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4 years ago
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How do I get keys for cash? i am renting and the owner didn't tell me the home is being foreclosed and auctioned in the next 45 days!

i moved all the way from CO to AZ and 3 weeks into my lease i got a notice on the door that the house is being auctioned off in 45 days. my lease is 6 months. I was told I can get cash from the bank to help with moving costs.
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Dana Leverett
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4 years ago
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This happened to me about a year ago. I like to read the legals in the paper from time to time. I was reading when I noticed my address was up for auction!!!! And in 1 week!!! I started finding out about some laws that are in place to protect people like us. First of all, don't freak out. You may not even need to move out, at least not right away. Even when the house officially becomes foreclosed, they can't just give you the boot. You get to stay there anywhere from 30-90 days rent-free...this is where cash for keys comes in. The bank that actually owns the house has a choice to give you cash for keys to get you out of there sooner. It's sort of an incentive for getting out of their hair. They can do that or they can evict you, but even then you still have at least 30 days to vacate, plus it cost them all kinds of legal fees, etc. to evict you, and you get free rent that month, no harm done. If by the end of 30 days you don't have enough money saved for moving (deposits, etc.), they can't just throw you out on the street. They can however, let you stay and make you honor your lease, especially if it's your original landlord who buys the property back, which is sometimes the case with realtors. Either way, before the 45 days is up, you need to go to your landlord and get your deposits back. If they don't own the property anymore, then the deposit is not theirs to keep! From the looks of it, you're going to be able to stay there possibly for another 3 or more months from now. But if you're really going for cash for keys, I would suggest finding out which bank holds the loan and going in and talking to them. Find somebody nice and sympathetic to your story and ask them if they do cash for keys. If they say no, make it clear to their foreclosure official that you're going to stay there for as long as is needed. If you don't know which bank holds the loan, do what I did and read the legals in the newspaper...some papers even have them archived online.

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3 years ago
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I have been in the same situation but the laws have changed since then. You dont want to do cash for keys. The current law states that You as a renter, are protected in the property for the term of your lease, even if it does go for auction. It's to protect from this exact situation.
For more info check out: http://howardfburns.wordpress.com/2010/06/15/tenancy-after-foreclosure-obama-%E2%80%9Ctenant-protection-law%E2%80%9D-obscures-previously-clear-california-state-law-and-gives-rise-to-tenant-scams/

Good Luck and Hope it Helps!
Jessica

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