Transcription of “CASH FOR KEYS” – INFORMATION FOR …
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“CASH FOR KEYS” – INFORMATION FOR …
CASH FOR KEYS INFORMATION FOR CONSUMERS AND DRE LICENSEES The challenge to successfully market REO properties has given rise to a growing practice known as cash for keys . The Department of Real Estate ( DRE ) has been receiving questions and complaints from consumers about cash for keys solicitations. This article is intended to provide some guidance for consumers and licensees when involved in a Cash for Keys program to minimize any misunderstandings or violations of the law. Cash for Keys Programs When a lender takes a home back as a result of a foreclosure action, it becomes responsible for that property. The longer the lender has to wait to sell the property and the more money it has to spend to repair damage to and/or to maintain the property, the greater will be its ultimate loss.
What Tenants and Resident Owners Can Do to Protect Themselves Tenants and resident owners of foreclosed properties must take a significant amount of
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