Question
Apt. foreclosing, being offered Cash for Keys?
My apartment building is being foreclosed on due to negligence on behalf of the owner. I was offered by the bank that is taking possession of the building, what they are referring to as Cash for Keys or Keys for Cash, something like that. I am willing to accept this, except that they are asking me to fill out a W9, with my social security number. This makes me rather weary, and I am not sure if I should trust the situation. I did Google the real estate agent covering the situation and he is legitimate, but I am still concerned about handing my SSN to just anyone. Any advice?
3 weeks ago - 4 answers
Best Answer
Chosen by Asker
They are paying you to vacate and since it's considered income, they will file a 1099 at the end of the year. It's legitimate. realtor.sailor
Source(s)
I'm a property manager
3 weeks ago
Asker's Rating: 
Other Answers
I would consult with an attorney,look up on in your yellow pages,most offer free phone consultations and you can ask these questions,I think this would be your best bet.
by Tomb Raider- 3 weeks ago
You must fill out a W9 for both your taxes and the banks.
by reenzz- 3 weeks ago
Don't worry about the W-9 they are paying you money to move and it will show up as a taxable event. Unless the bank caused your loss, I do not think that you can claim the income as an offset to losses caused by the landlord. Who knows there may be a loophole. You may want to ask the bank to increase the amount by your expected federal tax rate. They might bite or they might withdrawal the offer.
by Judgment CARE- 3 weeks ago