Cash For Keys Home Scam

The Cash for Keys program began as an incentive to homeowners going through foreclosure; however, not all banks offer this program. The program pays the homeowner to vacate by a certain date and to leave the home without vandalizing it.

As usual, criminals found away to take advantage of this incentive. They move into the homes illegally, often in high-end neighborhoods, and live rent free for months. Banks must know these squatters are there, but it is not easy to get them out.

Taking the squatters to court would cost the banks money in time spent in court, time spent preparing for court and attorney fees. So what are the banks doing about this?  Banks are paying these criminals to move out of the houses.  Banks pay these criminals so they won't damage the house and steel copper wire and appliances.



The mortgage lenders, like Fannie Mae, Freddie Mac and Bank of America, have had enough...they are now arresting and charging these criminals.  These criminals may think they are smart in taking advantage of banks, but they are not smart enough to keep from getting caught.  Check out the link below.

http://mortgagefraudblog.com/perp-walk/item/16699-woman-arraigned-in-cash-for-keys-scam

Have a great weekend,

Peace