Beneficial Bank Short Sale

Beneficial Bank Short Sale Process

It depends on who your investor is but in some cases you will first be required to apply for Beneficial Bank Loan Modification but once you have been declined the process is pretty simple:

1. To initiate the short sale process we will place a call to Beneficial Bank and talk to their councellor.
2. Beneficial Bank Request for Mortgage Assistance package will have to be filled completely and submitted by you.
3. Property valuation will have to be completed by Broker’s Price opinion (Certain Investors Require Two Interior Inspections)
4. Negotiation of terms with Beneficial Bank About Short Sale Fees And Costs To Be Paid Out Of The Seller’s Proceeds.
5. Lender (Beneficial Bank) Provides A Response To Short Sale Offer Made.

The short sale process is never easy when dealing with Beneficial Bank and if you have been through the process you would know it. A lot of difficulties have to be faced during the process. When dealing with the short sale negotiatiors it is very typical having to repeat the same steps over and over. Knowing that we will have to run around from department to department when dealing with Beneficial Bank is part of the process. The Loan Modifiation Department maybe needs to close it out, or the Beneficial short sale department doesn’t have someone assigned to Beneficial Customers Service Department; 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 application, getting denied, and not being able to figure out what happened. We can help you review any declines.

Beneficial Bank Short Sale Timeline

When dealing with Beneficial Bank short sale process timeline depends on many factors some of them are simple and others not so simple. These are just a few of the hoops we jump through when dealing with a short sale.

• For one, Beneficial Bank is only a servicer of mortgage notes. Beneficial Bank’s mortgage division has to abide by the PSA or Pooling and Servicing Agreement that governs the loans. This contract is directly between servicer and investor. Beneficial Bank does not always have the option to make the decisions themselves. The investor for which they are servicing the loan for has only delegated them to make a decision in some of the cases so for the cases that they are not delegated to make a decision they have to get permission. Some investors such as Fannie Mae (FNMA) and Freddie Mac (FHLMC) have pulled almost all decision making authority from many servicers. As always the greater the number of hands in the put the more layers of burueacracy you’re going to deal with.
• Additionally, The timeline is majorly effected by the fact that whether your Beneficial Bank loan has a sale date. For the homes in foreclosure when it comes to stopping the sale so that Beneficial Bank short sale can be completed, they can be very difficult to deal with. Your chances of getting bumped up in the process will improve majorly if you can get a value completed. Beneficial Bank Loan Servicing has homes being sold at auction every day. Sale dates even for the coming week are not working with ugency. 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 are good negotiators. This goes for both sides. Often miscomunication In the banking world can lead to certain failure. People become very specialized in this niche of representing homeowners infront of Beneficial Bank Home Mortgage in these financial application processes to find mortgage assistance. 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.

Beneficial Short Sale Timeline Conclusion: Your Beneficial Short Sale Timeline will vary based on many different factors. Decisions can be made in house will clearly be quicker than those that have to be sent out for appoval., what the value comes back at from the appraisal completed by Beneficial’s Loss Mitigation department received the Beneficial Short Sale Application documents are received (readable) and other factors will come together to effect how long it will take for your Beneficial Short Sale process to be Approved.

How To Fix A Beneficial Bank Short Sale Decline?

Often dealing with Beneficial Bank and how they deal with short sale buyers offers being declined may be confusing. 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 Beneficial bank short sale offer was rejected. Have us review your declined short sale for free by calling us at 888-934-3444.

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