What is a cash for keys program?

A cash for keys program is a tool used in Oklahoma foreclosure law that allows homeowners to avoid foreclosure. It works by the lender offering the homeowner a certain amount of money in exchange for the homeowner signing over the deed to the house and complying with certain conditions. The conditions for a cash for keys program vary between lenders. Generally, the homeowner must leave the house in the same condition as when they moved in. This includes removing all of their personal belongings, returning the house keys, and disconnecting utility services. In exchange for complying with these conditions, the lender typically provides the homeowner with one to two months of free rent in addition to a financial incentive. This incentive can vary from a few hundred to a few thousand dollars depending on the situation. The cash for keys program is beneficial for both lenders and homeowners. The lender is able to avoid paying foreclosure costs, while the homeowner is able to transition to a new house without damaging their credit score. The cash incentive gives the homeowner some funds to get started in their new home, while the free rent gives them extra time to save up for a rental deposit.

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What is a cash for keys program?

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