Tuesday, March 17, 2015

Choosing between Cash-for-Keys Offer and Foreclosure with Eviction

Question: My home was sold in a foreclosure sale and I received an eviction summons. I also received a cash-for-keys offer. If I accept the cash-for-keys agreement, does it make sense for me to answer the summons? I was told that as long as I keep the cash-for-keys agreement, the case will be dismissed, but I might lose some rights. In addition, if I answer the summons then a hearing will be set and it will be on the record.

Response: Once the property is auctioned off, the purchaser of the property (usually the servicer itself) will become the new landlord and you will become a holdover tenant that is residing at the premised property after the expiration of the “so called” lease. In order to get you evicted, the landlord must follow the same protocol as you would follow in getting rid of a non-paying tenant, thus, commencing a landlord/tenant action against you. You can answer the summons. You can appear in court and you may acquire a few additional months living at the premises. However, it may be your best bet to surrender the keys to the property to the bank in exchange for cash. You can even try to negotiate the amount and the date of your departure.

In the legal blog, Attorney Svetlana Kaplun addresses typical questions our firm has received from our clients, or come across from homeowners related to foreclosure, foreclosure defense, loan modification and bankruptcy topics.

The information contained in the legal blog of Attorney Svetlana Kaplun is for informational purposes only, and should not be construed as a legal advice on any subject matter. Please read our full disclaimer or contact the Law Office of Svetlana Kaplun, P.C. by telephone at 718-444-1115 for more information.
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