Cash for Keys is a program rolled out by a bank in an attempt to recover a foreclosed home. You may have also heard it described as Relocation Assistance. The bank makes a cash offer to the homeowners of a foreclosed property, in order to get them out as quickly as possible so the bank can reclaim ownership. This can be helpful for clients having trouble with their Houston, TX mortgage payments. The Reason Banks Opt for Cash for Keys Cash for Keys works completely in the banks favor. This is because the foreclosure process is lengthy and can cost quite a bit of money. Evictions are pricey, and if the case goes to court the bank will end up losing even more. So, once an occupant has defaulted on enough Houston mortgage payments, the bank will result to Cash for Keys. Another reason banks will choose this option is to avoid damage to the property. It isn’t unheard of for neglectful tenants to leave a foreclosed property in a state of filth and vandalism.
http://houston.churchillmortgage.com/industry-news/go-for-cash-for-keys-when-completing-houston-tx-mortgage-payments/
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