Chase's (New?) Deed In Lieu Program

[ValleYum]

FINALLY - our DIL has been filed with the County.

I sent an e-mail to Jamie Dimon (President of JP Morgan Chase) at the beginning of October because the progress had ground to a standstill and I was frustrated. I received a phone call from an Executive Action Team Member ( aka: Chase rep) THAT VERY DAY to let us know she was checking on our situation. I don't know if that actually helped the deed to get recorded faster as the local attorneys we were dealing with had to send it back to Chase for signatures and were waiting on them... but it got done!!!

YAY!!



It was a fairly efficient process until the paperwork went from the local attorney back to Chase for their signatures, but all-in-all it was fairly painless.

Again, bear in mind that we had a clear title, no 2nd mortgage or HELOC and the house was vacant and in good condition. We did not have to provide any financials, meet with realtors, etc. at all. We did not ask for Cash for Keys nor did they offer it. We just wanted off the hook in all ways! Soooooooo, I JUST paid the last water and HOA bill on the 'Albatross' this month!! WOOT WOOT!!

• Last payment 09/30/2010
• BK Discharge 03/16/2011
• Attempted Numerous Loan Modifications/Negotiations - the best offer from Chase was a reduction in former payment of $50 and back to 30 years.. Ummmm, no thanks!
• Moved Out of House 10/08/2012
• Began DIL Process 05/2013
• DIL Recorded with County Courthouse 10/09/2013

[DYLAN150]

ValleYum: Nice!

[ValleYum]

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.

[subking]

I sure hope things go well for you both, but I have no trust in these banks anymore.

[DYLAN150]

Yes

[OHBOY]

So, no cash for keys?

Just curious...are YOU expecting cash for keys on your transaction ?

[DYLAN150]

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.

[justbroke]

Awesome!

[ValleYum]

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

Will go run them past my lawyer and send them on ASAP!

[tobee43]

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.

[ValleYum]

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 ).

[DYLAN150]

So, no cash for keys?

[ValleYum]

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.

[tobee43]

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

[ValleYum]

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!!)