Chase's (New?) Deed In Lieu Program

[sadandconfus]

valleyum,
What would the advantages of me requesting a deed in lieu from chase compared to letting them foreclosed if i'm bk7 discharged? With a DIL, i know i can get the title changed faster and the clock starts earlier for a new FHA mortgage, but if i wait for them to foreclose, they can postpone (as long as they want) the amount of time I can purchase a new home for my family and I'm afraid the housing market will rise pushing, some homes out of my reach. In any case I can save money by not paying the mortgage. However, If I wait for the foreclosure, I will have time to stay here before I move in with inlaws.

[tobee43]

In a recent thread, two BKforum members said that the foreclosures of their discharged mortgages were not on their credit reports. If their experience is typical, then the same should be true of a DIL. Even if it is on a credit report, if you apply for a mortgage in the future, the lender (or anybody else) can check public records and find your DIL or foreclosure. Those records will never disappear.

so true! it's deeply embedded, period. now the DIL leaves your CC in 7 years as opposed to the 10 with the BK, however, one must also be very cautious because you may end up with a 1099A of one does not make completely certain that have attached a contract signed by all parties that the DIL is considered paid in full. additionally, as an example one has listed their mortgage on their petition and it is IIB you stay and pay, then 4 years later decide to do a DIL, oh no!!! your DIL is there but your BK is off your CC report.

we did one DIL with a iron clad attached contract stating NO reporting, Paid in full blah blah and it still wouldn't surprise me if it shows up, not that i care so much at this point since two homes is enough for us and i'm not going to buy or need a mortgage ever again.

one should be more concern if they have any type of mortgage related to government backing as to when and what date applies to your changes in the future to obtain another mortgage by ones caviars number . that is ALL that counts if one wants to get another mortgage backed by any government agency which most are today. they don't care about your DIL's or your BK, just when your numbers up. DIL's do in fact show up in many cases, they are located on the first few pages of your CC reports depending on which of the big three. ours was right there. i had it removed with no problem, but LITR it was as plain as the cute nose on my kittys face. i have learned nothing is typical anymore, especially with us LOL!!!

we have a caviars number although our old property still has never been foreclosed on, we don't even know how we got on the list frankly. our date was and is completely arbitrary. according to them its 2016...i guess it came off the top of someone's head.

also another fact, exceptions are made by lenders. we just purchased another home. i went to a company was paying cash but wanted to make some small improvements and didn't want to dig into my savings. they said no not until 2016. guess who called the other day offering me whatever i wanted LOL!!! i said no thank you, and this was a major lender, i guess maybe it was the equity in the home, no clue don't care never want another mortgage again in my life.