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Abandoment

Posted on: 02nd Nov, 2010 08:07 am
I am working with the bank on a Deed in Lieu, my negotiator asked me to write a letter saying I am abandoning some personal property in the home. My negotiator asked, this abandonment letter for Chase, did you also want Chase to secure the property?

What does this mean? I understand what she is saying, but in reference to a Deed in Lieu????? I want to give the property back to Chase, but I also want to discharged from any further responsibilities of the property. Any money that they can not get from a sale of the home.

Please respond!
Hi drifter,

As you want to be discharged of any further responsibilities toward the property, you should contact your lender and inform him about it. The customer care department of Chase will be able to guide you as to what they actually mean by securing the property.

Thanks
Posted on: 02nd Nov, 2010 11:48 pm
Hi Jameshogg,

I am dealing with a negotiator at the time. I have informed her of this, that I have had the property for this many years and I have more than paid off what was borrowed and I really don't want to do a short sale due to the fact that I will be held accountable for the balance of what they can't sell it for. And that I just want to not be held responsible for what they can not sell it for, I want a Deed in Lieu. So she is aware of this. I told her of a piano I left in the home and she asked me to write a letter stating that I am abandoning the piano and Chase can take care of it. So I wrote the letter and she received it and she asked me if I want to the letter to state that I want Chase to secure the property too! I figured that would be the home she is talking about???
So all I am wondering is, what exactly does she mean by that, and what does that have to do with a Deed in Lieu? Or is that a quick way to get the property back and not have to go through a Deed in Lieu or go through the courts to take the property back?????? I just don't know! I have asked her and have not got a response back yet.

Thank you!
Posted on: 03rd Nov, 2010 01:13 am
welcome drifter,

well... i must say that i haven't heard of "securing property" by the lender. you can ask the negotiator to explain the term to you and also get her opinion as to how the securing of property will affect the deed in lieu of foreclosure. she will be able to help you in a better manner.
Posted on: 03rd Nov, 2010 10:32 pm
I did get an explanation from her. Securing the property is actually what it say's, the lender will change locks/keys and maintain the property. She say's it will look better and more appealing to the lender to complete the DIL. Well I sure hope this is correct, but I can't keep the property anyway, it will just get it off my hands quicker.
Any thoughts?
Posted on: 04th Nov, 2010 01:10 am
Hi drifter!

Welcome to forums!

If the lender can maintain the property, then I think you should go for it and agree to securing of the property. This will help you in safeguarding the property from any kind of dangers.

Sussane
Posted on: 04th Nov, 2010 11:55 pm
This is exactly what I am going to do! They will get it back one way or another anyway!
Thanks
Posted on: 05th Nov, 2010 12:55 am
You're welcome, drifter :-)
Posted on: 05th Nov, 2010 08:52 pm
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