Foreclosure in 30045>Question Details

Wyvonia, Other/Just Looking in Dennis, MA

are there any progams that will help out families affected by forclosure to move like cash for keys?

Asked by Wyvonia, Dennis, MA Sun Nov 23, 2008

are there any programs that will help out families affected by forclosure to move such as cash for keys

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Cash for keys describes an agreement between the lender and the homeowner where the lenders offers a lump sum for timely vacancy in an orderly fashion. The amount of cash is negotiable and generally covers moving expenses for the homeowners' goods and belongings. The cash is paid after the property is vacated and inspected, assuming that the property is left in good order.

In many cases the agreements are negotiated by the real estate agent that represents the bank. In other circumstances, the attorneys for the homeowner and the bank come to terms on an equitable cash-for-keys scenario.
1 vote Thank Flag Link Mon Nov 24, 2008
The answer will be up to the lender - call them and see what the best scenario might be

Hank
0 votes Thank Flag Link Sun Nov 23, 2008
Cash for keys is a program lenders offer barrows AFTER foreclosure. If you area asking pre foreclosure I have to say I have not heard of any such programs.
Before you decided there is no other option give a call to
HOPE NOW
HOPE NOW is an alliance between HUD approved counseling agents, servicers, investors and other mortgage market participants that provides free foreclosure prevention assistance.
1.888.995.HOPE. or check out http://www.hopenow.com/
0 votes Thank Flag Link Sun Nov 23, 2008
Most mortgage companies/banks will do a "cash for keys". This benefits not only the family being foreclosed on but the bank as well. It's worthwhile checking into by all means! I'm sure every lender is different on their policy so dig in further...
0 votes Thank Flag Link Sun Nov 23, 2008
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