Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I have found out that my landlord who owns multiple properties is going through a foreclosure on all his units. He is telling a different story, but I don't believe it after talking to the bank's attorney.
My question is this: How do you approach the bank with a cash for keys offer? I know nothing is written in stone until the actual sale date (coming up in about 2 months) but my gut feeling tells me I will be homeless soon and I want to have a game plan. I am in Florida, btw.
My guess is that your landlord could get upset if he thinks his tenants know his personal business. I would. If the bank's attorney was not totally truthful, you could be getting in a hornet's nest of liabilities. If he thinks the bank's attorney passed on priviliged information to his tenant, he's got a whopper of a law suit. Offer your landlord a buyout without mentioning his personal finances and see if he would agree to sell it to you. There are tactful ways to do this. Say you'd like to own a home and like this one. Would he be interested in selling...
Last edited by ESFP; 11-10-2008 at 04:00 PM..
Reason: wording
My guess is that your landlord could get upset if he thinks his tenants know his personal business. I would. If the bank's attorney was not totally truthful, you could be getting in a hornet's nest of liabilities. If he thinks the bank's attorney passed on priviliged information to his tenant, he's got a whopper of a law suit. Offer your landlord a buyout without mentioning his personal finances and see if he would agree to sell it to you. There are tactful ways to do this. Say you'd like to own a home and like this one. Would he be interested in selling...
I understand the concern, but he has addressed the issue with his tenants. A "dear John" type letter saying that the mortgage company had sold the loans and it was in limbo as to whom he needed to direct his payments (obviously for quite a long time since we're at this stage). I do not want to negotiate anything with him, I'm referring to once the home is sold. The attorney was very tactful, btw. Definitely staying within the bounds of what is public record.
Oh, sorry. Since it's all out in the open, maybe you could go to the bank and let them know that you're first in line to make an offer on this place when it comes available. They may be grateful to know that they won't have to sit on this property for a long time, paying progressive losses from deterioration and taxes. You may make a sweet deal by bailing out the bank on this one. Good luck!
Ugh..actually got served papers on the foreclosure today. He has 20 days to respond or default, right? Does anyone have a time frame for FL foreclosures?
I think he is asking how to approach the bank about them giving him money to move. It is called "cash for Key's". It is a common practice. They give anywhere from 500.00 to 5,000. for people to get out and not destroy the place. You have to leave it spotless and ready to sell. You wait until late in the forclosure and then tell the bank you have no money to move. Most will give you a check to get into a new place if you leave their house in tact. It is cheaper for the bank to pay moving expenses than waiting out a lease or having the tenant sell all the appliance's to move, which all to often happen's.
Our house is currently in same situation, with the forclosing of the landlord but the bad thing is, is that the real estate company trashed all of our belongings and now have nothing, what the maximum pay out in this case?
Our house is currently in same situation, with the forclosing of the landlord but the bad thing is, is that the real estate company trashed all of our belongings and now have nothing, what the maximum pay out in this case?
You won't be able to get that question answered here, you need to consult with an attorney. This forum is only about renting, not foreclosures, damage lawsuits or other real estate problems.
Cash for keys...depends if the bank is willing to do that. If you don't have a lease they are just able to give you notice and you have to leave, or they can evict you which in Florida can be very fast.
It takes us usually less than 30 days to get a tenant out unless there is a Holiday. In July the law changed and the sheriff's office can now post notices on the weekend making it even go faster!
It sounds to me you try to see how much you can get out of it, but remember that foreclosures and short sales will be less and less in the future since the values of the properties are on the rise.
If you destroy the property they may file criminal mischief charges against you...
The smartest thing is to move out and move else where which will result in less stress and the most I have seen a lender pay for cash for keys was $ 1500 but that only happened when some smaller lenders deal with personal mortgages.
So far I haven't seen other lender do it, since some lender will keep the tenants as renters and not really taking care of repairs, which results usually in tenants moving any way since Florida can be hot without a decent working A/C...
Bentlebee - check the dates and the newly added question.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
