Avoid Miami Foreclosure with Cash for Keys
There’s a possible deal in town for underwater homeowners – cash for keys
If foreclosure is imminent and you’ve exhausted all other options available to you, a Miami foreclosure defense lawyer can help you activate a new incentive – one the banks are not likely to tell you about – it’s called cash for keys. Cash for keys means you hand over the deed of your home instead of going through the costly foreclosure process and the bank gives you an incentive check. The money you receive is intended to pay for relocation expenses so you can move to a new area, get a new job, etc.
Avoiding Miami foreclosure is possible and it’s in the bank’s best interest to forego the time and expense involved with a foreclosure, but some banks have to be convinced of that fact. Cash for keys is certainly far easier on the homeowner who can avoid public foreclosure proceedings, and move out on their own terms on an agreed-upon date instead of being forced out.
Banks Accused of Shady Dealings now Approve Miami Foreclosure Options
As regulatory investigations result in further lengthening of the Miami foreclosure process – where banks were accused of robo-signing (approving foreclosure papers without reviewing them) and using faulty documents to see people’s homes – the banks have turned around and started encouraging other options to stop foreclosure. Instead of blocking short-sales, for example, they’re now encouraging them to speed up the process.
One of the options open to homeowners who cannot avoid foreclosure is an incentive program often called ‘cash for keys’. This program is not one that the banks are likely to flaunt in front of distressed homeowners because it results in the homeowner getting a lump sum of cash upon handing over the keys to their home instead of undergoing the foreclosure process. If you are going through the foreclosure process and the bank has not offered you a cash transaction, get in touch with a Miami foreclosure defense attorney immediately.
Of course you should be worried that you’re not getting everything you ought to out of the foreclosure process. In addition, you should also be very concerned that the bank’s legal documents include the right for them to come after you post-sale and sue for the deficiency between your mortgage loan and what your home sold for. It’s called deficiency judgment and it’s the card the banks keep in their back pocket to get more money out of you later.
Banks Keep Cash for Keys Incentives a Secret say Miami Foreclosure Attorneys
Here’s an important secret for distressed homeowners facing foreclosure: foreclosures are expensive and banks now realize that. It’s true, banks are discovering that foreclosures are costly affairs and they’ve come around to realize that helping homeowners avoid foreclosures is a good idea.
Another secret? Banks want to avoid bad debt on their books, and so they’re not in the mood to help homeowners simplify the process of getting out of bad mortgages. Unfortunately, the banks have also proven to be terribly sneaky negotiators in the past, so homeowners are warned to get a good Miami foreclosure defense lawyer on their side to avoid nasty surprises after the fact.
Some homeowners have trusted the banks only to find themselves slapped with deficiency judgments when they thought they were safe and their foreclosure was put behind them. This is bad faith negotiating, but the banks have proven capable of it over and over.
Whatever your situation may be, getting the right advice and legal counsel can help you. For a no cost, no obligation consultation and review of your case call a Legal Help Group Law Firm professional right now at 877-829-4104, or fill out the “contact me” form to connect with a Miami foreclosure defense attorney.