What Does the Term Cash For Keys Mean and Are There Any Incentives for Completing a Short Sale on my Home?

Posted on Jun 29, 2012 in Roseville and Sacramento Short Sale FAQs

Hello everyone, this is Mark Peek at Keller Williams Real Estate, your Roseville and Sacramento short sale specialists. I wanted to talk today about a question I get commonly asked about and that is if they complete a short sale, will they get cash for keys? Cash for keys is a term that was used in the days of foreclosures and is still being used today. So if your house is foreclosed on, and the bank has taken possession, at this point they want to try and get the former owner or the tenant out of the property. At that time, they may and they didn’t always do this, but most banks and lenders did offer cash for keys and still do. This is only in the case of foreclosure sales.

If you are completing a short sale, there is a potential incentive to complete a short sale so you could almost call it cash for keys. Many lenders are offering this, not all do, and it’s not a guarantee. There are different programs out there whether it’s Bank of America’s Cooperative Short Sale or HAFA short sales. Some other banks like HSBC have their own proprietary and Wachovia has the seller relocation incentives for completing a short sale.

Again, I’m Mark Peek with Keller Williams, your Roseville and Sacramento short sale specialist and I am here to help. So if relocation funds are an absolute necessity to you in order to relocate and complete a short sale, call me today. I would be happy to check to find out what bank you have and see what programs you might actually qualify for. Again, it is very similar to cash for keys but it is just basically a relocation incentive when it is applied to short sales. If you have any questions, feel free to give me a call or send me an email. You can click the start here button at the top of our webpage and I’ll be happy to follow up with you. Thanks and have a great day.

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Is It Possible to Choose a Short Sale if Your Loan Modification is Denied?

Posted on Jan 13, 2012 in Roseville and Sacramento Short Sale FAQs

Hi, I’m Mark Peek here with Keller Williams Real Estate, one of Roseville and Sacramento’s leading short sale team. I have a lot of clients calling asking about loan modifications. They’re wondering what I can do to help them and if there is any way that the bank is going to approve them. Well, some of the people I’ve talked to are what I call a "career loan mod’er" because they’ve been trying at a loan modification for two maybe three years. Sometimes they’ve even made three different attempts at it.

Depending on the different people I talk to, usually the first offer they got from the bank maybe reduced their payment, maybe it increased their payment. I’ve actually talked to some where their payments actually increased after the loan modification offer. Maybe the second time they were denied or maybe they were put on a trial loan modification. The problem with a trial loan modification is what they’re trying to do is trying to collect more money from you before they tell you that they’re not going to give you the loan modification.

In another situation I have a client who went through the trial loan modification, they denied him and he was continuing to make his trial loan modification payments and trying to apply again. They decided to send him a letter saying they were sorry but they were no longer accepting his payments. He also has a notice of default filed on his property. Well, the bank is saying they really don’t want to give him a loan modification.

In the last month or two I’ve noticed a lot of these folks who have tried for a loan modification for 2 to 3 years I’m seeing the banks step up the foreclosure process on them. They’re giving notice of trustee sales during the loan modification application process and even during the trial loan modification process.

So if you are in that position and you get a notice whether it’s a notice of default or even a notice of trustee sale, give me a call. The sooner you contact me the more of an opportunity we have to get you to avoid foreclosure. Give me a call or you can hit the start here button on the top of the page. Again, I’m Mark Peek with Keller Williams Real Estate, one of Roseville and Sacramento’s leading short sale team and we’re here to help. Thank you.

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