Monday, May 17, 2010

How It Works

When I finally lost my house I walked up to the door, and a Real Estate agent left a card saying that my house had been taken by the bank, and to call him as soon as possible. For a situation as awful as this, the agent was actually very kind. He explained the process to me, and treated me like a person, which was a relief.
The first step is a negotiation about leaving the property which the bank now owns. This is called "Cash for Keys"
It is in the bank's best interest for the former owner to leave the house with as little drama as possible. They will give you a little money, around $1500, though this is negotiable, and some time. I asked for 45 days. I used the money to help with the security deposit and first and last months rent on my new living arrangement.Once you agree on a sum and the timetable, you sign an agreement.
What is a little startling is that running parallel to this is the legal action the Bank must take to evict the former owner of the house. This is so if the "Cash for Keys" negotiation does not work, the legal remedy is already in place.
For me it was a bit alarming, because after I and the agent agreed to a the "Cash for Keys" agreement, I came home after work to find a 3 day notice to vacate taped to my door. I was really paniced at this point, and I called the agent. He assured me that our agreement was in place, and to ignore the notice taped to my door. Again, I was really thankful that the agent responded to my alarm with kindness and patience.

45 days later I moved out, and I started the process of rebuilding myself and my career.