Cash for Keys Keeps Foreclosures From Being Trashed
Two of the biggest problems banks face when taking back a home in foreclosure are the condition of the home and getting rid of its occupants. This is why cash for keys is a quick and easy solution for many banks. Cash for keys is a term that had been kept under wraps by the banks for years, but the subprime mortgage meltdown of 2007 -- which led to an onslaught of foreclosures -- forced many banks to initiate a cash for keys policy as standard procedure.
What is Cash For Keys?
Cash for keys is a way for homeowners in foreclosure -- or for tenants who are victims of foreclosure -- to receive cash in exchange for surrendering the keys and vacating. Banks generally reach an agreement with the occupants of a foreclosed home, which stipulates the home will be left in good condition and cleaned. The agreements typically set forth a specific date that the home will be left vacant, including a promise from the occupants that they will not:
Vandalize the foreclosed-upon home.
Strip the foreclosure of light fixtures, appliances, copper.
Leave foreclosure pets behind.
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7 comments:
Just how long does it take for a bank to take action. We have a house on our street they moved out of in Dec. It's been vacant ever since.
I know someone that went to foreclosure in May 2009, and she has until September 2009 to vacate the home. Nothing like six months rent/mortgage free!!
JH
Unfortunatel slumlords like local Rodney Long buy these property's and destroy really nice neighborhoods by renting the houses to 4 or 5 college students, or just plan people who are just pan trash. Call and ask Mr. Long about his recent eviction in the Kaywood Drive subdivision. It took 4 deputies plus Mike Lewis and Gary Baker to get them out that day. Mr. Long's workers hauled out in all, close to 100 bags of garbage plus dozens of empty beer cases covered with maggots, as the 7 people plus their partners, living in the 3 bedroom 2 bath house couldn't afford trash pickup. The house was left in a total mess. Even the irrigation system had been ripped out of the ground. Thats what auctions get good neighborhoods. The county council needs to enact rental laws, as the city has, to stop the Rodney Longs.
ANd the Democrats are ruining our economy and health care system to keep the entitlements rolling for this segment of our society. TURN THE HOUSE 2010, vote them OUT!!!
Im just gonna start shooting.
Wouldn't it just be cheaper to change the locks? Duh!
My neighbors house went thru foreclosure about 6 years ago and it was almost a year before it was sold.
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