Foreclosure Sale In Las Vegas Nevada and Cash for Keys Program

by Carmen
(Las Vegas, Nevada)

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Foreclosure Sale In Las Vegas Nevada and Cash for Keys Program

My foreclosure sale date is today. I tried working with my lender but could not work out an arrangement.

We heard there is a cash for keys program, how does it work please advise.

I Also would like to know how long can I stay in my home after the sale date. Please note I live in Las Vegas, Nevada and I heard it takes them 90-days for them to ask us to leave. Can you verify if is true, thank you.

Carmen.

Mortgage Foreclosure Answer:

by Mortgage Foreclosure Expert - Dan North

I will start by stating I am not an Attorney so will not give legal advise and you should start by finding out what the applicable laws are (see links below). I can give you information on Cash For Keys.

Check the Mortgage Foreclosure Laws for your state. This summary is in plain English and gives an overview of the mortgage foreclosure laws for your state with links to the statutes for your state.

Sorry to hear that you could not work out a modification agreement with your lender. You may still be able to work a cash for keys arrangement but it is late in the process so it really depends on your lender.

Cash For Keys Program

Generally Cash For Keys is the lender paying the current residents to move out within 30 days leaving the property in good condition. This could be to renters or home owners. The usual payment is $1500 but could be up to 1% of the home value. The amount is negotiable with the lender but more than $3000 is not common.

Cash For Keys And The Home Owner

For a home owner in the foreclosure process, Cash For Keys would be a last resort, but once you have used up your options you should request a Cash For Keys arrangement to move out. Most lenders will not automatically make the offer so you should ask for it. This payment by the lender is less costly for the lender than going through court and eviction costs and if they can save the property from being trashed it avoids rehab costs as well.

Cash For Keys To Renters

Cash For Keys is also an available option for renters when the property they are renting forecloses. This can cover moving costs and help renters get a new place.

Again the amount is negotiable but the usual payment is $1500. The payment will be contingent on moving out by the agreed upon date (usually 30 days) and leaving the property in good condition. This saves eviction and rehab costs which could be considerably higher than the cash payment.

Negotiating Cash For Keys Payment

When negotiation a payment remember to consider the costs of moving into a new place (moving costs, security deposits, utility deposits, first and last months rent, motel if you need temp living quarters).

Eviction After Foreclosure

See the Foreclosure Eviction Laws for your state.

Eviction after foreclosure in Las Vegas requires filing a Formal Civil Complaint in Justice Court. The time you can stay in your home depends on if you appear at the hearing to reply, which you should if you are trying to buy the time you need. For Las Vegas see What can I do if I am served with Summons and Complaint for Unlawful Detainer?

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