Cash for Keys
Cash for Keys is when your mortgage company gives you money to leave your home in good condition. Often, at the end of a foreclosure, I am able to convince the mortgage companies to offer my clients cash, just to settle the case. The amounts range, but can be many thousands of dollars. The situation has to be right, and the timing has to make sense, but this money can often be a lifeline for my clients. Moving expenses can be a lot, and Cash For Keys can help offset those expenses.
Typically, a Cash For Keys amount is negotiated at the end of a foreclosure. It can come after a foreclosure sale, as part of a short sale, or with a deed-in-lieu. Your mortgage company will pay you to leave your home without causing any damage – you do not need to fix anything at all. Often, I am negotiating these amounts for my clients, and I have seen the amounts range from $1,000 to $25,000. Depending upon your situation, you may find that a large Cash For Keys payment from your own bank can help save the day.