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Re: Keys for Cash

Posted by steele in minnsota on May 12, 2008 at 11:19:54:

In Reply to: Re: Keys for Cash posted by Jerry - Ca. on May 11, 2008 at 10:25:58:

They are different things but one can involve the other as suggested. Cash for keys is a financial incentive offered to an occupant in order to leave the property at a set date and leave the property in broom clean condition with absolutely no personal property left. You are paid to move out. Typically a modest moving allowance in the $300-$750 range.

Deed in Lieu is the owner giving the deed back to the lender and the lender accepting this deed instead of foreclosing.

A deed in lieu can include a cash for keys offer, but they are seperate things. As stated, cash for keys is more usually used when an occupant is staying past the final foreclosure. The lender now owns the property but it is still occupied (illegally)by the former owner or possibly a renter. It is more an alternative to eviction.

Make sense?

Steele

Minnesota Foreclosure Network

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