Freedom Mortgage Corp. Loan Modification

Freedom Mortgage Modification Process

The Freedom Mortgage Loan Modification process follows the typical workout protocol:

1. Phone Interview Phone interview with the customer servicing agent is the triggering procedure of the Loan Modification process.
2. Submit A Complete Package Freedom Mortgage Assistance Package will have to be completed and submitted with the supporting documents.
3. Freedom Broker’s Price Opinion A Property Valuation is Completed (If, Applicable) – Often this may also be done via an automated valuation model (AVM)
4. Negotiations Terms of The Modification Review Are Processed, Negotiated and Sent To Underwriting for approval.
5. Modification Response Servicer Provides A Response

Sadly the loan modification process with Freedom Mortgage is never this easy which is why we, Absolute Consultant Group (ACG), are here to support homeowners through the process. During the Loan Modification process with Freedom Mortgage it is very typical that you will have to go around in circles. Its also possible that you will have to submit the package and the documents repeatedly. Getting transfered around the company from department to department having you run around from Freedom Loan Modification Department (Loss Mitigation) to Freedom’s Customer Service Department is also quite normal. Submitting the wrong information on your application, getting denied, and not being able to figure out what happened is why coming to our staff can help you avoid a lot of heartache. Our staff is available to review your paperwork and to help you step with the best foot forward. Call us at 888-934-3444.

Freedom Mortgage Loan Modification Timeline

Companies such as Freedom Mortgage has a lot of bureaucracy involved. Freedom Mortgage’s  Loan Modification timelines vary often on things that are straight forward but not always. Here are a few of the reasons this question has such sticky answers.

• For one, Freedom is only a mortgage servicing company. They usually represent debt on someone else’s behalf. This limits all decision making ability for Freedom Mortgage. As a mortgage note servicer they have to abide by their Pooling and Servicing Agreement (PSA). They have an agreement with each and every investor. The investor delegates the company to make decisions in some of the cases only but not for all the cases so for the cases that they are not delegated to make a decision they have to get approval from the investor. Investors like Fannie Mae (FNMA) and Freddie Mac (FHLMC) often take the decision making authority into their own hands. In a heavily regulated business the more hands involved in each review the longer it takes leaving Freedom Mortgage with their hands tied.
• Another issue, affecting the modification timeline is priority. Priority is often governed by when the application was first submitted but it may also be governed by other factors also. This business is a first come first service until you ask if, “Does my Freedom Loan have a sale date?” If you have a pending auction date it is likely they will attempt to review you sooner. You have to keep in mind though that servicers, such as Freedom, have foreclosure dates for homes almost every day. Even a week from today is not worked as quickly as you might want because of foreclosures going to sale happen so often and in such a large volume. Remember this business is a first come first serve but it is also influenced by foreclosure status and proximity to the sale date.
• Lastly, not all mortgage workouts were created equal. There are a large number of programs each with its different terms for how they would modify your loan. Typically, if the first modification type doesn’t work they will review you for the next one, and so on, until they find a mortgage solution that works. Departments due to this “waterfall” process are often very specialized so many times different representatives handle different parts of the review. An example of this is how Loan modification negotiators review only loan mods while short sale negotiators only review short pays (discounted payoffs).

Freedom Mortgage Loan Modification Timeline Conclusion: While it would be nice to give our clients  a specific turn around time for their modification to be reviewed. The timelines will vary greatly from customer to customer. Whether the decision can be made by the servicer themselves or if they have to send it  out for the investors approval, whether you fit the first plan you are reviewed for or the 11th plan, along with factors outside the bank including but not limited to how fast they are able to get their property values back from valuation companies, how fast documents are received legibly on their end and much much more all effect how long it will take for your Freedom Mortgage Loan Modifiication to be reviewed.

Dealing With A Freedom Mortgage Loan Modification Decline

Often dealing with a Freedom Loan Modification Decline may be confusing. Understanding the details of all the plans and how that conflicts with your information is key. Here at ACG we have dozens of points we review in order to understand why your Freedom Mortgage loan modification was rejected. Have us review your declined modifcation for free by calling us at 888-934-3444.

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