Anybody experience cash for keys with BOA?

[confident]

Lorrie - thank you for the detailed account of the trustee's sale. I've never been to one and don't think I'll go to ours but now we just want it to be over. Unfortunately the uncertainty goes both ways. Thank you for the last part of your message and I know you are right. Everything is going to be okay. We need to stay confident.

Take care.

[lorrieduke]

Confident - Yes the Trustee Sale was July 13, 2010. I went to the courthouse and on the steps were a small gathering of people. Most looked like professinals (suits and skirts) with clip boards in hand. There was a gal with a list of all properties up for auction that day. She said the property address, name of person/persons who held title, who held the note and a starting bid amount which I might add in our case was hundreds of thousands more than what the property was valued at. When nobody placed a bid she said something like it was going back to the bank (can't remember her exact words.) It was fast, under 3 minutes then she moved on to the next property. I am from California too so the process should be similar for you..

anyway -
I got in my car and drove back home to the house I just lost. :-( We didn't know what to do next but an attorney told me they couldn't just throw us out in the street the very next day. He said the bank had to follow all eviction laws and there was a process which by the way you don't want to let happen since nobody will rent to you with an eviction on your record. The attorney told us to sit tight after the Trustee Sale because someone representing the banks interest would probably contact us. So we did and it was only a couple days later when the gentlemen from Prudential showed up and offered us the options.

All I can say is this - Don't be afraid. Everything will be ok. If you are like I was this whole process is weighing heavily on you now. For me it was anxiety, stress and sleepless nights but guess what? I'm okay and you'll be okay too. Just hang in there and don't forget to smile. :-)

Lorrie

[confident]

Yes, you are liable for post-bk HOA fees. I've seen some where they're attached to the property and the bank eventually pays them at foreclosure sale, however, if the HOA wants to pursue you for them they can.

You're right, thanks. This is exactly what I was advised as well.

[ccsjoe]

Yes, you are liable for post-bk HOA fees. I've seen some where they're attached to the property and the bank eventually pays them at foreclosure sale, however, if the HOA wants to pursue you for them they can.

[tobee43]

Thank you CC.

As it were we may be out of the place before that even happens, as the sale date keeps getting postponed. :\ I suppose I don't mind, except for the HOA liability - as we are liable for incurred HOA fees as long as the property is in our name, right?

yes, that's correct, you will still be responsible for the HOA fees.

[confident]

Thank you CC.

As it were we may be out of the place before that even happens, as the sale date keeps getting postponed. :\ I suppose I don't mind, except for the HOA liability - as we are liable for incurred HOA fees as long as the property is in our name, right?

[ccsjoe]

confident, for whatever it's worth, mine (posted a few posts above) happened end of April/early May of this year and except for amounts (I was a renter, got higher amount to leave) it went textbook like Lorrieduke's.

[confident]

Hubby and I had a mortgage through Bank of America. After the Trustee Sale happened and nobody purchased the property, it went back to the bank. A few days later a gentlemen knocked on the door, said he worked for Prudential and was representing Bank of America. He wanted to know our intent and offered a few options. One of them was cash for keys if we promised to be out in 21 days and left the place broom clean and didn't remove or destroy anything. We also had to take all of our belongings including any and all trash. Could leave only the frig if we left it plugged in. Other options were to purchase the house back from the Bank or stay and risk eviction.

We choose cash for keys and in 21 days he did a walk through and said everything looked great, handed us a check for $2000 and we were on our way.
I might add, he stated Fannie Mae only offers $2000 max for the keys. Others may be receiving more but if you have a Fannie Mae loan you can expect that amount.

Thank you Lorrieduke, did your trustee sale happen recently?

[lorrieduke]

Hubby and I had a mortgage through Bank of America. After the Trustee Sale happened and nobody purchased the property, it went back to the bank. A few days later a gentlemen knocked on the door, said he worked for Prudential and was representing Bank of America. He wanted to know our intent and offered a few options. One of them was cash for keys if we promised to be out in 21 days and left the place broom clean and didn't remove or destroy anything. We also had to take all of our belongings including any and all trash. Could leave only the frig if we left it plugged in. Other options were to purchase the house back from the Bank or stay and risk eviction.

We choose cash for keys and in 21 days he did a walk through and said everything looked great, handed us a check for $2000 and we were on our way.
I might add, he stated Fannie Mae only offers $2000 max for the keys. Others may be receiving more but if you have a Fannie Mae loan you can expect that amount.

[ryan]

I was offered 'cash for keys' by BofA....I declined to pursue it, never actaully told them 'no' just to keep them in the dark. It would have been a few grand but was tied to a deed-in-lieu.... it would have had me out of house sometime ago. After doing the math, it was not worth it. YMMV

[ccsjoe]

Please share, it might be relevant. Thanks.

I started a separate post as a lot of people asked about my C4K experience.

http://www.bkforum.com/showthread.php?p=447087#post447087

Hope it helps

[goodyphilips]

Well I found some body in wiki answers saying yes, see this link:

http://wiki.answers.com/Q/Does_Bank_of_America_give_cash_for_keys

[owoody]

A friend just got approved for a Mod after 4 late payments and the terms are Great.Now the problem is his ex- girlfriend won`t sign the papers to do it and to release her interest in it.She has nothing to gain by not doing it except a foreclosure on her record. Couldn`t believe it was so quick though since it is Bof A.............

[confident]

I got a C4K with Fannie Mae through BofA but from a renter's perspective, not a homeowner's. I'll be glad to share how the negotiations went though if y'all think it can help. I'm in CA where C4K also tends to be very prevalent in certain metropolitan areas.

Please share, it might be relevant. Thanks.

[ccsjoe]

I got a C4K with Fannie Mae through BofA but from a renter's perspective, not a homeowner's. I'll be glad to share how the negotiations went though if y'all think it can help. I'm in CA where C4K also tends to be very prevalent in certain metropolitan areas.