Cenlar FSB Deed In Lieu Of Foreclosure

Cenlar Deed In Lieu of Foreclosure Process

If Cenlar FSB is currently servicing your loan and you want to apply for Deed In Lieu of Foreclosure then we at ACG will make sure that our customers go through a process that is standard and similar to most companies:

1. One of our team members calls the Cenlar FSB counselor and sometimes we have to follow up after placing an appointment but once have spoken to them the process will begin on your Deed In Lieu Application.
2. Request for Mortgage Assistance (RMA) Paperwork is also required for the process.
3. You may have to go through a review for Loan Modification before the DIL process.
4. They prefer you try to sell the property before they take on the liability of owning the property in some cases because they will require you to attempt to sell the property prior to allowing you to deed it back to them.
5. You will have to get your property’s title checked as a next step.
6. Cenlar will complete valuation on your property on behalf of the investor.
7.  In next step, terms of relocation and timeframes will be negotiated by us with Cenlar.
8. Lastly, your lender provides a response to the deed in lieu of foreclosure made to them.

Going through these steps is not as easy and you will be convinced that if you have ever dealt with Cenlar for getting any kind of Mortgage Assistance. There will always be some difficulties you will have to face during the process. But do not worry as ACG has experience of more than a decade in helping customers facing difficulties with their mortgage. It is conventional that you will have to repeat certain steps again and again. After a decade of experience dealing with these situations that we know where to run around from department to department. Maybe you have been going through a loan modification process with Cenlar for a long time and maybe they have to close the file or review it. Maybe the short sale department has your file because they’re trying to push you to sell the home first. 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 Cenlar.

Cenlar Loan Deed In Lieu Timeline

Similarly to any company of this size timeline of Deed In Lieu Process varies greatly. Sometimes, reasons are obvious and sometimes it is not clear what is going on. These are just a few of the hoops we jump through when dealing with a deed in lieu with Cenlar.

• To begin with,  Cenlar, as the name suggests, is just a loan servicer. They are only working on behalf of an investor. Cenlar has to follow a set of rules for any process which is called as “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. Due to these set of rules Cenlar cannot always make a decision themselves and for the decision that they are not allowed to make they will have to get approval 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, whether your loan has a foreclosure date or not hugely effects the timeline of the process. The company can be very difficult to deal with when a sale has to be stopped so that the Deed In Lieu of Foreclosure process can be completed. The sale dates even in the coming week are not worked on urgently as a company like Cenlar has sale dates for every working day of the week. 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. At such a large level of this type, miscommunication can lead to certain failure. It is a very specialized skill to represent a homeowner in this niche of Deed In Lieu of Foreclosure process that can be learned only through experience. 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.

Cenlar Loan Deed In Lieu Timeline Conclusion: The timeline of the Cenlar Deed In Lieu Of Foreclosure depends on a very broad range of factors and not only limited to the ones mentioned above. A decision will be made a lot quicker if Cenlar can make it themselves. What the lender perceives as the value of the property will also affect the timeline. If you have other liens this is also likely to limit your ability to complete a deed in lieu. How fast Cenlar’s Loss Mitigation department receives the Cenlar Bank  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 Cenlar Deed In Lieu application will take to be Approved.

How To Fix An Cenlar Deed In Lieu Decline?

The reason as to why your application was denied can often be very confusing. Mostly we have seen the most important reason for decline is miscommunication. 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 Cenlar 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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