Chase's (New?) Deed In Lieu Program

[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.

[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]

Valle, just keep watching carefully. also, when and if you go to buy another home when they do the search on you they find it like a standing judgement.

we had one that showed up, which dropped off i think about 3 months ago because it was 7 years old. we did that DIL prior to filing. i would also make certain that if it doesn't show up, that you are no where sitting on the governments caviars list with number
and a date. for us that was a "good" thing since we never had a foreclosure or DIL on our "main" property. at least the cavars number gives one a date they can begin to re-apply for a mortgage, if they chose.

i'm SO HAPPY this is finally DONE for you!!! whoppeeeeeeee and such a big step forward!

[ValleYum]

Right, but I am not worried about that. I refirmed my primary home and will not be moving anytime soon. I am more worried about the hit my credit reports will take if the DIL shows up on top of the IIB for the same property.

No double ding here. Just the BK showed up for us.

Sorry for not answering you sooner, PhillyGuy.

[ValleYum]

Valleyum,
did you leave right after you were discharged? was the house included in the bk?

Hi sadandconfus.

We had selected 'Other' on our BK petition as we were in discussions for a modification.

We were discharged in March 2011 and moved out in October 2012. It sat empty until Chase accepted our DIL in October 2013. I just looked our house up last week and found it was listed for sale via a realtor in late december and was under contract 1 month later. They sold it for about $120,000 less than we owed.

I hope this info helped you!

[sadandconfus]

Valleyum,
did you leave right after you were discharged? was the house included in the bk?

[PhillyGuy]

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.

Right, but I am not worried about that. I refirmed my primary home and will not be moving anytime soon. I am more worried about the hit my credit reports will take if the DIL shows up on top of the IIB for the same property.

[LadyInTheRed]

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.

[PhillyGuy]

Dils show up just like foreclosures many times. Most people do not know that but really what is the difference after u file bk? DIL foreclosure surrender??? They all show up one way or another.

The problem is your getting a double ding on your CR for the same property. I wonder if there is a way to keep the DIL off.

[tobee43]

Dils show up just like foreclosures many times. Most people do not know that but really what is the difference after u file bk? DIL foreclosure surrender??? They all show up one way or another.

[PhillyGuy]

If you had the home discharged prior to the DIL, did the DIL show up on your credit reports after it was complete?

[Freedom2us13]

Hi YalleYum,
Your letter is great and is representative of our experience with Chase. I will keep you posted on our progress.
Thank you again for your information and your encouragement!!
Have a great Sunday,
Freedom

[ValleYum]

Hi ValleYum,
We have also been approved for a DIL with Chase and are in the waiting game for their legal department to review the paperwork. Then the docs need to be signed by them and only then will they be recorded with the county. I see yours took 5 months for them to complete. We signed the DIL docs that they sent us and they were received back in their office on 9/24/13. We were told that the process would take 3-4 weeks...we are still waiting. We have now been in contact with our state senator's office and they have been getting the same runaround as us - "this is a new process...it will take a bit longer...".
If you don't mind my asking, what was the email that you sent to Jamie Dimon's office. Perhaps I could have the same result as you.
Thanks,
Freedom2us13

Hello Freedom!!!

Waiting for this to just be done is soooo frustrating, isn't it? As I mentioned above, I received a telephone call back the same day I emailed them (sent at 5am PDT and called by Chase at 1pm PDT).

FYI, the email address was correct for Chase's CEO as of the date I sent it. I put extra spaces in it to break the link so remember to remove them and to change any dates or information to suit your specific situation.

This is basically the email (minus the personal info):

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

TO: jamie.dimon @jpmchase. com

SUBJECT: Assistance With the Chase Deed-in-Lieu Program

Dear Sir:

Regarding Chase Loan Number: XXXXX Property Address: XXXXXXXX

We are writing to get your assistance in finalizing our Deed-in-Lieu with JP Morgan Chase Bank.

We moved out of the above-referenced home in October 2012. The house is sitting empty in a lovely neighborhood where comparable homes are selling almost immediately for the current market price. We are very underwater on this mortgage and tried unsuccessfully to modify it through the CHAMP Program during the summer of 2012.

We are no longer interested in a modification nor do we wish to attempt a short sale as we have told every Chase representative who called us regarding this loan. FYI, we extinguished the underlying debt on this mortgage when we received a Chapter 7 bankruptcy discharge in March 2011.

We applied for the Deed in Lieu program in May 2013, were approved by Chase in June 2013 and returned notarized documents to Chase’s local counsel in July 2013.

We have heard NOTHING since then. When we call, no one can seem to give us any clear information on the status at any of the Chase contact numbers we have. The law firm has no updated information either.

Per the XXXX County Tax Assessor's website, the home is still listed in our names.

All we want is the Deed-in-Lieu to be completed as promised so the house can be conveyed back to Chase. Anything you can do to expedite this process would be greatly appreciated. Our contact information is under our signatures below.

Sincerely,

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

I hope this helps you! Good luck and let me know how it goes!!

[Freedom2us13]

Hi ValleYum,
We have also been approved for a DIL with Chase and are in the waiting game for their legal department to review the paperwork. Then the docs need to be signed by them and only then will they be recorded with the county. I see yours took 5 months for them to complete. We signed the DIL docs that they sent us and they were received back in their office on 9/24/13. We were told that the process would take 3-4 weeks...we are still waiting. We have now been in contact with our state senator's office and they have been getting the same runaround as us - "this is a new process...it will take a bit longer...".
If you don't mind my asking, what was the email that you sent to Jamie Dimon's office. Perhaps I could have the same result as you.
Thanks,
Freedom2us13

[Drazil65]

Congrats on the successful DIL...no easy accomplishment to say the least...