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Do you wish your mortgage loan would go away, as your payment just keeps increasing but your home value does nothing but decrease. Forget about your mortgage. Get rightside up again by trading in your home keys for cash and a new lease on life.

If a loan modification or a short sale has failed you, try a deed-in-lieu of foreclosure. This is a change in title on the home deed. Basically, you are legally giving the property back to the lender. In exchange, the lender may release the debt you owe. The U.S. Treasury Department has even offered to give up to $1,500 for homeowners to help with moving expenses, rental deposit, etc. in a program known as “cash-for-keys.”

Stipulations To Deed-In-Lieu Of Foreclosure

There are certain stipulations to a dead-in-lieu of foreclosure:

1.The home has to be on the market for sale for a few months with no closed sale.

2. The lender needs several weeks to process the paperwork, so it can’t be done too close to an impending sale date. My experience has shown the lender won’t postpone the sale date to accommodate the deed-in-lieu.

3. If you have a second loan on the property, the second lienholder must agree to the voluntary title change and cooperate with the first lienholder for the deed-in-lieu to be done.

4.The homeowner has to agree to leave the fixtures, appliances, and such and keep the house in good shape. In other words, don’t trash the house before you move.

Overall, a deed-in-lieu of foreclosure is much cheaper for the lender than a foreclosure or short sale, so it can be a win-win situation for both parties. The lender obtains the property in a cost-effective way through a deed transfer and receives an monetary incentive payment from the government. The homeowner has mortgage debt relieved and gets funds to help relocate because of the cash-for-keys program.

Anthem - Carefree - Cave Creek, AZ : Arizona Short Sales

Cash for Keys! It is happening after foreclosure auction

A friend and former neighbor and I were talking yesterday and discussed his home going through foreclosure. It went through trustee sale about a month ago and did not sell to 3rd party. The bank took it back. He said he cam home and there was a letter on his door saying something about contact us as we have money for you. Or something like that. He said he thought it was going to be an offer to rent the home from the bank but instead it was informing him of the cash for keys program. They offered him $3500 to leave the home clean and leave the bolted appliances there. He was able to remove the refrigerator and washer/dryer without changing the payment amount. He moved all his belongings out and left what the bank asked him to leave. He also left with $3500 in exchange for the keys and a swept out home.

I have heard of this happening but never from someone who actually received the cash. I think it is a good idea but wow, $3500 to move out of the home you just lost to foreclosure after living there an additional month after the sale? Sounds like a good program OR a program clients will get wind of and no one will vacate their home before the sale happens.

Thought you might like that story!

Short Sale Negotiator 101

Short Sale Negotiators should be persistent yet kind

Short Sale Negotiators should understand everything there is to foreclosure & mortgage law in every state they service

Short Sale Negotiators should be extremely organized

Short Sale Negotiators should work in teams

Short Sale Negotiators should, in most cases, not be the agent in the transaction

Short Sale Negotiators should have a track record of successful closings with a 90% + success rate (there is NO room to allow your negotiator to LEARN how to do short sales from YOUR short sale!)

Short Sale Negotiators should know what lenders are willing to do/not to do before even entering negotiations

See the blog for more info. on what short sale negotiatiors should do, or most importantly, KNOW.

That said, these facts raise an important questions: when does localization cross the line of censorship? Aren't these changes killing some of the game's fun?

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