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cash on hand. Definition. Funds that are immediately available to a business, and can be spent as needed, as opposed to assets that must be sold to generate cash. The amount of cash on hand determines what projects a company can undertake, or what financial hardships can be absorbed, without going into debt or arranging other financing.
It sounds catchy and clean. As the name implies, you hand the keys of the property to the mortgage lender and they give you money in return. Before deciding that this is the right option for you, there are a few things to consider. What is the process of cash for keys? First, check with your bank if they offer cash for keys and find out if you qualify. It is not required by law that all banks offer a cash for keys program, but many do. It is often in the bankâs favor to have a homeowner leave their home willingly instead of undergoing the entire foreclosure and eviction process.