The Foreclosure Process - CASH FOR KEYS
We were assigned two new listings today by one of our Asset Managers. Off I went to handle the occupancy checks, post the Know Your Options flyers and install lockboxes & signs. The first property is in a nice neighborhood. It’s a nice 3 BR/2 BA, sits on a couple of acres and, although they removed all the appliances and left us with a bunch of garbage to trash out, they didn’t do any damage. Believe it or not, for our area this is normal. Keep an eye out for this one to come on the market - it will probably be a great value for someone.
Then comes the hard part of our job as foreclosure specialists: I found the second home to be occupied. The husband and wife, in their mid-40’s just hit on some hard times. Their loan was with one of the “big three” lenders whose name I shall not mention (but their initials spell the name of a large snake). Their story is a replay of many we’ve heard over the past couple of years. Miles of bureaucratic red tape, hours and hours spent on hold passing from one department/individual to another. “Send three payments and we’ll renegotiate your loan” they heard. So they did. “Sorry we can’t help you” was the reply.
Unfortunately, these lovely people were too far along in the process by now as the property sold on the courthouse steps last Tuesday. The next step in the foreclosure process is the offering of Cash For Keys. This is where the lender (new owner) literally offers the former borrowers “cash for keys”. In other words “move out and leave the home broom clean and undamaged in a certain amount of days and we will give you $xx.xx”. The longer the time you take to move, the less Cash For Keys you get. Take too long and you get nothing.
Here’s where it’s time to make a wise decision. Regardless of how much you love your home and want to stay, the time has past for negotiating. As harsh as it sounds, it simply isn’t yours anymore. The smart thing to do is to accept the offer of Cash For Keys and use the money to help with moving expenses. Like it or not, you are going to have to move. If you don’t work with me now, there WILL be an eviction hearing. The sheriff WILL show up one day with a locksmith and lock you out. It’s inevitable and it’s time for you to . . .
Take CHARGE! Take CONTROL!! TAKE THE MONEY!!!