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Cash for Keys

Posted by on in Bankruptcy
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Individuals that are currently in foreclosure may benefit from a program that many large banks offer.  It's called cash for keys.  Essentially, once a house is foreclosed and ownership transfers to the buying, that buyer does not immediately take possession of the house.  In some case, foreclosed on homeowners stay at the abode for 6 months or even a year after the foreclosure sale.  

Instead of going through the eviction process and to advert possible damage to the house from the previous homeowners or others, many banks will offer cash for keys.  The previous homeowner agrees with the bank to maintain the property and to leave at a current date.  In exchange, the bank will offer the "tenant" cash.  This can range from $1500-$5000.  If you're in the situation, it is advisible to give your bank a call and inquire about the program. 

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