What is Jingle Mail?

Jingle mail is a growing phenomena in the United States, which is a direct result of the foreclosure crisis.

Some home owners, terrified of pending foreclosure, decide to mail their house keys to the lender and move out. They call it "jingle mail" because the keys make a jingle-bell sound when picking up an otherwise empty envelope. The term has become a euphemism for walking away from your home. I imagine most buyers would tape the keys to a card -- providing they possess a bit of common sense -- so the keys don't really jingle.

Here are a few questions you might want to ask yourself. How do you know that the lender will actually receive the keys or even wants the keys? And why would an owner move out while the home is in foreclosure? Typically, owners can stay in the home, payment free, until the lender evicts them. Eviction happens after the foreclosure is final and could take anywhere from three months to a year, depending on the way foreclosures are handled in your state . . . read more about Jingle Mail.

More Articles by Elizabeth Weintraub, click below:

• How Foreclosures Work
  
• Three Stages of Foreclosure
  
• Ways to Stop Foreclosure

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