Cash for keys after Bankruptcy and Foreclosure
June 24, 2010 Leave a comment
If you have been in foreclosure before the bankruptcy then after you file and get the bankruptcy discharge your house could be sold at a foreclosure sale. (Sometimes it happens before the discharge if the lender gets the bankruptcy stay lifted). When the house is finally sold you will be contacted by the new owner who is usually the mortgage holder. They will then ask you when you will leave.
At this point you need to enter into negotiations with them. Be sure to tell them that you need rent money to rent a new place and you need moving money. Remember, it is expensive to evict you. They cannot throw you on the street. They would have to give you a 3 day notice and then hire an attorney and file an eviction. They would then have to go to Unlawful Detainer court and get a judgment and then a Sheriff to remove you. All of that takes money and time. You might not be out for another 2 months by that formula and then they would be out filing and attorney fees.
It is better for them and you if they negotiate a “cash for keys” where you leave in a reasonable time and they give you cash for it. Get as much as you reasonable can. I have heard stories of around $3000 sometimes for some lenders. Negotiate with them and get the money and then move out. After all it was your home and you should get something as you leave out the door!
Check out my websites for more info: www.farquharlaw.com or www.freshstartsandiego.com. Or call my office for a free consultation at (619) 702-5015. Call now for free credit report and analysis! I am a bankruptcy attorney in San Diego.
For a free e-book: “13 THINGS YOU SHOULD DO TO PREPARE FOR YOUR BANBKRUPTCY FILING” please send a request by e-mail to: firstname.lastname@example.org.