Question: Our home has been foreclosed and the redemption period is over… We are being evicted… There is a “cash for keys” offer on the table… What can we take – “legally” – from the premises and still meet the “cash for keys” expectation… and what repercussions would there be if we elect to not accept the offer and leave the house after eviction… without any legal trouble…
Answer: – You can legally take everything that is yours which means anything that is NOT attached to the property itself. This would include furnishings, some appliances, personal belongings etc. You should leave the light fixtures, appliances that are attached or built in like the dishwasher, microwave, stove, the furnace, a/c unit, etc. You get the idea. The goal here is that they want you to leave peacefully. They are tired of ticking off tenants or homeowners who wreck the home as they leave. In the long run, it’s better to pay cash to help them leave. Now, you don’t have to leave if you don’t want to either. The bank or realtor may want you to believe you have no other option. But legally you do and you don’t have to accept their “cash for keys” offer. You have to weigh all the options. Is it benefiting your family to leave now or would it be better to leave a few months down the road to give you time to settle into another home. Timing is important. It’s not fun to leave right before a holiday or when school is almost out. It costs to move as well. Don’t settle on any amount less than $1000 or 1% of your homes value. Remember, if you leave now, you have to start making payments somewhere else. If the eviction process takes 90 days, that’s 3 months of rent you don’t have to pay for. By no means do I encourage you to stay, but run the numbers and make sure it’s beneficial for your family. The only repercussions if you don’t take the offer would be that you don’t get any cash to move out and you will be evicted eventually.
And more more thing. If you decide to go with the “cash for keys” option, make sure it’s all in writing 🙂
assist me, we need money at this time, where can i get a borrowing arrangement?
We do offer proof of funds and transactional funding if you need help with funding your quick flips.
I noticed elsewhere on the site under New Jersey foreclosure law, the following quote “Ejectment Date: After the Sheriff serves the Writ of Possession, the occupants are given twenty days to move. On the twenty-first day after service of the Writ of Possession, if the occupants have not vacated the premises, the attorney telephones the Sheriff’s Office to schedule the eviction. The Sheriff will then assign a date for the eviction, which is usually 30 to 90 days from the date the judgment is entered. The client must provide for a moving company and locksmith at the time set by the Sheriff for the lockout.”
Could someone specifically quote for me the statute that requires the client to provide the moving company and locksmith?
I have looked all over and cannot find a statute or court rule that requires the plaintiff to provide the above. Thanks in advance.
Vacating after redemption period expired in MN. I am in Minnesota and cant get an answer about the vacating process after the redemption period has expired. I called the mortgage company, they referred me to their lawyer, their lawyer has not returned any of my calls. My house was sold(to my mortgage company) at sheriffs auction on Aug.4th 2016, with a 6 month redemption period . I was planning on vacating the home on February 3rd 2017, but i just found out today that the place I was going to move into – the tenants didn’t move out by jan31st like they were suppose to, it could be a couple more weeks before they move. Its highly unlikely i’ll find another place to rent in 2 days.
The home is in good condition, all appliances will remain, everything is in good, working order, I plan on leaving it cleaned up, with no junk/trash left inside.
So my questions are:
What will happen on February 4th if we are still living in the home?
Will I be given a notice to vacate within a certain timeframe? or will the sheriff show up forcing my family and our belongings off the property immediately?
I do plan to vacate ASAP. Do I have any ‘extra time’ beyond Feb 4th or should I try finding storage rather than a place to live in the next 2 days?
If I could afford a lawyer, I wouldn’t be here, so please don’t say “contact a lawyer”, (so far that is the only answers Ive been getting). Its been very frustrating that nobody can answer my questions without wanting more information and a consultation, I don’t have time for that, I am a single parent with 2 small children facing homelessness very soon, I am hoping someone here knows the answers to my question.
Thanks, Jason.
More than likely you have time (maybe a few more weeks). Typically you will receive something that says you need to vacate. If you don’t, then they will begin the eviction process. Depending on your states eviction laws, you have two to six weeks to move out. If you don’t, then the sherrif can force you to move out.