Homeowners and renters alike are losing their homes at a rapid rate. These homeowners and renters must vacate their homes because of the home being sold due to a foreclosure sale. Many who lose their home in this manner are often left feeling vengeful and out of spite will cause damage to the home or property.
Lenders thought that angry complaints and phone calls from the former homeowner were the least of their problems and they were wrong. Former owners would get their revenge by trashing the home. A new risk management tactic was soon formed called Cash for Keys. Simply put, it is a program designed by lenders providing financial assistance to occupants who must depart and relocate elsewhere because of the foreclosure sale.
The agreement is usually fixed with conditions and requires the former homeowner or renter to agree then honor these terms and conditions including move out dates. If the former homeowners meet these terms and conditions, lenders will pay a lump sum of money to the evicted party.
Typical homeowners might be offered a monetary sum of twenty-five hundred dollars given if they vacate the foreclosed home within forty-five days and leave the residence in good condition. The program recognizes the financial hardship and relocation expense of those affected directly.
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