HT201472 Can I deactivate my iPhone and keep it in lost/locked mode?

My daughter lost her phone in a college party and now someone is attempting to sell it back to her.  I locked the phone, placed a lost phone on Cloud and left a contact number but it seems whomever has the phone no longer wishes to sell it back to us.  Can I delete all data and deactivate it and for the phone to remain in lost locked mode?

Welcome to the Apple Community.
if you mean can you track it and send messages when you've erased it, then no.
On the basis of what you've said here, I suspect you should go to the Police.

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