CASH FOR KEYS NEVADA: $750 to $30,000*

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Cash for Keys program are relocation incentives paid by the lender in exchange for the successful completion of a short sale. It is possible you may be eligible for a minimum of $3,000 or as much as a $30,000 cash incentive from your lender at the closing of your short sale. Your lender will issue you a letter stating the amount of short sale relocation incentives benefit you will receive.

Cash for Keys programs are either:

1. A government sponsored program that works in conjunction with your lender.
   Government Programs, $3,000 minimum Cash for Keys (Nevada)
2. An in-house program offered by your lender, such as those being offered by
   Bank of America, up to $30,000 Cash for Keys (Nevada).

Both the government sponsored or portfolio programs are administered through your current lender. An application for a short sale must be submitted by a Las Vegas short sale agent to your lender. If you fit the guidelines for the short sale program and if you successfully complete the short sale of your property, your lender will then disburse a check to you at the close of escrow.

***There is no guarantee we can stop a foreclosure. Although most short sale programs will stop the foreclosure process, we cannot guarantee your situation will qualify. You must apply immediately to understand if your foreclosure can be delayed by your lender.

You or your tenant(s) will be required to vacate the property by the close of escrow. The cash incentive is a “relocation incentive” and requires that you or your tenant(s) be occupying the property as your primary residence in order to qualify for the payment. If you have a tenant, you may apply for Cash for Keys program to relocate your tenant. You or your tenant(s)will receive a 1099 tax form for any Cash for Keys incentives paid to you so be sure to check with your CPA on the tax implications of a short sale.

Cash for Keys Approval Letters
 

Cash for Keys Nevada, FHA
 
If you have an FHA loan and you qualify for HUD’s “Pre-foreclosure Program” you are eligible to receive from $750 up to $1,000 per their current guidelines. There have been some property owners who have received up to $4,000 recently for their FHA short sale in Nevada. We have not found that a $4,000 cash back incentive is in the standard FHA guidelines however, incentives for short sales change frequently. Here’s a sample of the $4,000 “Cash for Keys” approval letter we obtained for a client:

From $750 to 30,000.
On a HAFA short sale, the minimum is $3,000.

What is a Cash for Short Sales program?
Cash for Short Sales is a short sale relocation incentive program. The lender pays the borrower of a mortgage a relocation incentive in exchange for the successful completion of a short sale. The person who owes the money on the mortgage must qualify for either a HAFA short sale program, an FHA short sales program, or the lender’s proprietary short sale program. If they qualify for any of the short sale programs, they will also qualify for the short sale relocation incentive.

When is the short sale relocation incentive paid?
At the close of escrow. The borrower of the mortgage must qualify and successfully complete a HAFA short sale, an FHA short sale or the lender’s proprietary short sale program. If the sales price is greater than the mortgage balance, no incentives will be paid to any party.

Who is eligible to receive Cash for Short Sales in Las Vegas?

#1. Borrower of a mortgage who:

• Occupies the property as a principal residence and;
• who will be vacating the property.

#2. Renter(s) occupying the property:

• A renter who occupies the property as a primary residence or;
• The borrower’s legal dependent, parent or grandparent that occupies the property as a principal residence (“other non-borrower occupant” who does not pay rent)
• The borrower of the mortgage must apply for the cash incentive on behalf of their renter. The renter cannot apply on their own.

Additional guidelines on the Cash for Short Sales program for borrowers occupying the property as their primary residence:

The borrower can use the short sale relocation incentive to pay for some transaction costs such as:

• Any legal counsel the borrower employs to represent his or her interests in connection with the short sale;
• Any overdue utility bills on the property;
• Any minor repairs made as a result of being identified during a property inspection.

Borrowers may not, however, use the short sale relocation incentive to pay off a second mortgage or non-mortgage liens recorded against the property. The lender cannot require the borrower to use the short sale relocation incentive to pay any transaction expenses.

Additional guidelines on the Cash for Short Sales program for renters occupying the property as their primary residence:

• The entire $3,000 in HAFA relocation incentive must be paid to the renter or other non-borrower occupant.
• The renter or other occupant will receive a check from the escrow company.
• The renter will receive a 1099 for the cash incentive.
• The borrower of the mortgage cannot retain any part of the $3,000.
• The borrower of the mortgage must sign a “Non-owner Occupant Certification” and a Dodd Frank Certification before the close of escrow.
• The borrower of the mortgage must provide satisfactory proof the renter was living in the property as a primary residence as of the date the owner executed the short sale agreement. Such evidence may include lease agreements, utility bills, etc.

The Cash for Short Sales process:

• The owner of the property puts the property up for sale.
• Upon the execution of a Purchase and Sale Agreement with a buyer, the owner’s real estate agent turns in the Purchase and Sale Agreement and the Cash for Short Sales paperwork to the lender.
• The lender must approve the short sale and issue a written approval letter that includes the approval of the short sale cash.
• Upon the successful closing of a short sale, the escrow company cuts a check to the seller or the renter directly.

*Foreclosure cannot be stopped in every instance. You must apply immediately to understand if your foreclosure can be delayed by your lender.
***Amount of Cash Back depends on the type of loan and lender guidelines.