Does anybody know about cash for keys agreement?

Question

I'm in last phase in forclusure an agent from the bank gave me an agrement but he didn't tell me about W9 form to verify my social security in the same agreement I have to put my new adress will their be any concequences for me and also if I don't sign it will it they send me court for eviction

Answer 1

If you don't sign it, you don't get the cash for keys deal.   They will just straight up evict you.  No reason not to sign, I haven't heard any negative commentary about cash for keys.

Sign, don't sign - you are leaving either way.

Answer 2

If you do not leave they will evict you.   If you stay and accept the cash they will sue you for fraud.

They need your SSN to verify to the IRS that they sent to money to you, not their wife.   It is no biggie.

This is a legit program, I have not heard of any negative repercussions.

Answer 3

I'm assuming you're voluntarily signing over the deed instead of going through a foreclosure.  The W-9 is because they are going to give you a 1099 for the amount that they lose when they sell the home.  If this is your current primary residence, you may be eligible for the law this year that exempts that 1099 from taxation.  You should talk to an accountant to verify that it applies to your situation.  Its worth the $50 they might charge.