Fifth Third Bank Deed In Lieu Of Foreclosure

Fifth Third Bank Deed In Lieu of Foreclosure Process

If you want to go through Deed In Lieu of Foreclosure process on a loan serviced by Fifth Third Bank then we at ACG can help you through the process and make sure that you go through a process that is standard and similar to other companies:

1. To initiate the process of Deed in Lieu of Foreclosure with Fifth Third Bank a member from our team of professionals will make a call to talk to your loan counselor to talk about starting the process and once we have talked to them the process will be initiated.
2. You will also require the Request for Mortgage Assistance (RMA) package for the DIL Process.
3. They may ask you to first go through a Loan Modification Review before DIL Process.
4. Sometimes you may have to sell the property to someone else first before transferring the deed back to Fifth Third Bank. They ask you to do this to prevent themselves from the liability of owning the property.
5. You will have to get your property’s title checked as the next step of the process.
6. Now Fifth Third Bank will do a valuation on your property on behalf of the investor as part of the process.
7. Our team will now have to negotiate the terms for timeline and relocation with Fifth Third Bank.
8. Lastly, your lender (Fifth Third Bank) provides a response to the deed in lieu of foreclosure made to them.

It may seem an easy process but in reality, it is a lot difficult to go through these steps of Deed In Lieu Process with Fifth Third Bank. A lot of turmoils have to be faced. Repeating the same steps over and over again is typical. But ACG is here to help our customers with Mortgage Difficulties so you don’t have to worry. Often you will have to repeat the same steps again and again during the process. While going through the process for you we know where to run from department to department. It is possible that you have been trying for a long time to get Loan Modification from them so maybe they need to review it or close it out. May be they want you to sell your home first so the short sale department has your file. We are here to do everything for you so you don’t have to do anything. 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 Fifth Third Bank.

Fifth Third Bank Deed In Lieu Timeline

The timeline of the Deed In Lieu of Foreclosure for Fifth Third Bank varies greatly just like it would for any company like it. The timeline sometimes varies due to very obvious reasons and sometimes the reason is not clear. These are just a few of the hoops we jump through when dealing with a deed in lieu of Fifth Third Banke.

• To begin with, Fifth Third Bank just works to service Mortgage notes and have to follow a set of rules for this 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. The presence of these rules makes it difficult for Fifth Third Bank to make the decisions themselves. 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, If your loan has a foreclosure date then this will have a great impact on the timeline of the process. If it has to be like this that the sale has to be stopped so that the process of DIL can be completed then the company can become a lot difficult to deal with. A company as large as Fifth Third Bank have sale dates for homes for every day of the week so even the sale dates for next week are not worked as urgently as you would like. 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. The fact that makes this more trickey is that this goes for both sides. Even a slight miscommunication can lead to certain failure at this large level. The skill of representing a homeowner during the process of DIL is a very special skill acquired only by 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.

Fifth Third Bank Deed In Lieu Timeline Conclusion: The factors on which the timeline of DIL process depends are very wide ranged and are not limited to the ones mentioned above. you will see the result a lot quicker, if Fifth Third Bank can make a decision themselves then . 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 Fifth Third Bank’s Loss Mitigation department receives the Fifth Third 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 Fifth Third Bank Deed In Lieu application will take to be Approved.

How To Fix A Fifth Third Bank Deed In Lieu Decline?

Sometimes it can be greatly confusing as to why your application was declined. Mostly miscommunication as the most important reason for decline. 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 Fifth Third Bank Financials 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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