Announcement

Collapse

Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

Welcome to the Bankruptcy Forum. Bankruptcy (BK) Forum is known as BKForum.com and will be referred to as BKF hereinafter. In order to ensure a long term success of our vibrant community, we have established certain rules and guidelines to which everyone must adhere to. Please take your time to carefully read our rules, before you start to participate in the community.

Things you agree to do:
BKFORUM.com (BKF) users agree to use the search function before starting a new thread. This prevents duplicate discussions and allows for better organized topics.

All BKF users agree to read the sticky posts which may be available at the top of a forum page. These Sticky posts often contain valuable information. They may also outline more rules and guidelines specific for that particular forum, stickies are put in place by that forums moderator(s) or admin(s).

Things you agree not to do:

All BKF users agree not to call people names or write a post simply to make a personal attack, or get a negative reaction; this behavior is not allowed on our forum. The use of derogatory language aimed at anyone will be severely dealt with. There is no need to agree with each other, or to even like each other. However, by signing onto BKForum.com you agree to treat each member and guest with the respect they deserve. No threats or personal attacks will be allowed.

All BKF users agree not to discuss, engage, or encourage any behavior or activity which violates the law. Discussion of drugs, violence, murder, theft, vandalism, fraud or any other issue which could be used to help individuals break the law is strictly forbidden.

All BKF users agree not to "bump" old threads, unless there is a specific benefit to the community by doing so. But in most cases, please don't post in very old threads, instead start new threads.

All BKF users agree not to attempt/use another members account. It is against BKF rules to use any account other than your own. Impersonating another member will result in an immediate ban. It is also against the rules to open more than one account in your own name without permission from a moderator or administrator. If you have been banned for any reason, it is against the rules to open another account. If you were banned temporarily and you are caught using another account you will be banned permanently. Choosing a moniker which is similar in either sound or spelling as a moderator or administrator is strictly forbidden.

All BKF users agree not to private message any moderator, admin, or other member with questions related to their personal circumstances (Questions about the forum or issues with the forum are ok). This forum only works when members share their experience and insights with everyone.

Things you agree not to post:
All BKF users agree not to post any derogatory/racist/or sexist remarks. This includes attachments, links and all information contained within posts, signatures, and avatars, failure to comply with this rule will result in a permanent ban.

All BKF users agree not to post any copyrighted or trademarked information without the express written permission of the owner(s) / proper citation of source.

All BKF users agree not to post any real names, addresses, telephone numbers, email addresses, social security numbers, or any other personal details (their own or other people's).

All BKF users agree not to post links, pictures, attachments, videos, or the like of pornographic content, objectionable material or extreme violence, whether cartoon or real.

All BKF users agree not to use BKF for advertising purposes without a written contract between yourself/company/agent and the administration of BKF. Blatant advertising will result in a ban.

All BKF users agree not to spam the forums. Spam includes but is not limited to posting erroneous, non-relevant-useless, off-topic, or meaningless posts. Spam may also include posts which contain no text, or large areas of blank space between lines. Simply posting emoticons without text is considered spam. BKF is the largest bankruptcy message board and all the content is intended to help other users. Please help us improve the quality of our forum by making sure that your posts are well-worded, spell checked, grammatically correct and syntaxed.

Regarding actions of moderators and administrators:

The forum is no place to air out your opinion or be judgmental of our staff and its capabilities.

All BKF users agree not to abuse or mistreat moderators or administrators. It is against BKF rules to post any information regarding bans or any other action taken by a member of the moderating or administrative team. If you wish to discuss bans or warnings please do so via PM. To place a complaint against a moderator, send a PM to a super moderator. All Moderators are equal, any decision made by a moderator must be adhered to. If a moderator tells you something you do not like, do not go to another moderator looking for a different answer. If you are caught doing this you will be banned. The moderators work as a team and respect the decisions made by their peers and will help enforce them unless an administrator tells them differently.
If you have an issue with how the forum is run, then notify one of our administrator and we will look into the situation. We have in the past and still do appreciate any input that you offer this forum. But critical input and/or judgmental postings towards the staff will result in you getting banned.


Should you find a thread offensive or out of line, then notify a Mod in a PM so they can evaluate the situation and do the action deemed necessary.

All moderators do have active "other" lives outside of the forum and help moderate this forum in their spare time throughout the days and weeks.

If you have a problem with a member or Mod follow the proper channels of reporting it.

BKF reserves the right to delete any posts which contain anti-BKF comments or discussion. Any bashing of moderators or administrators, or any of their discussion or actions will also be deleted, and the responsible posting party(s) will be banned. Any public anti-BKF advertising, communication, or posts on another forum will result in permanent bans as well.

All warnings and bans are decided by individual moderators and administrators. Warnings are preferable to bans however, for serious offenses and repeat abusers bans will go into effect. The length of the bans can vary from several hours to permanent.

All messages posted or sent including through PM are the property of BKforum.com.

All BKF users agree not to advertiser on the forum (Niether by posting, private messaging or using your signature). If you are a company/attorney/legal adviser wishing to advertise on the site or sell a product, you must contact the head administrator and inquire about our advertising packages.

All bankruptcy related opinions expressed on BKForum.com are those of their authors and not necessarily of BKF, its staff or representatives.

You agree not to copy any material/post/content from BKF without written permission from our head administrator .

By posting on this forum you agree to these terms and conditions, including any punishment deemed appropriate by moderators or administrators in the event of an offense.

Administrators/Moderators can change these rules at any time without prior notice.
See more
See less

Let's talk Cash for Keys!

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Let's talk Cash for Keys!

    I'm the one in the Seattle area who has the trustee short sale-ing the underwater BofA property. Anyway, we're coming up on this Friday being the day we'd have to respond for next Friday's (27th) Motion of Sell. We aren't responding because there is nothing to respond to, of course (plus our atty has been unhelpful pretty much the whole time anyhow) but we're really wanting to negotiate a cash for keys offer and we don't know when it would be beneficial to do this. With a brief internet search, I'm finding that sometimes these offers are made and then NOT honored (WTH???) and I saw one post from a Tacoma atty saying that offers need to be negotiated where it's in 2 parts - one up front and the 2nd when the keys are handed over. That sounds like a good way to at least not be screwed out of 100% of a negotiated Cash 4 Keys offer, so I like that. Other than that, what should we do???

    Should we be talking to the listing agent's office about this? Should we be somehow talking to the trustee? Should we be talking to the agent of the buyer? The last one sounds like the least likely to get anything as they are Russian immigrants and probably don't care if it goes to eviction. Negotiating with the Trustee sounds really dicey too, but we just really don't know who we are supposed to talk to and our atty seem to think he needs to charge $20-50 every time we ask a simple question!

    WHEN should we be trying to negotiate this??? My husband thinks probably next week to let the court do what it is scheduled to do and to make it seem more time critical. I'd like to have the sense of knowing if it's even possible to negotiate anything rather than just waiting and waiting.

    Other than that, what sort of time frame are we looking at? Just how bad is an eviction in terms of credit records and such? Like I know rental evictions are the kiss of death to anyone trying to be a new renter anywhere, are house evictions like this the same sort of stigma? And would it be an eviction if they got the keys the 1st day after telling us an eviction date?

  • #2
    Anyone? Bueller? Bueller?

    Comment


    • #3
      While I have real estate experience pre and post BK, I have not experienced anything like what you have described. If I understand correctly you want to do cash for keys to preempt the TT who is actively trying to sell it for a cash carveout. As I understand the law, you have to get permission from the TT to sell an asset. I realize that you may not think highly of the TT actions but s/he is still the TT and I would not tickle the dragon. Let it go.
      Chap 7 Non-consumer --Realized headed for bankruptcy Nov 2010 --Started planning BK7 Spring 2011 -- Filed Sept 2011 -- 341 & Continued 341 Meetings Nov 2011 --No Asset Case Nov 2011 --Discharged Jan 2012 --Closed Feb 2012

      Comment


      • #4
        Pretty sure you don't want an eviction of any kind on your records. That point is made quite often around the forum.
        I'm not sure you are in a position to do C4K. Is there an actual buyer now?
        One of the pros will be along, I expect. Hang in there.
        Ah Resigned.... so sorry you have to go thru all this. Good luck as always.

        Keep On Smilin'

        Comment


        • #5
          Originally posted by nohoneymoney View Post
          While I have real estate experience pre and post BK, I have not experienced anything like what you have described. If I understand correctly you want to do cash for keys to preempt the TT who is actively trying to sell it for a cash carveout. As I understand the law, you have to get permission from the TT to sell an asset. I realize that you may not think highly of the TT actions but s/he is still the TT and I would not tickle the dragon. Let it go.
          R2BK's question about cash for keys has nothing to do with preempting the Trustee. I truly think you misunderstood her question. Cash for keys is paid by Realtors and buyers so that an eviction does not have to be filed and so they can have occupancy ASAP.

          She asked if she should talk to the Trustee about receiving $FK but I personally think she needs to contact the Realtor and ask her if $FK is an option so that "her client" can get into the house ASAP once it closes.

          How is packing going R2BK? Are the kiddos doing okay through all this?
          ~~ Filed Over Median Income Chapter 7: 12/17/2010 ~~ 341 Held: 1/12/2011 ~~ Discharged: 03/16/2011 ~~
          Not an attorney - just an opinionated woman.

          Comment


          • #6
            Originally posted by ValleYum View Post
            R2BK's question about cash for keys has nothing to do with preempting the Trustee. I truly think you misunderstood her question. Cash for keys is paid by Realtors and buyers so that an eviction does not have to be filed and so they can have occupancy ASAP.
            Thank you, yes, that's what I figured too. My atty mentioned something briefly about the potential for us to get cash for keys, he's just very irritatingly expensive to actually ask when it comes to clarifications on virtually anything.

            She asked if she should talk to the Trustee about receiving $FK but I personally think she needs to contact the Realtor and ask her if $FK is an option so that "her client" can get into the house ASAP once it closes.

            How is packing going R2BK? Are the kiddos doing okay through all this?
            Packing is going. I guess. The kids will probably be fine. It's only the oldest who's been in school already, so she'll have to make new friends. The youngest has no friends to leave behind, so it's not a big deal to her socially. My oldest was pretty upset a week or so ago when DH was explaining that we will never be able to come back to our house once we're all the way moved, but she's been ok except that 10 minutes or so of being upset when that was explained to her. Where we think we should be able to rent, they actually have a super nice playground -- nicer than the school they'd be going to from that complex -- and there's an indoor heated pool and a small theater residents can reserve to play movies in. I think the packing will go much more smoothly once we FINALLY can have a contract to sign and receive keys!!! BofA has been extra slow in verifying my bank accounts (don't ask why an apartment complex seems to think they need to verify the existence of ANY bank acct, but anyway) and it turned out I gave the wrong number for them to verify my employment and the dips in the HR of my new workplace apparently couldn't relay that other telephone number when the apt management called them. Grrrr.

            Comment


            • #7
              Originally posted by keepsmiling View Post
              Pretty sure you don't want an eviction of any kind on your records. That point is made quite often around the forum.
              I'm not sure you are in a position to do C4K. Is there an actual buyer now?
              One of the pros will be along, I expect. Hang in there.
              Ah Resigned.... so sorry you have to go thru all this. Good luck as always.
              Yes, there is a buyer, that's why they are ramming this Motion to Sell through the court. Apparently that's how these underwater BK short sales are done in this state.

              Comment


              • #8
                When you are in bankruptcy Trustee's have a tendency to be "UNREALISTIC". So just hold on, no one is buying property these days and if they put it in an offer the mortgage company will probably deny it.

                Comment


                • #9
                  yes, you are correct. Cash for keys is something someone does OUTSIDE of bankruptcy. Why do cash for keys if you have filed bankruptcy??? If the Trustee is filing motions with the court, they prolly see some equity there or are maybe exercising futile dreams of a 20% commission. Or maybe looking to rack up leagal fees to deplete another asset that is already sold or is already liquid, E.g. CASH.

                  Comment

                  Unconfigured Ad Widget

                  Collapse
                  Working...
                  X