What is the Cash for Keys Program?

The Cash for Keys program is an initiative started by banks to prevent those in foreclosure from trashing and stealing from the home they are being forced out of. Typically, Banks will offer the family between $500 and $2000 in exchange for the keys and clean and undamaged home. 

While many argue that the banks shouldn't have to pay people to simply do what's right, the banks can't control human nature and the cost of "Cash for Keys" is substantially less than the cost of a damaged home. 

 

For more on this subject check out our article on  The repercussions of Trashing your Foreclosed Home

 

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