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A
"cash for keys" option is something your lender may
offer after the foreclosure process is complete. If you have
exhausted all of your options and saving your home is no longer
possible, your lender may offer you a fee to walk away from
the home peacefully. Unless your lender offers this automatically,
this is something that will need to be negotiated with them.
In general, lenders will offer about 1% of your home's value
if you are willing to walk away quickly and peacefully.
Many homeowners report receiving these types of offers throughout the foreclosure process. However, depending on the circumstances, accepting a cash for keys offer should usually only be considered a last resort to stop foreclosure. |
