I have been offered $5000 from Freddie Mac cash for keys. to leave in 30 days. I am wondering if I refuse how long can I stay?

Asked over 4 years ago - Middletown, CA

What are the ramifications if any? I am preparing to go bankrupt and don't know what the best time to do it is. Should I wait for the house to finalize? I owe $50,000 in c cards. I need a new car and am a small biz sole proprietor. I am wondering if it's a bad move to buy a car at this time.

Attorney answers (1)

  1. Steven Alan Fink

    Contributor Level 20

    Answered . By law they have to give you 90 days notice from the day they foreclose. If you do not move by then they have to go through the formal eviction process which could take another 45 days or so. You have to figure out where you are going to live, how long you need to move, and what it will cost you if you move in 30 days instead of 90-120 days,

    $5000 is negotiable. 30 days is negotiable.

    If you need a new car now is not the best financial time to get it. However, it will be tough to get with a bankruptcy on your file. Speak to a bankruptcy attorney about the timing.

    The response given is not intended to create, nor does it create an ongoing duty to respond to questions. The response does not form an attorney-client relationship, nor is it intended to be anything other than the educated opinion of the author. It should not be relied upon as legal advice. The response given is based upon the limited facts provided by the person asking the question. To the extent additional or different facts exist, the response might possibly change.

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