What is CFK (Cash For Keys)?

Banks are offering this to homeowners/ tenants of properties that have been foreclosed. It's a win-win situation for both parties involved. The bank is able to take possession of the property quicker without doing an eviction. Also, the property is not vandalized or destroyed. The advantage to the homeowner is they get CASH to help them relocate to another residence and maybe even enough to pay the deposit and first month's rent . Banks are paying anywhere from $500 to $3500.

Homeowners/ Tenants, don't vandalize the property, get paid to move which will have to happen anyways.

Why are the banks paying homeowners to do short sales?

IT IS A VERY SMART THING TO DO! Most banks are offering seller incentives to complete the short sale up to $3500. It is a win win situation for both parties. The bank does not take a property back in very poor condition because it has been flooded or trashed out by an angry homeowner. Also, they save money on legal fees to foreclose on the homeonwner. The banks also get a FREE housesitter to make sure it is not vandalized by others. Remember Homeowners, these banks can't afford to take your house back!