What is the “Cash for Keys” Homeowner / Mortgage Program?
“Cash for Keys” is an opportunity offered by many mortgage foreclosure companies for the homeowners who are being evicted. The program involves mortgage companies giving money to the homeowner in return for the keys and the home turned over in good condition. This program is a win-win for both the lenders and the borrowers. This program helps the homeowner by giving them a little extra cash to move and the mortgage company by receiving the home in better condition.
The bank would like to sell the property as soon as possible. They would like you to remove all of your belongings and leave the home in an acceptable condition. If they can negotiate a move-out date with you, they sometimes will offer you an amount of cash as an incentive to make the transition smooth. Under such agreements, the realtor will inspect the home and give you a check in exchange for the keys to the home. The bank can save money because they may not have to file an eviction lawsuit. They also avoid costly clean up fees and repairs when former tenants leave trash and belongings behind. The cash offered can vary depending on your particular circumstances.
You Have Options, We Can Help!
At the Ercolani Law Group, our mission is to enhance the quality of life for our clients by implementing carefully planned legal strategies. Every situation is different, therefore, rather than urge you into a Chapter 7 or Chapter 13 bankruptcy, or some other solution that is the simplest choice, we’ll spend the necessary time with you to learn your situation inside and out, and then advise you of the option that best suits your needs and goals. Often we can work with you and devise a plan of action that includes loan modifications, foreclosure help, “cash for keys” or another option designed to help you build a better life and help save your credit rating.
Contact Us – Make the Best of Your Situation
Regardless of whether you’re facing foreclosure or thinking of filing for bankruptcy, it’s important to contact a lawyer in order to understand your rights and the options available to you. For more information regarding “cash for keys” and how we can help you, contact bankruptcy and foreclosure attorneys at the Ercolani Law Group today.
Our office is located near the 101 Ventura Freeway in Westlake Village, east of Westlake Blvd, just a short drive from Simi Valley, Woodland Hills, or Camarillo. Email our law office or call 805-338-6880.