Chase Bank has a new program listed on their Foreclosure Alternatives page.
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:
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.
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.
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.
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.
MAKE SURE AND VISIT Tobee's Blogs! 
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. 
Bankruptcy Wizard
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