Frequently Asked Questions

Releasing your property to Chase

How do I start the process?

First, complete and send your application for mortgage assistance to find out if you're eligible to release your property to Chase and avoid foreclosure.

What documents will I need to send with my request to release the property and how do I send them?

A checklist of documents and instructions on how to send us your information is located in the request forms section.

Will I need to do anything after I complete and return the Deed In Lieu – Authorization Form (PDF) Opens PDF?

After you complete and return the form, we'll work with you to schedule a home inspection and an appraisal at a time that is convenient for you. It's important for you to be at the property during the inspection and the appraisal.

How long does the process take?

Once you complete and send in all the documents we need to review your application, you'll find out what options you're eligible for within 30 days.

Will I have to pay taxes?

Reducing the amount you owe, as well as any payments made to you under the program, may be reported to the IRS and may have tax implications. Please discuss any implications with your tax advisor.

How would this affect my credit score?

We can't determine what impact principal forgiveness will have on your credit rating. It may have a negative impact. Credit bureaus that determine credit ratings will receive notice that your account was paid in full for less than the full balance.

Will Chase charge a fee if I release my property?

No. We don't charge fees for the processing or completion of a title transfer.

If I release my property, will I still be required to pay the balance of the mortgage or any deficiency balance?

When you release the property, the difference between what you owe on the mortgage balance and what the property sells for is called a deficiency - and we may be able to waive the deficiency balance.

If we're able to waive the deficiency, you won't have to pay the difference. If we can't waive your deficiency, you could still be responsible for the difference between the mortgage balance and the sale amount.

Reducing the amount you owe, as well as any payments made to you under the program, may be reported to the IRS and may have tax implications. Please discuss any implications with your tax advisor.

My loan is already in foreclosure. Can I still pursue the option to release my property?

Yes, you may be eligible. Even if your account is in active foreclosure status, you may still be able to release your property to Chase.

Sending your application for mortgage assistance doesn't stop the foreclosure referral, process or sale. All documents required for transfer of clear title must be fully executed and received before the foreclosure sale date.

My loan is up to date. Can I still be considered for releasing my property?

Yes, if you can show that you're struggling to make your payment due to financial hardship. Send your application for mortgage assistance to find out if you are eligible to release your property to Chase and avoid foreclosure.

Can I release my property if I have more than one mortgage on the home?

Yes, you may still be eligible. If your second lien is with another bank, we'll work with you and the owner of that mortgage loan to obtain clear title and to finalize the title transfer.

I currently rent my property and do not live in the home. Can I still be considered for releasing my property?

Yes, you may still be eligible if you have clear title to your property, which means that there are no other liens or payment owed.

Do property taxes need to be paid during the process of releasing my property?

Yes. If your property taxes are not paid through an escrow account as part of your loan payment, you should continue to pay your property taxes as scheduled.

I filed for bankruptcy. Can I still be considered for releasing my property?

Yes, you may still be eligible. Talk to your bankruptcy attorney about the process of releasing your property during a bankruptcy.

Can I work with Chase to sell my property for less than I owe?

You may be able to sell the home for less than you owe, avoid foreclosure and make a fresh start.

Find out more by reading frequently asked questions and send your application for mortgage assistance to find out if you are eligible to sell the home for less than you owe and avoid foreclosure.