Home destructions lead to cash for keys

Cash for Keys?
Cash for Keys?

Not long ago, on a brisk day in New Hampshire, Thomas Popik was taking a tour of foreclosed homes in a middle class neighborhood. While the temperature outside was far from warm, the inside of the home he entered was freezing. Unsure of why the temperature inside the home was so cold, Popik ventured downstairs with a Realtor and discovered a missing furnace. "It's going to be hard to sell a home without a furnace," he said. The previous homeowner had violently removed the furnace after losing his home. Yikes.

These types of actions come as no surprise to Mr. Popik. In the last few months, his company was studying foreclosured property, and damages done by previous owners. More than just disgruntle, homeowners are piping mad about the loss of their property and showing it by ripping up carpet, punching holes in the wall, and removing important appliances, like, the heating system. In order to stop the destruction, lenders are offering cash for keys.