Has anyone else been a victim of foreclosure and received location assistance? How was the process?
We are currently renting a property that went into foreclosure. They told us we could stay or we could leave and receive relocation assistance. The only stipulation was we had to clean the whole property, even removing stuff belonging to the original landlord. It just seems to good to be true to get money for “nothing.” Has anyone else done this successfully or is it a scam to get us to do the bank’s dirty work?
July 21st, 2010 at 2:40 pm
Actually the concept is very simple. Vacant properties deteriorate. it is much better to have someone in a property to take care of it even if they don’t pay any rent.
July 21st, 2010 at 3:02 pm
It would depend on who told you this. If the current owner told you this he/she can not speak for the person that might purchase the property or the lender taking the property back as collateral.
There are some laws that would protect you for a certain length of time so as you would not be required to move immediately, but given a reasonable time to remove yourself from the property.
If a private party or investor purchase the property as an investment property, once the require time have elapsed, they would want you to move without any compensation. They might start eviction procedures if you have not moved in the prescribed time outlined by the laws.
In some instances if the lender retain the house as collateral they would be willing to get you out of
the property by offering you cash to move, commonly called cash for keys.
This money would be offered by the lender’s representative who might be a local real estate agent or a property management company. They would produce a title deed indicating the lender now own the property and a letter signed by the lender indicating they are the lender’s representative.
It would be odd to have the representative ask you to preform any type of work as they would be authorized by the lender to have the place cleaned and placed in a position to be sold.
I hope this has been of some benefit to you, good luck.
“FIGHT ON”
November 22nd, 2011 at 12:50 pm
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