CCO Mortgage Deed In Lieu Of Foreclosure

CCO Mortgage Deed In Lieu of Foreclosure Process

If you are thinking about applying for Deed In Lieu Foreclosure process on a loan serviced by CCO Mortgage (Citizen One) then we at ACG will work our best to ensure that our customers go through a process that is simple and standard as for other companies:

1. To start the process on your Deed In Lieu Application a member of our team will have to call your loan counselor at CCO Mortgage and sometimes we have to call again after placing an appointment but once we have spoken the process will be initiated.
2. Paperwork called Request for Mortgage Assistance is also required for the application.
3. Before they start the DIL Process you may first have to go through a review for Loan Modification.
4. In some of the cases, CCO Mortgage may prefer that you sell your property first to someone else before transferring the deed to them to prevent themselves the liability of owning the property.
5. The title of your property will have to be checked in the next step of the process.
6. CCO Mortgage will have to do a valuation on your property on behalf of the investor.
7.  In next step, terms of relocation and timeframes will be negotiated by us with CCO Mortgage.
8. Lastly, your lender provides a response to the deed in lieu of foreclosure made to them.

If you have dealt with CCO Mortgage in the past to try to get any kind of Mortgage Assistance you will already know that going through the above steps is not as easy as it sounds. During the process. you will have to face many difficulties from time to time but you have nothing to worry about as ACG has a specialized team to help our customers facing Mortgage related difficulties. While the process is ongoing you will often have to repeat certain steps again and again. We will have to run around from department to department while working through the process for you. It could be that you have been trying to get a Loan Modification from them for a long time and they still need to close the file or review it first. Maybe they want you to sell the house first so the short sale department has your file. We are here to do everything for you and most importantly you should be able to figure out 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 CCO Mortgage.

CCO Mortgage Loan Deed In Lieu Timeline

The timeline of the Deed In Lieu Process varies greatly as it would for any company of this size. Sometimes it is very vague that what is going on behind the scenes. These are just a few of the hoops we jump through when dealing with a deed in lieu with CCO Mortgage.

• To begin with,  CCO Mortgage has to follow a set of rules while servicing any loan which is called as “PSA” or Pooling and Servicing Agreement that governs the pools of mortgages they service as they are only a servicer of Mortgage and usually represent an investor. The PSA is like a  contract between servicer and beneficiary of the mortgage note. The investor allows CCO Mortgage the authority to make some decisions only and for the decisions that they cannot make themselves they will have to get permission from 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 timeline deed in lieu of foreclosure process is hugely effected if your loan has a sale date. If the sale has to be stopped to complete the deed in lieu of foreclosure process then they become a lot difficult to deal with. A company like CCO Mortgage has sale dates for every day of the week so they are not worked on 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, All negotiators were not created equally. What makes the process tricky is that this goes for both sides. Miscommunication can lead to certain failure while dealing at this kind of large level. Representing a homeowner during the process of Deed in Lieu Of Foreclosure is a very specialized skill that can be learned through experience only. 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.

CCO Mortgage Deed In Lieu Timeline Conclusion: The factors on which CCO Mortgage’s Deed In Lieu of Foreclosure process’s timeline depends are very broad spectrum and not only limited to the ones mentioned above. If it is possible for CCO Mortgage to make the decision themselves that will be much quicker. What the lender perceives as the value of the property will also effect the timeline. Your limit to get Deed In Lieu will also be hugely limited if you have other liens. How fast CCO Mortgage’s Loss Mitigation department receives the CCO 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 CCO Mortgage Deed In Lieu application will take to be Approved.

How To Fix A CCO Mortgage Deed In Lieu Decline?

The reason we have seen the most for the decline of the application is miscommunication but it can often become very confusing as to why it was rejected. 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 CCO 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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