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“Cash for keys” Program
By marionduffy | May 24, 2009
A loan modification or short sale is not always the answer for a homeowner facing foreclosure. However, at least in some cases, a “deed-in-lieu” option may help. The new Foreclosure Alternative Program (FAP) has a deed-in-lieu program that may help some homeowners. Under this program, sometimes referred to as “cash for keys”, the bank takes back the home from the borrower and agrees to write off the debt. This program does not work for everyone and a lender will only agree to do it under certain conditions. To read more about the program, see this week’s Beyond the Headlines by the California Association of REALTORS.
Topics: Foreclosures, Distressed Properties, Short Sales |