Do I Qualify for the Foreclosure Relocation Assistance Program?


Video Summary


Do I qualify for Foreclosure Relocation Assistance Program? The answer to that question is, it depends on the lender. Recently we have not seen a lot of lenders volunteering that information or volunteering those funds. We have been successful in cases that are litigated to offer to the lender a judgment of foreclosure or a deed in lieu of foreclosure called Cash for Keys. And that may be considered relocation money, but it’s basically money if you agree to go nicely and leave the house in good order. So that is available; however, you’re probably going to have to retain an attorney and fight the foreclosure.  And in order to try and resolve the case on that basis in the industry or the lawyers call that “Cash for Keys” and could be considered relocation expense money which was a term that was used probably a couple of years ago.


And I believe that the Bank of America was using it, or Wells Fargo, one of the two, and they were doing that even after the foreclosure took place, and they would let the people stay in there and work out something. They’d give them some money to relocate them.  But now it’s now just Cash for Keys, and it’s something that has to be negotiated and the lenders are not necessarily offering that without a foreclosure defense. If you need some help with your foreclosure, give us a call at 847-2288.  Thank you.