Franklin American Mortgage Deed In Lieu Of Foreclosure

Franklin American Mortgage Deed In Lieu of Foreclosure Process

If your mortgage is being serviced by Franklin American Mortgage, we at ACG, see that our clients go through a process is pretty standard that’s similar to most other banks:

1. To initiate the process, our team calls in to speak to your Franklin American Mortgage Counselor over the phone. Once we are in touch with them it triggers the beginning of the deed in lieu of foreclosure application process.
2. Franklin American Mortgage’s Request for Mortgage Assistance (RMA) Loan Paperwork is needed to complete the application.
3. In some cases, they will require you to go through a loan modification review prior to reviewing you for a DIL.
4. Also, they will require you to sell the property prior to allowing you to deed it back to them as they prefer you try to sell it before they take on the liability of owning the property.
5. Next steps to complete a deed in lieu of foreclosure is having your property title checked.
6. Franklin American Mortgage will complete a property valuation on behalf of the investor/beneficiary.
7. Next, we have to negotiate the terms with Franklin American Mortgage about relocation terms and time frames.
8. Lastly, your lender (Franklin American Mortgage) provides a response to the deed in lieu of foreclosure made to them.

it’s never as easy as going through the checklist above and you will also realized if you have ever dealt for assistance with F.A Mortgage. There are always hoops you have to jump through or if feels like something always pops up. But not to worry Absolute Consultant Group(ACG), with more than a decade of experience in this business, are here to help you streamline the process. Having to repeat certain parts of process over and over again is typical with a deed in lieu of foreclosure negotiators. After more than a decade of experience, we know that we will have to run around from department to department at Franklin American Mortgage to get the job done for you. Its possible that you’ve been going the process of trying to get a Loan Modification with Franklin American Mortgage for years and that department may need to close out your application or review. Maybe the short sale department has your file because their trying to push you to sell the home first. We are here to do all the running around for you. Above all you need to know better when they are sending you in the wrong direction. Often 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 Franklin American Mortgage.

Franklin American Mortgage Deed In Lieu Timeline

Similar to any bank, Franklin American Mortgage Deed In Lieu of Foreclosure timelines can vary greatly. It is not always clear what’s going behind the scenes. These are just a few of the hoops we jump through when dealing with a deed in lieu with Franklin American.

• To begin with, Franklin American is just a servicer of mortgages. “Franklin American Mortgage”  found on many of their documents, like the Franklin American Mortgage Deed In Lieu Forms, is a clear indication of this. As such, Franklin American Mortgage Financial Corporation’s mortgage division abides by what is called the “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. Therefore, making a decision for a Franklin American Mortgage Customer is not always possible. Franklin American Mortgage, in many cases is not delegated (non-delegated) which means Franklin American Mortgage has to request permission from the mortgage investor that calls the shots. 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 timeline of the deed in lieu is affected by whether or not your Franklin American Mortgage Loan has a foreclosure sale date. Franklin American Mortgage is tough when it comes to homes in foreclosure and stopping the sale date for an Franklin American Mortgage Deed In Lieu to be completed. Franklin American Mortgage has homes being sold at auction every business day. Sale dates even for the coming week are not working with urgency. 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. Miscommunication for such a large endeavor can lead to certain failure. Understanding this niche of representing homeowners in front of Franklin American Mortgage Financial Corporation for the deed in lieu application is a specialized skill. Often you will be put though 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.

Franklin American Mortgage Deed In Lieu Timeline Conclusion: Your Franklin American Mortgage Deed In Lieu of Foreclosure Timeline changes based on many different factors including but not limited to the ones mentioned above. If a decision can be made by Franklin American Mortgage themselves it will often be quicker process than having to send out for approval. Other factors such as what they perceive as the value of the property may also impact the negotiations. If you have other liens this is also likely to limit your ability to complete a deed in lieu. How fast Franklin American Mortgage’s Loss Mitigation department receives the Franklin American Mortgage Deed In Lieu Forms to apply for mortgage assistance are received (readable) and other factors will come together to effect how long it will take for your Franklin American Mortgage Deed In Lieu application will take to be Approved.

How To Fix An Franklin American Mortgage Deed In Lieu Decline?

It really all comes down to why your Franklin American Mortgage was declined which may be often be confusing. We have seen, which goes back to what we mentioned above about communication being important. Often they will not be clear not only as to why but if there is anything that can be done to fix it.  Here at ACG we review dozens of points in order to understand why your Franklin American 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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