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  1. #1
    Join Date
    Dec 2007
    Posts
    2

    Default Mortgage Company Backed Out Of "Cash For Keys", Says Foreclosure Rescinded

    My husband and I signed a month-to-month lease in June 2007 for a house in Laguna Niguel, CA. We found out in October 2007 the house was being foreclosed on by our landlord. We received an eviction notice from the 1st note holder (Countrywide) in the beginning of November, saying the property was foreclosed on and we needed to be out in 30 days if we were not the owners of the property (in which case we had 3 days). In mid-November, we were contacted by a real estate agent who was working with Countrywide that offered us a "Cash for Keys" program. Countrywide would give us $1900 to be out by November 30, $1800 to be out by December 6th, etc. We looked for a place to move into quickly and signed a lease on Tuesday, the 27th, to begin on December 1st. We signed the agreement with Countrywide and faxed it back to the agent on Thursday, November 29th, as instructed. We were told it would take 5 days to get the check.
    On Monday, December 4th, I received an e-mail from the agent saying "As promised, I forwarded the "cash for keys" agreement to Countrywide Home Loans. In response, I was told the foreclosure was recinded. The attorney stated in a letter to the Asset Manager the following:
    "Because the sale was recinded and Countrywide is not in title, you do not have to honor the C4K agreement."
    I have been instructed to inform you of this decision.

    What rights do we have? Since we accepted the contract before they revoked (and acted on it), do they have to pay us the $1800? If the foreclosure was rescinded, that means we could have continued to live there, and would not have had to sign a lease and pay an additional $350/month in rent. What action should I take? We are now in a financial bind as we were counting on that money.

  2. #2
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,625

    Default Re: Mortgage Company Backed Out Of "Cash For Keys", Says Foreclosure Rescinded

    Did you ever get anything in writing?

  3. #3
    Join Date
    Dec 2007
    Posts
    2

    Default Re: Mortgage Company Backed Out Of "Cash For Keys", Says Foreclosure Rescinded

    Yes, we received the eviction notice in writing, and several e-mail from the real estate agent in writing. Per his e-mail, "Here is the agreement. Please sign and return to either email or fax. I will process it tomorrow and it usually takes a minimum of 5 days for the check."
    The agreement was between Countrywide and ourselves, with the realtor acting as Countrywide's agent. I also have the offer from Countrywide through the realtor for the "cash for keys" in writing. We did not receive a signed copy of the agreement from Countrywide, as they decided to retract it after we had moved.
    When we first heard of the foreclosure, we attempted to buy the house from Countrywide. We were contacted by Countrywide loan specialists in an effort to sell us the house. We found out it was too expensive and decided to move instead. That is when they began the "cash for keys" offer, to have us out sooner. We relied on the foreclosure, and had every reason to due to their actions in trying to sell us the house. How is it legal that we are out $1800, the money it cost us to move, and signing a more expensive lease, considering they falsely evicted us?

  4. #4
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    73,014

    Default Re: Mortgage Company Backed Out Of "Cash For Keys", Says Foreclosure Rescinded

    Take your stack of documentation to a lawyer for review - I can't guess at whether a contract may exist without reading it - or take a chance and sue in small claims court.

    From what you have stated, they didn't "falsely evict" you as you were not evicted.

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