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"Sovereign doesn't do cash for keys for foreclosures" only for loss miti short sales

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    "Sovereign doesn't do cash for keys for foreclosures" only for loss miti short sales

    Well, la ti da!

    That seems remarkably stupid, so I'm still going to try to sell them on the idea that this time they want to do it, because the house is beautiful and WATERFRONT and they could market in AUGUST and get it off their books before they have to winterize it and maintain it through snow storm season. Seriously, that sounds like the stupidest thing I've ever heard, but it's a power of sale state so maybe they don't think it's a high cost to foreclose here.

    We want to be gone, because staying even free is too much heartbreak and too much uncertainty with our pet situation for finding new digs. We found a house to rent, which belongs to the carpenter/handyman/contractor we've always hired to work on the house. He's happy to have tenants that pay their bills on time (when we hired him we always did!) and respect his work. He's gutted the rental house so it will be like a new old house for us. And he met my budget for it, even though it meant dropping by $75/month to have us as tenants.

    But it would be so sweet if Sovereign wakes up and pays us to move out. Seriously, Sovereign, you know you want to.
    Figured out we were in trouble: (Wait, we're in trouble? ) Stopped paying creditors: Aug 2010 Filed Chap 7: Apr 29, 2011 341: Jun 1, 2011 Report of no distribution: Jun 1, 2011 Discharged Aug 2, 2011

    #2
    Why would the bank pay you to move out if your not paying the mortgage??Is it cheaper for them in the long run??

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      #3
      Rustymich, google "cash for keys" and you'll find lots of material on this practices. In fact, look down below this thread, to the similar threads list for some info.

      It's very expensive to do the legal process of foreclosure and it's not uncommon for the bank to offer cash payments for an orderly scheduled transition in which the debtor leaves the house clean and empty and the bank pays a couple thou to avoid the legal costs.

      But evidently Sovereign would rather pay attorneys to do legal work than negotiate a nice arrangement with a willing debtor.
      Figured out we were in trouble: (Wait, we're in trouble? ) Stopped paying creditors: Aug 2010 Filed Chap 7: Apr 29, 2011 341: Jun 1, 2011 Report of no distribution: Jun 1, 2011 Discharged Aug 2, 2011

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        #4
        Im with this bank as well

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