Indy Mac Cash for Keys Program?

Question

A friend of mine recently had his home foreclosed by Indy Mac Bank. They offered him a cash for keys program. The amount he received was $15,000 and he had 10 days to vacate the property. I have heard of other homeowners receiving up to $1000 on this program. What circumstances would a lender agree to such a large sum of money after she did not pay her mortgage for over 1 year?

Answer 1

sounds like your "friend" is pulling your leg

Answer 2

Someone told you a tall tale.  There is no way that IndyMac or anyone else would pay that amount of money to get someone to move out a few days early.

My guess is it was $1500, and not $15,000.

Answer 3

I have heard  of 2k.   15k sounds like a mistake unless you are talking multi-million dollar property.

Answer 4

.   I talked to the person who was paying the homeowners.  He said he pays from $500 to $1,500 depending on the level of cooperation from the owners.  No more than that.