Cash for Keys - Can it be Fraud????? Please Help

[mickeyme]

Our place went up for auction last Friday, 11/12. Of course it did not sell so it went back to the bank. Yesterday, I get a knock on my door for this guy, very casually dressed, stating that he is with the local realtor handling this property on behave of Fannie Mae. He continues to tell me that he can offer me cash for keys. He takes my ph# and gives me the notice, and then he takes photos of the outside of my condo.
This all seemed a little too casual for me. I called the number listed on the notice and it is too an office but they never answer; so I emailed them and received an immediate response. I ask them a few questions and they answer them. About 4 hrs later I receive the following response:
I just received the following 3 options for my property (personal info omitted for post):

Offer Amount: $4,070.00
Vacate Date: 12/02/2010

Offer Amount: $3,053.00
Vacate Date: 12/17/2010

Offer Amount: $2,035.00
Vacate Date: 01/01/2011

Please let me know what you and your husband decide, we need to get back to the bank with an answer within 24 hours.

I told them I would take the $4070 and she told me the guy who came buy yesterday will call me to arrange a meeting. Well he did and he will be dropping off ppwrk tomorrow and taking photos of the inside of the condo. He then tells me that we will be signing a contract stating that we will vacate by 12/02 and that we will leave the place in good condition along with completing a W9.

Is this process really that casual? I just want to make sure before I sign anything or complete the W9. It just seems way too easy. I did look up the realtor and they have a website with an address listed but these days anyone can put up a website and have a ph ring to an answer mach.

Any input would be greatly appreciated. Thanks

Oh I am located in So Cal if that makes a difference

[ryan]

Have you contacted the Fannie Mae office?......it would just seem to me that's who could verify what the realtor is claiming?
You want to make sure the realtor, or who they represent, can be relied on to make good on the payment.

[feelingnutsy]

Hey---mickeyme---it sounds legit---but I'm wondering if
you also have a direct WF contact number---to a section
of this bank called PAS---Premiere Asset Services---it handles
foreclosures---and although it's good to deal locally---I'm won-
dering if you got a number to WF to verify everything for it to be legit.

[Flamingo]

"This all seemed a little too casual for me. I called the number listed on the notice and it is too an office but they never answer; so I emailed them and received an immediate response. I ask them a few questions and they answer them. About 4 hrs later I receive the following response:"

This makes the hair stand up on the back of my neck. Before you agree to or sign anything, you had better check this all out as I smell scam really bad here and this sounds like some of the things that were listed in our local paper recently about foreclosure scams that occur. I would have this place checked out and all those involved thoroughly before you sign anything. Contact an attorney if necessary to review the situation.

[ccsjoe]

Hi mickeyme,

I replied to your message. That being said, the entire process as you describe sounds very much like my own, amounts included. It is a very casual process, just another business transaction. The only concerning part was the not answering the phone part. Call Fannie Mae and ask who they assigned the property to. They will tell you the Realtor's affiliation (e.g. a Keller Williams office in XXX city and agent by the name of....).

Sounds like you're on track. Good luck and cover your bases.

[despritfreya]

While you are smart to be cautious. . . .

My experience with "cash for keys" is that it has always been good for my clients. What you described is exactly what each of them has told me. Amount offered is on a sliding scale based upon how quickly you vacate.

Des.

[mickeyme]

Update...Keys turned in and check in hand. The whole process was pretty simple. Now with the house behind us we can really move on. We are renters now which will take alittle getting used to but hey...we are able to save a little bit of $$ monthly so we are in good shape. Thanks for all the support from this post and my others.

[pavlikclan]

You mean to tell me not only can I default on my mortgage. Basically squat on the property till the bank forces me out, but in some instances someone will come give me money for me to move out sooner???

CRAZY

[Flamingo]

You mean to tell me not only can I default on my mortgage. Basically squat on the property till the bank forces me out, but in some instances someone will come give me money for me to move out sooner???

CRAZY

Yep and eventually someone will make a lot of money renting it out.