While I usually write about info that can be of assistance in avoiding foreclosure, today's bit involves a process that usually only pops up immediately before foreclosure or afterwards when the owners/occupants are still living there. It is called Cash for Keys, and means exactly what the term says. It is a way of the lender getting full possession of the property, vacant and empty, without having to wait for an eviction or other drawn out process to empty the home. Usually, CFK can be anywhere from $500 to $5,000, depending on locale, bank, and particular circumstances of the situation. However, according to an article in the Financial Times, there is a move to require the five largest lenders to offer up to a max of $21,000 in CFK. At this stage, it's just a proposal, and final terms and/or agreement from the lenders have not occurred. When/if we hear more, we'll post immediately.
Good luck.
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