Legal Help in Navigating the Cash For Keys Program in California
Banks Have Legal Help. So Should You.
Many Californians have questions regarding the Cash For Keys program in California. How does it work? Why do some banks offer it? And how do consumers optimize their rights through the program?
The Cash For Keys program is a way for banks to obtain ownership and control of a foreclosed home or a home slated for a short sale faster, thereby allowing banks to minimize the financial loss that can occur with a delay in selling the house. In exchange for hastening the transition process for a property, a homeowner or renter may receive a payment.
The advantage of participating in the Cash For Keys program is obvious; payment the homeowner or renter would not have otherwise received. What role, though, does an attorney play in the process?
An attorney can negotiate for better terms and protect your rights. How?
- The bank may have documents for you to sign immediately. Do not sign them. A lawyer can review them to ensure your rights are protected.
- The bank may say its offered payment and proposed move-out date are "final" offers. This is rarely the case.
At Sobti Law Group we have helped dozens of people navigating the Cash For Keys program. We can negotiate for:
- More money
- More time in your home
If your lender says "Here is an Cash For Keys offer of $xxx.xx with a move-out date of 30 days. This is a 'final' offer." do not agree to the bank's terms. Instead, contact us so that we can work to put more money in your pocket and keep you in your home for an additional month or more. We may also find that staying in your home and declining the bank's Cash For Keys offer is your best option. Either way, you will receive the legal advice needed in a tough situation like losing your home.
Though many renters and homeowners believe the Cash For Keys program is "relocation assistance," please be aware the cash comes after you move out. For more information about our firm and the Cash For Keys program, contact one of our offices.
Contact Us
At Sobti Law Group, we offer free consultations, are available for Saturday appointments by request, and speak English and Spanish as well as Armenian, Russian, Arabic, Persian, Hindi, and Punjabi. To contact one of our offices in Beaumont, Corona, Palm Springs, San Bernardino and Orange, call 888-627-8013.
