Cash for Keys
Posted: October 26, 2009
In a real estate market frought with foreclosures, distressed properties, and homeowners struggling to pay their mortgages, the Federal Housing Administration (FHA) has devised a way for underwater borrowers to turn in their keys instead of going through the process of a foreclosure, and get cash to boot. The Cash for Keys program is an opportunity for homeowners who consent to a deed in lieu of foreclosure to avoid the foreclosure process, and absolve themselves of their mortgage.
This program has some specific guidelines, of course. One of the major ones is that the borrower must already have an FHA-backed loan that agrees to the program. Additionally, the borrower must be able to prove long-term financial hardship, and have no outstanding liens or claims against the property in question. Borrowers must also have listed the property for sale (and at a fair, reasonable price) for a minimum of 90 days, and leave the property in good, clean condition to show due diligence.
As long as a borrower meets these rules, they are eligible for up to $2,000 in exchange for their keys, and will not be held responsible for paying their mortgage.
As always, please feel free to contact me at 239-357-9558 with any of your Real Estate questions and needs. Rgds, Jay
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