Foreclosure sales are at all time highs.
Homeowners are losing their homes everywhere. Many people who lose their home to foreclosure have to move, and thus incur significant expenses and moving costs. This is a financial hardship in itself but is often endured while the former residents are already amidst a current financial hardship which has caused them to default on their mortgage payments and fall victim to foreclosure in the first place.
A program called Cash for Keys was developed to address this homeowner difficulty.
Cash for keys offers homeowners and renters who must move due to foreclosure financial aid and foreclosure relocation assistance.
How Cash for Keys Works
The lender or mortgage servicer offers the occupant who must move due to a foreclosure financial assistance through a conditional agreement.
The occupant must agree to move out by a certain date.
The occupant must agree to leave the property in acceptable condition.
If the occupant follows all requirements of the agreement they are given thousands of dollars in foreclosure relocation assistance and financial aid.
Typical Cash for Keys Amount
The exact amount received through a cash for keys like program is variable.
The typical amount will range from 1,000 - 5,000 dollars.