Cash for keys
 

Has anybody ever heard of cash for keys ?

I've been renting my house through an agent. The house is being foreclosed on and officially my last day is today. I have yet to find a new place due to limited rental properties in my area, plus I have a dog.

I have been looking into the option of just staying here and waiting for the bank to kick me out, I know there is a whole process they have to go through to do that, and I have heard they will offer you cash to leave.

From what I have already researched I think I can stay for 3 more months......

I'm in Northern California BTW.

I have already started moving my possessions into a storage unit just in case things get a bit sour.

I f***in hate banks..... especially as the owner has been keeping up on the payments, and has tried to work with them..... I've never missed a day of rent either.:frown:

On a positive note it has inspired me to build a nice little cabin on some land I own, but that will take at least 3 months and $$.

Any advice ?

Cheers !

Re: Cash for keys
 

From the thread title, I thought you meant cash for the metal! Got to be worth a few cents per key.

But anyhow, good luck with your situation. Does your rent payment cover the mortgage, do you know?

Re: Cash for keys
 

I do know someone who was paid by the bank to move out. Or rather, she got to live there rent-free for a few months after signing with the bank that she would be moved out by a specific date. Quite a deal.

Re: Cash for keys
 

Not sure , I think the landlord just got into severe financial straits, bought a couple of houses at top dollar, then they went down by a third.

Well that sounds promising........ my rent is $1300.00 per month so that would help.

Re: Cash for keys
 

I also thought there was a law passed in CA to give renters some protections in these situations. Do a google search and see whether you find anything.

Re: Cash for keys
 

The bank might also prefer to have someone living there, as opposed to the house being empty. Neighbor of ours is living rent free in a foreclosed property, the agreement with the bank is he has to do the required maintenance to keep the property of a salable standard. Which in fact just means small repairs and yard maintenance. When it is sold he intends to ask the bank if they have another house to look after. Has done this a couple of times already.

Re: Cash for keys
 

What a great idea.

Re: Cash for keys
 

I think you are right, it appears that I will have 90 days , although in some cases I think the bank will make you an offer, somewhere in the 2 to 4 thousand range if you leave by a certain date.

So I guess I'll just wait for the bank man to come round and make sure I get everything in writing.

Thanks !

Re: Cash for keys
 

That would be nice too :) we'll see how agreeable the bank is.

I'll keep you updated.

Cheers !

Re: Cash for keys
 

Be very careful. Things like this can later become confused and totally mess up your credit rating. Not good if you want a mortgage.

Re: Cash for keys
 

Thanks for the heads up. But how could this upset my credit rating when I have been paying the landlord ?

Re: Cash for keys
 

I was thinking about the bank, after you are finished with the landlord. So many different personnel dealing with the foreclosure, unusual agreements may go unnoticed by new handlers. Agreements in writing may not have a designated form etc....

Re: Cash for keys
 

I see ! I'll keep an eye on what I sign and the Info I give....thanks.

Re: Cash for keys
 

I think we have a neighborhood house that is occupied by someone like this too. We never see him, but the same car is parked in the drive each night & sometimes on weekends.

At least he's keeping the grass mowed. Unlike the previous owner of the house, who let the front garden get very overgrown, plus had frequent noisy parties. The owners of the house across the street from it got fed up & put their house on the market last winter. Now that this quiet lawn-mowing ghost has taken up residence, they think they may actually have a chance of selling their house.

Re: Cash for keys
 

Just a quick update , it's the 27th and no one has contacted me yet. :fingerscrossed: Also the agent sent me my deposit back :)