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Old 01-04-2013, 01:16 PM
 
757 posts, read 1,040,783 times
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As far as cash for keys goes, that is if the Bank doesn't have to go through the courts and get Forclosure/Eviction paperwork. There sometimes is additional money depending on how many kids you have.

Don't plan on staying until the Constable comes and then ask for cash for keys. It's not going to happen. Additionally, if you do wait and the Bank goes the forclosure/eviction route you will have an eviction on your record which can hurt you in the future.

I also would recommend that you make sure that you give a phone number to the Bank's local contact person so that they can reach you. That way you might be able to wheel and deal more.

I suspect you have already explored the Bankruptcy angle.
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Old 02-05-2013, 11:19 PM
 
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Default Benefits of a Forecloseure?

If a property goes all the way to forecloseure in Nevada, there must be some winners and losers in that process. My questions is, who wins? Who loses? It must be a good deal for someone, right?
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Old 02-06-2013, 10:31 AM
 
12,973 posts, read 12,156,757 times
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Quote:
Originally Posted by Cliph View Post
If a property goes all the way to forecloseure in Nevada, there must be some winners and losers in that process. My questions is, who wins? Who loses? It must be a good deal for someone, right?
Depends. The seller may do very well if a low down payment situation. Basically live rent free for a year or two. Takes a credit rating hit but that may not be too bad overall.

The buyer often ends up with a property at a cost $10 or $15 per SF less than if bought non-distressed.

The owner of the mortgage takes a bath. Often Fannie May or Freddie Mac.
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Old 02-06-2013, 10:58 AM
 
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If a home is underwater and foreclosed on does the bank go after the previous owner for the difference of the loan amount they lost?
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Old 02-06-2013, 11:25 AM
 
12,973 posts, read 12,156,757 times
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Originally Posted by Caltovegas View Post
If a home is underwater and foreclosed on does the bank go after the previous owner for the difference of the loan amount they lost?
If non-judicial foreclosure rarely. Common in judicial foreclosure.

Basically most of the big banks use non-judicial foreclosure and don't go after a judgement. Many of the credit unions will use judicial foreclosure and go after a judgement. One can escape such a judgement by going bankrupt.
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