BB&T Mortgage Deed In Lieu Of Foreclosure

BB&T Mortgage Deed In Lieu of Foreclosure Process

If you are availing loan servicing of BB&T Mortgage, we at ACG will make sure that our customers go through the process of Deed In Lieu Foreclosure that is simple, standard and similar to other Banks:

1. First, A person from our team will place a call to speak to you loan counselor at BB&T Mortgage, Sometimes we will have to follow up after placing an appointment but once we speak to them the Deed in Lieu Foreclosure Process will begin.
2. You will be required a paperwork called BB&T Mortgage Request for Mortgage Assistance (RMA).
3. Before being selected for consideration in DIL Process, you have to undergo a Loan Modification review.
4. Before taking on the liability of owning the property they may require that you sell the property first to somebody else and deed it to them.
5. Getting your property title checked is the next process.
6. The investor will want BB&T Mortgage to complete a valuation of the property and some investors may require two valuations
7. Next, we will have to negotiate terms with BB&T Mortgage about relocation terms and time frames.
8. As the last step of the process the lender i.e: BB&T Mortgage will make an answer to your application of Deed in Lieu Foreclosure made to them.

It is never as easy as it sounds to go through the steps mentioned above and if you have dealt with BB&T Mortgage in the past you may have noticed that too. There will always be some difficulties when you are working with them and high chances of something showing up. But you don’t have to worry about anything as ACG is here to help so that whole goes on smoothly with your lender and we have over a decade of experience in this. It is conventional to repeat certain steps of the process while you are dealing with Deed in Lieu Foreclosure negotiators. We have experience of more than a decade in doing this and so know that we will have to run around from department to department getting your problems solved. Maybe it happens that you have been trying to get Loan Modification from them and they need to close that out or review your application. Maybe they want you to sell your home first so the short sale department has your file. We are here to do all the work for you. Most important of all is you figure it out when they are sending you in the wrong direction. Most of times, clients come to us after submitting the wrong information on their deed in lieu application, getting denied, and not being able to figure out what happened. We can help you through the process of doing a deed in lieu of foreclosure even if that means reviewing a decline made by BB&T Mortgage.

BB&T Mortgage Deed In Lieu Timeline

Like any other bank BB&T Mortgage Deed In Lieu Timeline is also not specific. Sometimes it is easy to guess whats going on but this is not always the case. These are just a few of the hoops we jump through when dealing with a deed in lieu with BB&T Mortgage.

• To begin with, BB&T Mortgage is only a servicer of the loans and not the bank as they are only working for a lender to service the loans as their name suggests. Due to this BB&T Mortgage works according to the set of rules that are called “PSA” or Pooling and Servicing Agreement that governs the pools of mortgages they service. The PSA is like a  contract between servicer and beneficiary of the mortgage note. These rules restrict BB&T Mortgage to make all the decisions themselves and for the decisions that they are not allowed they have to get permission from the investor. Some investors such as Fannie Mae (FNMA) and Freddie Mac (FHLMC) have pulled almost all decision making authority from many servicers and take care of many of the decisions themselves. As always the greater the number of hands in the put the more layers of bureaucracy you’re going to deal with.
• Additionally, The other thing that affects the timeline of Deed In Lieu of Foreclosure is the fact that whether your loan has a nearing foreclosure date or not. BB&T Mortgage can become really difficult to deal with If it comes to stopping the sale that a Deed In Lieu of Foreclosure can be completed then. BB&T Mortgage is a large company so they have home going on foreclosure on every business day. Due to this, the applications are not worked as urgently as you want them to. Remember this business is a first come first serve but it is also influenced by foreclosure status and proximity to the sale date.
• Finally, not all negotiators were created equally. This goes for both sides which is what makes the process so tricky. In case of miscommunication, you will be headed for certain failure. It is a specialized skill of understanding this niche of representing homeowners in front of BB&T Mortgage for Deed In Lieu of Foreclosure Application. Often you will be put through the multiple levels of management including approval from an investor as mentioned above depending on what their total losses are for the banking institution who owns the interest in the loan.

BB&T Mortgage Deed In Lieu Timeline Conclusion: The timeline for BB&T Mortgage Deed in Lieu of Foreclosure does not only depends on the factors mentioned above but various more factors too. The decisions that BB&T Mortgage can make themselves will be quicker as compared to the decisions for which they have to get approval. Some other factors also affect it such as what is the value they perceived. If you have other liens this is also likely to limit your ability to complete a deed in lieu. How fast BB&T Mortgage’s Loss Mitigation department receives the BB&T Mortgage Deed In Lieu Forms to apply for mortgage assistance are received (readable) and other factors will come together to affect how long it will take for your BB&T Mortgage Deed In Lieu application will take to be Approved.

How To Fix BB&T Mortgage Deed In Lieu Decline?

It can be often confusing as to why your Deed In Lieu of Foreclosure application was denied. The reasons we have seen go back to as the miscommunication being important. They will not often tell you clearly why it happened or even if anything can be done to fix it. Here at ACG we review dozens of points in order to understand why your BB&T Mortgage deed in lieu offer was rejected. Have us review your declined deed in lieu for free by calling us at 888-934-3444.

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