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Chase's (New?) Deed In Lieu Program

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  • Chase's (New?) Deed In Lieu Program

    Chase Bank has a new program listed on their Foreclosure Alternatives page.

    Releasing your property to Chase

    If you are having trouble making your mortgage payments and are unable to sell the home, you may still be able to avoid foreclosure and make a fresh start by releasing your property.

    If you have clear title to your property, which means there are no other liens or payments owed, you may be able to release your property to us – this is called a deed in lieu of foreclosure.

    With this option, we will work with you and third parties in an attempt to obtain clear title and to finalize the title transfer.

    The difference between selling your home for less than you owe and releasing your property is that you are not responsible for listing and selling your home. This option does not involve real estate agents, listings or open houses, and we will work with you each step of the way.
    https://www.chase.com/chf/mortgage/hrm_otheralt

    It is a simple downloadable form (only a 3 page PDF) that you fill out with just a small bit of info (shocking!!), sign and return to Chase.

    The form is located here: https://www.chase.com/ccpmweb/chf/do...Supplement.pdf

    FAQs about the program are located here: https://www.chase.com/chf/mortgage/hrm_deedinlieu_faqs

    You may be wondering why I am making a thread about this... well we decided to try this program. Here is what has happened so far:
    • We were told about this 'new program' in early May of this year during my monthly call begging Chase to take the house. I took the form to my BK attorney (around mid-May) to make sure we weren't signing something that would be detrimental to us. He told us to 'go for it' so we faxed the form to Chase in late May.

    • We got a phone call less than a week later from a Deed in Lieu representative telling us that the title search was underway and we would be hearing from them soon.

    • A few days after this we received via FedEx an "AFFADAVIT AS TO CONVEYABLE PROPERTY" form which they wanted us to sign and return. It basically said that the house was was unoccupied, broom-swept and in conveyable condition. We tweaked the form a bit since we moved out in October and didn't really know what they house looked like on the inside after sitting empty through the winter since Chase's property preservation department had changed the locks.

    • We faxed the Affadavit back in mid-June.

    • We received a call back from our representative a couple of days later asking for a statement from our HOA to make sure our dues was up to date.

    • We faxed HOA statement to Chase late last week.

    • We were called yesterday to let us know we were APPROVED and would have the Deed in Lieu forms FedExed to us within the next 2 business days (she said to give a day or so leeway since this is a holiday week) for us to sign in front of a notary and return to their attorneys in an enclosed FedEx envelope.


    Our representative said after we FedExed the attorneys the notarized forms, they would double check the signatures, sign off and send us our copies and have the DIL recorded at our courthouse. They said to allow 4-6 weeks for the deed to be recorded as local courthouse offices were notoriously slow.

    The rep also gave me addresses to give to the HOA office and the water board for billing purposes. Yay! We can also discontinue lawn service then as well since Chase's property preservation department will then be on the hook for that. Yay for $150 saved every month!!

    We are cautiously optimistic that this will continue to go as well as seems to have and will keep everyone posted.
    ~~ Filed Over Median Income Chapter 7: 12/17/2010 ~~ 341 Held: 1/12/2011 ~~ Discharged: 03/16/2011 ~~
    Not an attorney - just an opinionated woman.

  • #2
    ValleYum: I am also trying for a DIL. My bank just completed the title search/report. When you close on the house, how long would a person have to move out? I want to stay until mid August or the 1st of Sept. Also how long did this whole process take?

    Comment


    • #3
      Hi Dylan!

      We were already out of the house. Is your bank Chase??

      We asked Chase about this in early May and it should be complete by mid July and recorded by mid to late-August.

      I think you would need to negotiate with the bank as to when you need to move out (and I would get it in writing!!)
      ~~ Filed Over Median Income Chapter 7: 12/17/2010 ~~ 341 Held: 1/12/2011 ~~ Discharged: 03/16/2011 ~~
      Not an attorney - just an opinionated woman.

      Comment


      • #4
        i'm with or was with chase. they also offered the program 5 years ago, we filled out all the forms and nothing!! remember this is ME. i'm sure things are different now.

        i think that is SO GREAT you have done it. i don't think it's worth a try for me, or maybe it is. at this point, i just feel like i should well enough alone at this point. PLUS we are just building up are credit and a DIL goes right on your credit report. but it sure does sound temping and if it wasn't for the N.J.S.A. 46:10B-51, the New Jersey Creditor Responsibility Law, i would go for it!!

        best of luck Valle!!! it will be so excellent to get this behind you
        8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

        Comment


        • #5
          It only goes on the public record portion of our credit, though - same as a foreclosure - so I am not worried. NJ law is nice to the little guys for once, huh?!? I can't believe how fast this DIL process has been (so far anyway!!)

          We aren't buying a house again for a while anyway until my health issues settle a bit and it is kind of nice being a renter for now.

          It sure will be nice not to have to pay HOA dues, water and yard care on an empty house, though!! We tried to do the 'right thing' by Chase and give them back a clean, maintained home. We hated leaving it empty and not living there til the bitter end but we had to get away from the stairs.
          ~~ Filed Over Median Income Chapter 7: 12/17/2010 ~~ 341 Held: 1/12/2011 ~~ Discharged: 03/16/2011 ~~
          Not an attorney - just an opinionated woman.

          Comment


          • #6
            So, no cash for keys?

            Comment


            • #7
              Not asking for any $4keys. We have $150/mo in expenses on an empty house we aren't living in and we just want it gone ( like the proverbial albatross from around our necks ).
              ~~ Filed Over Median Income Chapter 7: 12/17/2010 ~~ 341 Held: 1/12/2011 ~~ Discharged: 03/16/2011 ~~
              Not an attorney - just an opinionated woman.

              Comment


              • #8
                Originally posted by ValleYum View Post
                It only goes on the public record portion of our credit, though - same as a foreclosure - so I am not worried. NJ law is nice to the little guys for once, huh?!? I can't believe how fast this DIL process has been (so far anyway!!)

                We aren't buying a house again for a while anyway until my health issues settle a bit and it is kind of nice being a renter for now.

                It sure will be nice not to have to pay HOA dues, water and yard care on an empty house, though!! We tried to do the 'right thing' by Chase and give them back a clean, maintained home. We hated leaving it empty and not living there til the bitter end but we had to get away from the stairs.
                i know it's going to be nice to get that money off anyone's back! i think also much like a foreclosure its only on there 7 years as opposed to the bk. although i would argue the same argument as i would a foreclosure after you filed bk and the debt was already discharge. if you included in your bk, it shouldn't go on your CA period. so i would fight it.

                valle, interesting you stair point, we made certain NO stairs ever again. i hope you start feeling better soon i have said this before, our daughter says she's never ever buy again and she loves the fact when the roof goes, so does she. i had a hard time at first about it, but she's right.

                yes, those HOA...we are getting ready to adopt new bi laws because our county is selling these foreclosure in our HOA without paying the liens which are subordinate (i am the HOA, on this side i'm the "bad" guy") i guess. but i'm trying to pull revenues for the HOA by adopting a plan that once the property goes to the bank we hit them a lien then foreclosure meanwhile i'm charging these new owners which are either the banks or property management companies $500 daily for every day they don't pay. not going after the home owners at all.
                8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

                Comment


                • #9
                  Received the Deed-in-Lieu packet from Chase's attorneys today. Yay!

                  Will go run them past my lawyer and send them on ASAP!
                  ~~ Filed Over Median Income Chapter 7: 12/17/2010 ~~ 341 Held: 1/12/2011 ~~ Discharged: 03/16/2011 ~~
                  Not an attorney - just an opinionated woman.

                  Comment


                  • #10
                    Awesome!
                    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
                    Status: (Auto) Discharged and Closed! 5/10
                    Visit My BKForum Blog: justbroke's Blog


                    I am not an attorney. Any advice provided is not legal advice.

                    Comment


                    • #11
                      I received my letter from the bank yesterday. I have been conditionally approved. It say I must move within the next week. Will call the bank to change that this morning. BTW, The bank wanted me to sign the letter and return it No Later Than 8 Jul. It just got it last night. That's par for the course. I would like to see the final documents before I move out.

                      Comment


                      • #12
                        Originally posted by DYLAN150 View Post
                        So, no cash for keys?
                        Just curious...are YOU expecting cash for keys on your transaction ?

                        Comment


                        • #13
                          Yes
                          Last edited by DYLAN150; 07-09-2013, 11:34 AM.

                          Comment


                          • #14
                            I sure hope things go well for you both, but I have no trust in these banks anymore.
                            Filed Chapter 7 10-2008
                            341 Meeting 12-2008
                            DISCHARGED 2-2009

                            Comment


                            • #15
                              Originally posted by subking View Post
                              I sure hope things go well for you both, but I have no trust in these banks anymore.
                              Thanks for the well wishes.

                              Like I said above, this process seems to be SUPER straight-forward. When I saw they wanted just a couple of bits of info on the initial form, I was shocked. They did not ask for financials or require a short-sale attempt, etc.

                              In the interest of full disclosure, I do want to say that we have no 2nd or HELOC, no judgments or liens on the house, the water bill is current (city has a minimum fee and will not turn it off) and the HOA fee is current. The house is vacant and was in broom-swept condition when we moved out in October '12. The DIL we are signing does require we keep the water bill and HOA fee current until the DIL is recorded with the county.
                              ~~ Filed Over Median Income Chapter 7: 12/17/2010 ~~ 341 Held: 1/12/2011 ~~ Discharged: 03/16/2011 ~~
                              Not an attorney - just an opinionated woman.

                              Comment

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