A cash for keys is where you accept cash from a person for simply putting their name on your deed. Normally the amount of cash that is given is equal to the amount of money left on your mortgage, meaning that you will not have to declare bankruptcy, and will not have to go through foreclosure.
In fact, this is far more likely to save you from going through foreclosure or bankruptcy than to hurt your credit. It is actually highly unlikely that this would show up on your credit at all, considering that this is a private sale and that you will be able to completely cover all of your loans once the process is over. In many cases, especially towards the end of the foreclosure process, this may be the only thing that can save both your credit rating and your financial life. In fact, the way it works out, unless you have already damaged your credit in other ways, it will only send you back a couple of years.
Despite all of the amazing benefits of this, it really isn’t that good of an idea. Unless you are absolutely certain that you can trust the person to whom you are selling your home, you are putting yourself in a very vulnerable position. You don’t know what can happen and since the point of this process is to save money, you won’t have any lawyers or authority figures involved. Therefore, it is quite possible that something could happen that would damage your credit even farther, or that you will lose your home for no compensation.
By the way, by researching and comparing the best stop foreclosures services in the market, you will be able to determine the one that meet your specific financial situation, plus the cheaper and quicker options. However, it is advisable going with a trusted and reputable stop foreclosure specialist before making any decision, this way you will save time through specialized advise coming from a seasoned foreclosing advisor and money by getting better results in a shorter span of time. Meaning getting your house out of risk as soon as possible.