Bank of America Mortgage Deed In Lieu Of Foreclosure

BAC Deed In Lieu of Foreclosure Process

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

1. Our team calls in to speak to your BAC Counselor over the phone (sometimes we have to up an appointment to get a call back) but once we are in touch with them it triggers the beginning of the deed in lieu of foreclosure application process.
2. Bank of America 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, in some cases, they will require you to attempt 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. Bank of America Mortgage will complete a property valuation on behalf of the investor/beneficiary (Certain Investors Require Two Interior Inspections)
7. Next, we have to negotiate the terms with BAC about relocation terms and time frames.
8. Lastly, your lender (Bank of America Mortgage) provides a response to the deed in lieu of foreclosure made to them.

If you’ve dealt with trying to find assistance with BAC it’s never as easy as going through the checklist above. There are always hoops you have to jump through or if feels like something always pops up. Not to worry that’s why Absolute Consultant Group, with more than a decade in the business, are here to help you streamline the process. After more than a decade of experience, we know that we will have to run around from department to department at Bank of America Mortgage to get the job done for you. Maybe you’ve been going the process of trying to get a Loan Modification with BAC for years and it’s possible 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 Bank of America Mortgage.

Bank of America Mortgage Deed In Lieu Timeline

Like any bank, BAC Deed In Lieu of Foreclosure timelines can vary greatly. Sometimes it’s obvious but other times it may not be so clear on 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 BAC.

• To begin with, BAC is not the bank as many like to put it they are just a servicer of mortgages. “Bank of America Mortgage”  found on many of their documents, like the BAC Deed In Lieu Forms, is a clear indication of this. As such, BAC 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 BAC Customer is not always possible. BAC, in many cases is not delegated (non-delegated) which means BAC 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 BAC Loan has a foreclosure sale date. Bank of America Mortgage is tough when it comes to homes in foreclosure and stopping the sale date for a BAC Deed In Lieu to be completed. Bank of America 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 BAC Financial Corporation for the deed in lieu application is a specialized skill. 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.

BAC Deed In Lieu Timeline Conclusion: Your BAC 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 BAC themselves it will often be a quicker process than having to send out for approval. Other factors such as what they perceive 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 Bank of America Mortgage’s Loss Mitigation department receives the BAC 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 BAC Deed In Lieu application will take to be Approved.

How To Fix A BAC Deed In Lieu Decline?

It really all comes down to why yourBank of America 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 BAC 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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