I was renting the house and paying rent until I found out about the foreclosure. Court date is tomorrow, which I can assume they will approve the foreclosure and I will have 25-35 days to move out. After Wells Fargo takes possession, will I eligible for a cash for keys program, as a renter?
There is no official/formal cash for keys agreements for tenants. If the bank wants to offer it they can, but is usually unlikely to a tenant as without tenant protections they can get you out 30 days after title issues with very little effort.
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Cash for keys is usually reserved for borrowers in foreclosure. However, nothing with lenders is unheard of. Call and see if they will negotiate with them. Or, wait for the third party purchaser to take title and then negotiate with them so an eviction is not required.
I think cash for keys to tenants was motivated by the Protecting Tenants Under Foreclosure Act which expired last year. The foreclosure purchaser might be interested in letting you stay on a month to month basis. Keep an eye on the court docket .
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