Steps would sell. I told them I do occupy the home but have possessions there with no place to put them. Told them they can have them and the house on 5 May 2011. They assigned me a specialist and they the specialist will would be in touch with me. This is the time right now if you have any problems with your foreclosure to address them. This is your government at work.
  3. Jon in MN

    Jon in MN LoanSafe Member

    Thanks for the reply Jeffrey. Are you pulling out May 5th? Or are you going to hold the fort while you wait for a specialist?
    Well, if Freddie is the Govt, who the heck are they suppose to be working for? It appears to me that they helped out Wells Fargo.
    What bothers me is that I wanted to stay in the home. This was NOT a strategic default. I did a loan mod about two and a half years ago. It lowered my payment from 2000 to 1800. I had a fixed rate at 5% and they lowered it to 4.5% but extended the term from 30 years(was actually down to 25) to 40 years. The only real benefit was it made the loan current. I am self employed in residential home construction and seems like things just keep getting worse despite what you here on the news. I am working less and working for less just to get the job.
    So should I just go and "squat" and try to tie up Freddie on the phone for couple of months? Is there any way to slow down the eviction process.

  4. Jeffrey L. Shurtliff

    Jeffrey L. Shurtliff LoanSafe Member

    Actually I moved out of there in January after filing bankruptcy. I know I could have stayed and not paid until now and believe I would not have to move until June. I wanted my house too and did everything I could to keep it. As the battle went on and I was away from the house and living in a rental the want for the house was starting to waver. It has taken some time for that. It has taken it's toll on me. This is a hard battle and even thought the house is sold it is not over. This is not about the house anymore it is about a Trustee who is fraudulent. It is about a bank that is fraudulent. I am going to find some way to get a judgement against them. Don't care about money it is the Judgement I am wanting.
    Each foreclosure and eviction is somewhat different. Milk them for all you can, hide your money for the rental you will need. Get it planned and going because eviction is coming. It will come when you least expect it. They come to the door here and put your belongings out into the street.
  5. cahomeowner

    cahomeowner LoanSafe Member

    take the cash for keys if offered!!!
  6. Jon in MN

    Jon in MN LoanSafe Member

    I would have but they sent the offer to the house 10 days after I was suppose to be out. I was not checking the mail everyday and did not return it in time. Tried calling the attorney's with no response from them.
  7. Jeffrey L. Shurtliff

    Jeffrey L. Shurtliff LoanSafe Member

    Cash for keys is a settlement. I have two garages full of junk I don't no where to take but to the dump. I will not clean the house and garages for $3000 that I may never get. I will not mow the lawn that has went to hell either. It is their fault the property is that way and it is getting worse everyday. Stuff here doesn't get to growing actively until middle of may. Plus I sold the fridge and the dishwasher and they may make me buy others.
  8. Dr Psychosis

    Dr Psychosis LoanSafe Member

    I am glad to hear that Freddie Mac is actively offering cash for keys as my home in San Diego has been re-scheduled for sale at auction next month. I am really looking for a c4k settlement that will help me finance my new home rental deposit. Does anyone here know just what condition Freddie Mac expects your home to be in, in order to receive the c4ks? I don't want to bust my as* claening, just to be denied the settlement down the road.

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