Ca$h 4 Keys? * California Style*

[Lisa Zurga]

My home had it's day at the auction and it'd now owned by the bank. So today I get my notice on the door reminding me that the bank now ownes the home and to call to discuss possible "CA$H 4 KEYS" This whole foreclosure is not any surprise to me and have my bags packed and ready to move on into an apt. June 10th. I really didn't know what happened after the auction in regards to time frame left in the house. Could I get some explaination or advice to what ca$h 4 keys means please. thanks (California laws and foreclsure process)

[Jim Wineinger]

This is usually done as a way to prevent the occupant from doing additional damage to the house by rewarding them with cash for handing the keys over AFTER an inspection is done to insure that major damage has not been done.

Often it is done by the person who bought it at the auction and not the bank itself, but either way you can get some cash to assist with your move you have already planned. There will be documents to sign. Make sure you read and understand them and be prepared for their first offer to be reduced by XXX amount for each day that you do not hand over the keys.

They are really trying to reduce their expenses and facilitate a quick repair and resell.