Posted on: 11th Mar, 2009 04:20 pm
i have a 1st and a second mortgage. the second mortgage was paid off by the insurance comapany. the first mortgage scheduled an auction and nobody showed. i just received a "cash for keys agreement" which i am not signing. it does not state any one of the banks as the owner. i am going to request "the original note" from all. what do you think is going on?
Hi rnspnc!
Welcome to forums!
Was it the first lender who has send you the "cash for keys agreement"? As you have mentioned that the second loan was paid off by the PMI, then, I think, the first lender holds the mortgage and also owns the property. I guess, you were unable to pay off the mortgage so the first lender was foreclosing the property.
The cash for keys agreement helps the homeowners in foreclosure to receive cash in exchange for surrendering the keys of the property and vacating it. Through this agreement, the banks want that the home will be left in good condition and cleaned. The agreement also offers the homeowner a specific date on which the home will be left vacant.
Sussane
Welcome to forums!
Was it the first lender who has send you the "cash for keys agreement"? As you have mentioned that the second loan was paid off by the PMI, then, I think, the first lender holds the mortgage and also owns the property. I guess, you were unable to pay off the mortgage so the first lender was foreclosing the property.
The cash for keys agreement helps the homeowners in foreclosure to receive cash in exchange for surrendering the keys of the property and vacating it. Through this agreement, the banks want that the home will be left in good condition and cleaned. The agreement also offers the homeowner a specific date on which the home will be left vacant.
Sussane