Freedom Mortgage Deed In Lieu Of Foreclosure

Freedom Mortgage Deed In Lieu of Foreclosure Process

If you going to applying for Deed In Lieu Foreclosure process on a loan serviced by Freedom Mortgage 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, a member of our team will have to call your loan counselor at Freedom 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 mandatory 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, Freedom 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. In next step, the title of your property will have to be checked.
6. Freedom 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 Freedom Mortgage.
8. Lastly, your lender provides a response to the deed in lieu of foreclosure made to them.

Whoever who has been through the short sale process with Freedom Mortgage will know that they are not easy to deal with. During the process, you will have to face many difficulties but you have nothing to worry about as ACG has a specialized team having experience of more than a decade to help our customers facing Mortgage related difficulties. While the process is ongoing you may have to repeat certain steps again and again. It is good for you to know that we will have to run around from department to department. 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 understand when they are sending you in the wrong direction. Mostly, 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 Freedom Mortgage.

Freedom Mortgage Loan Deed In Lieu Timeline

Freedom Mortgage is a big company so the timeline of the Deed In Lieu Process varies greatly. 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 of Freedom Mortgage.

• To begin with,  Usually, companies like Freedom Mortgage are servicers of mortgage only and they have 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 Freedom Mortgage the authority to make some decisions only and for the decisions that they cannot make themselves they will have to get permission 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, The timeline deed in lieu of foreclosure process is hugely affected 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 Freedom 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.

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

How To Fix A Freedom Mortgage Deed In Lieu Decline?

Miscommunication is the reason for the most of application to decline 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 Freedom 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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