The amount paid to the homeowner or renter may vary from the amount of a thousand dollars to five thousand dollars. The program is also offered to real estate agents who gain a commission. They do so by lowering the amount paid out and keep the difference for themselves. It is wise to talk to the lender yourself to get the best amount available.
This financial aid for homeowners who lose home in foreclosure through cash for keys like programs are supposed to create good will, but is that the real motivation for the lenders?
Perhaps the reasons behind cash for keys and foreclosure relocation assistance is actually two fold.
- One reason is to get the renter or homeowner to depart quickly. No one wants to sell a home that has old owners refusing to leave.
- Secondly to create an incentive to for the former occupants to resist damaging or destroying property out of spite against the lender.