Belt Auction

Cash for Keys- how do I go about it, when my home is going to auction?

We have been sent forms (rental application)from HUD to have the option of renting back at market value, if the house we own is bid on and it goes back to the bank. We are afraid that market rent(which they said we would have to pay, if they approve our application)may be too high for us, and so we probably will need to move. We don't know how to go about getting what they call "Cash for Keys" Once the House is foreclosed on.

Public Comments

1. Sell the keys to the front door of your house as scrap metal
2. Cash for keys is the lender/investor's way of efficiently evicting occupants. Often times, once homeowners know they are in foreclosure, they will trash and damage the property (kind of the equivalent of spouses who decide "if I can't have you nobody can"). In order to "peacefully evict", the lender gives a sum of money (not huge, maybe enough for a security deposit or month's rent) to the borrower, on a specified date and, in exchange, the borrower gives the lender all keys to the property.