The Real Estate "depression" is still not over my friends. There are still lots of you out there who are looking at their loved one asking themselves...where do we go from here?  Do we just stop paying our mortgage like everyone else? Do we seek help? Is your mortgage a 5/1 ARM getting ready to adjust? Do you even know what that means? Do you know the terms of your current home loan? If the value of your home decreased by over $100,000 and you now owe more than what you can sell your home for, you need to read our post about whether or not to consider a "short sale."


What is "Cash for Keys"?

When a home is foreclosed upon, the lender is now responsible for that property, regardless of whether or not you are still living in the property. They now have to go through legal action with formal eviction proceedings if anyone lives in the home.

Cash for keys comes into play when lenders offer a deal with the tenant to vacate the property in a relatively short period of time. Not all lenders offer this program and programs will vary from lender to lender. The longer the lender has to wait to sell the property, the greater will be its ultimate loss the cash for keys program avoids delay associated with formal eviction proceedings.

 Read the article posted by the Department of Real Estate here if you are considering a cash for keys program. The article is intended to provide some guidance for consumers and licensees when involved in a "cash for keys" program to minimize any misunderstandings or violations of the law.

Have you experienced a Cash for Keys program? Was it helpful? Leave a comment we would love to hear your story! Contact us today with any questions!

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