Cash-for-Keys Strategy Gaining Momentum in St. Louis

Banking & Financial Institutions Law Group

By Banking & Financial Institutions Law Group

Interesting article in today’s St. Louis Post-Dispatch¬†on the Cash-for-Keys program. The Cash-for-Keys program is designed to entice tenants residing in bank-owned, foreclosed upon properties to willingly vacate the property for a pre-negotiated sum. The tenant receives some amount of money for leaving, the bank saves money by avoiding litigation to remove the tenant. What the article fails to mention is that the bank needs to properly document the Cash-for-Keys transaction to ensure the tenant actually vacates by the agreed upon date.

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