Re: cash for keys

Posted by steele in minnesota on September 27, 2008 at 05:22:01:

In Reply to: Re: cash for keys posted by Lisa on September 26, 2008 at 21:26:35:

First of all, CFK can be used anywhere. It is not part of a statute or state foreclosure law. It is a option that a lender may use in order to remove an occupant from a property after they have taken it back (private individuals buying foreclosures can use this as well).

Simply it is offering a cash allowance to the occupant if they leave within a certain timeframe and leave the house in clean condition, free of personal property, junk or debris. Cash for Keys is used as an alternative to eviction. It is a written contract that spells out the obligations of each party. If honored the occupant leaves with some moving money and the lender get the keys to the house (cash for keys) which is in clean condition.

Not all banks offer this, but many do. It's a business decision on their part on whether to offer it.

Make sense?

Steele

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