Keys For Cash Makes Its Way To New Orleans!
By Kevin Gipson, New Orleans Consumer Attorney on Jul 18, 2009 in Featured, Foreclosure Process
A method of property transfer that has been used in other areas of the country has come to New Orleans:
KEYS FOR CASH!
Sounds like a TV game show, but it isn’t.
With the increase in foreclosures, many lenders are looking for new and less abrupt way to get the former owners of a foreclosed upon house out of the house.
Under these Keys For Cash programs, a representative of the lender that foreclosed on the house will go to the owner and offer the owner money to leave the property, if the owner will leave without the lender having to go to the cost and expense a formal eviction process.
As New York foreclosure defense lawyer Jay Fleischman noted in a previous article on the Mortgage Law Network, these Keys For Cash programs give an owner that is out of options the chance to put a little money in his pocket and also perhaps the opportunity to negotiate a timetable for leaving the house.
While the Keys For Cash process is not a solution to foreclosure, it will allow you to maintain some control over the process of moving out.
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