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"Cash for keys".....myth or reality??

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  • "Cash for keys".....myth or reality??

    I have my 341 on December 30 and have already filed my intention to surrender my house. I have searched this board and read about the "cash for keys" scenario but still have a few questions.

    Should I contact my lender (Chase) about a possible CFK deal?

    Let's say Chase is feeling generous during this holiday season and says they'll give me $2000.00 for my keys!! Will this money affect my Ch. 7 or would I just be able to use an exemption to cover it??

    I am interested in this because when I leave my house I was planning on taking all my window blinds and the refrigerator...both of which I purchased. I would much rather leave the blinds up since they are just as much a pain to take down as to put up and would much rather leave the refrigerator in place instead of having to move it and then sell it locally.

    Thanks.

  • #2
    Forgot to add that I was already behind on my mortgage payments and was scheduled for foreclosure so I don't know if that will affect Chase's attitude on "cash for keys".

    Comment


    • #3
      Cash for Keys is quite rare. The Cash for Keys opportunity is usally offered by whomever bought the house from the Sheriff's Sale. No other entity has legal right to take possession of the home without a court order, so the foreclosure must be completed before you can surrender the keys to just anyone, even the lender.
      Bankruptcy History:
      Chapter 7 filed - 10/12/2005 - Asset
      Discharged - 02/16/2006
      Case Closed - 11/08/2007

      A banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain ~ Mark Twain

      All suggestions are based on personal experience and research and SHOULD NOT be construed as legal advice as I am NOT an attorney. Always consult with competent counsel in your area with regards to your particular situation.

      Comment


      • #4
        I had a cash for key's.....

        Countrywide mortgage, waited till it went to auction. Rancon corp. i guess bought. Gave me $2,000. All i had to do was leave the house intact. leave no trash, (Broom Clean) and leave. Gave me a check on a final walk thru........
        Filed August 15th 2008
        Discharged:12/08/2008
        Closed: 2/23/2009

        Comment


        • #5
          Originally posted by TroubleinCalif View Post
          I had a cash for key's.....

          Countrywide mortgage, waited till it went to auction. Rancon corp. i guess bought. Gave me $2,000. All i had to do was leave the house intact. leave no trash, (Broom Clean) and leave. Gave me a check on a final walk thru........
          I'm lost..what is cash for keys?

          Comment


          • #6
            Originally posted by okiemom2008 View Post
            I'm lost..what is cash for keys?
            It's a compromise between the "new" owner of your property and yourself. It saves them from filing Quit/Vacate and/or Eviction Notice following the State-specific eviction process to get you to leave the property.

            So, in order to save all that time and money, the compromise is that they'll give you $$$ for the keys and you leaving without incident.
            Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
            Status: (Auto) Discharged and Closed! 5/10
            Visit My BKForum Blog: justbroke's Blog


            I am not an attorney. Any advice provided is not legal advice.

            Comment


            • #7
              Cash for Keys is real. In most cases this occurs after the house has been foreclosed. The new owner will approch the occupant of the house, be it the former owner or the tenant, and offer him cash for keys, which can range anywhere from $500 to $2500. depending on the area, provided they leave the house in decent condition and in an agreed upon time period. This saves the new owner the cost of evicting the occupant and provides and incentive to the occupant to not trash the property.

              Comment


              • #8
                Thanks for all your replies!!

                I am going to call Chase and see if they do this.

                Question: Do you think I should call now (341 is on Dec. 30) or wait until after my 341??

                Comment


                • #9
                  Originally posted by samtheman View Post
                  Cash for Keys is real. In most cases this occurs after the house has been foreclosed. The new owner will approch the occupant of the house, be it the former owner or the tenant, and offer him cash for keys, which can range anywhere from $500 to $2500. depending on the area, provided they leave the house in decent condition and in an agreed upon time period. This saves the new owner the cost of evicting the occupant and provides and incentive to the occupant to not trash the property.
                  So it would not do any good if the place was vacant?

                  Comment


                  • #10
                    Originally posted by okiemom2008 View Post
                    So it would not do any good if the place was vacant?


                    Nope.....


                    Its to cut their cost on getting you out of the house. If your already gone, Then your done.......
                    Filed August 15th 2008
                    Discharged:12/08/2008
                    Closed: 2/23/2009

                    Comment


                    • #11
                      Wells Fargo offers it after foreclosure you have to stay until they ask you to leave broom clean I got a short sale that covers the first mortgage so I will get some of the escrow back
                      Chapter 7 07/30/2008
                      341 09/17/2008
                      Discharge 11/21/2008

                      Comment

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