Franklin American Mortgage, Inc Loan Modification

Franklin American Mortgage Modification Process

Franklin American Mortgage has a typical and convention loan modification process that is similar to the process of other companies. The process is further explained below:

1. Interview By Phone The process is initiated by a phone interview with a representative from Franklin American Mortgage Co.
2. Package Submission After the phone interview you will be required to submit completed Franklin American Mortgage Request for Mortgage Assistance with the supporting documents and finances.
3. Franklin American Mortgage BPO  (Broker’s Price Opinion) Valuation of the property might be required for this Broker’s Price Opinion might have to be obtained. Sometimes Automatic Valuation model is used for this purpose.
4. Negotiations The new terms of the loan are discussed and reviewed whether they are suitable for both the customer and the investor.
5. Modification Approval/Decline The servicer responds on behalf of the client about the approval or decline of the modification application.

The process looks simple enough but we are sorry to say it is never the case. We Absolute Consultant Group (ACG) are a company that support the homeowners through the loan modification process. During the loan modification process it is typical for the company to give you the runaround. Sometime they will request the same documents again and again. It is also typical of them to transfer you from department to department. It is very normal that the Franklin American Loan Modification will transfer you to Customer servicing department and they might transfer you back. Instead of submitting the wrong information, getting denied or not being able to figure It is better to come to our staff and let them help you. Our staff is available to review your paperwork and to help you step with the best foot forward. Call us at 888-934-3444.

Franklin American Mortgage’s Loan Modification Timeline

In a company like Franklin American Mortgage there is a lot of bureaucracy involved so the timeline of the modification process varies on reason that are sometimes simple but sometimes complicated. Here are a few reasons why the answer to this question has such complicated answer.

For one, Franklin American Mortgage Co. is only a mortgage servicing company. They represent debt on someone’s else behalf. This has a major effect on their decision taking capability. As a home loan servicing company they follow the Pooling and Servicing Agreement (PSA), This serves like an agreement with all institution. They are not allowed to make all the decisions themselves. The investor only allows them to make a decision themselve in some cases only, so for the decisions that they are not allowed to make they have to get approval from the investor for which they are servicing the loan for. Certain investors take the process of making decision and do it themselves. In this kind of regulated business the involving of more hands increases the time frame for the processing leaving Franklin American Mortgage’s hands tied.

Another issue, During the Franklin American Mortgage loan modification process the timeline is crucial. The company usually arranges the application in the order they are received but it also depends on other factors. The service is based on first come first serve model but it also depends on the fact that whether you loan has a foreclosure date or not. If that is the case then it is likely that your application will be pushed to the front of the line and considered sooner for the mortgage asisstance. It must be kept in mind that the institutions like Franklin American Mortgage have foreclosure dates for almost every day. Due to this, the process does not proceeds as quickly as you want it to.

• Lastly, All mortgages are not created equal. There are a large number of programs each with different terms that how they will modify your loan. Mostly, if the first program does not work for you or them they will consider you for the next one and so on untill they find the mortgage solution that works. Departments due to these conditions are very specialized so many times different representatives handle different parts of the review.

Franklin American Mortgage’s Loan Modification Timeline Conclusion: While we would be very happy if we could give our customers the exact timeline for the loan modification but the timelines vary greatly from customer to customer. It depends on whether the servicer can take the decision themselve or they have to send it to the investor for approval. It depends on whether you fit the first program you are reviewed for or the 10th or 11th. It also depends on the factors from outside the bank such as how fast they can get the valuation on the property and how fast they receive the legible documents.

Dealing With A Franklin American Loan Modification Decline

Have you been declined by Franklin? Has Franklin American Mortgage denied your request for Home Loan Modification. The Decline can 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 Franklin American Mortgage loan modification was rejected. Have us review your declined modifcation for free by calling us at 888-934-3444.

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