The cash for keys is not something you qualify for and not all banks do it. You can only get it if the bank offers it. This is not guaranteed or automatic. Nobody at the bank will talk to you until the foreclosure is complete & they take possession.

Tenants are protected under foreclosures by federal law: http://www.tenantstogether.org/downloads/S.896RenterProtections.pdf

If you have a lease the bank is required to honor it if they do not give you the cash for keys option. If you do not have a lease they are required to give you 90 days notice. Again, none of that starts until the bank takes possession of the property.

EDIT: Propetty managers are not usualy paid for the entire year upfront (at least they never are in my area). We get paid monthly from the rent. I have never heard of a PM getting paid fo the entire year at once.

They may have been a little rude about it but it is not their fault if they did not know anything about this either. They canot give you information they did not have. The rudness probably came from the shock of hearing about this for the 1st time from the tenant and not from the owner as they should have. If they legitimatly were suprised you cannot blame them. You have to remember that they are getting screwed here too. Not to the caliber you are but they are going to be out some income here.
References :
I’m a property manager.

I have had a property foreclose with no warning. We had the bank’s realtor contact us out of the blue. They did not even know the property was rented. The owner just took off to another country without telling anyone and was even hiding from the feds. He lost a house, a cottage, a bar & a restaurant .

Knowing Why Banks Make such Payments

Banks may not be in the business of owning properties but once they take hold of the title of a foreclosed property, it holds them responsible for it. Meaning, if it would cost the bank lots of money to repair damages caused by the occupants, then it would mean an increase in the bank’s loss.

Sometimes, it is also costly and time consuming to get rid of a homeowner or tenant from a foreclosed home.

The Costs the Banks Pay in “Cash for Keys”

The total cost is negotiable. Banks do not usually offer “cash for keys” automatically, unless the occupant approaches them first. Moving out incur these expenses expected to get recovered:
Movers
Rental truck
Security deposit plus first or last month’s rent
Utility deposits
Temporary living quarters (example: motel)

Sometimes, banks pay a bonus to those who agree to immediately move out. However, extorting the bank can cause withdrawal of the offer. Occupants of foreclosed houses are given “Cash for Keys” for as long as they are courteous and pleasant.

More about this excellent program and how to apply – http://cashforkeysprogram.org/

Visit the City of Atlanta’s website, too, to see what programs might be available post-housing bubble. It’s in their interest to avoid creating a massive homelessness problem.

Don’t be shy about visiting churches, either. Biblitz alone has contributed a bundle over the years in the high hopes that it would be used in precisely these circs. There have certainly be times when I needed a boost and it just wasn’t available.

Sorry this is happening, but maybe the keys thing will work for you. I hope so.
References :

Also contact the attorneys or lender who sent the letter. Call and ask your options, Listen to them. After hearing them, if they haven’t mentioned it, ask about CASH for KEYS. Be sure to ask for your security deposit returned as well as some relocation expenses.

In most states, foreclosure takes time, months. GA has a quicker system than most, but it still takes time. Find out what happens if the property is bought at the sale. There will be notice and some time. Many states have passed new laws givng tenants some protection–find out if GA has done so, and how it applies.
References :
real estate investor

PS….make dang sure you keep paper records of everything and every time you talk to anyone……there is s good chance your parents can get a free home and some money in the pocket after its all done with…

GOOD LUCK !
References :