Freedom Mortgage Corp. Short Sale

Freedom Mortgage Short Sale Process

In most of the cases the investor requires you to first apply for Freedom Loan Modification but once you have been declined for it the process is pretty conventional:

1. To initiate the short sale process with Freedom we will have to place a call to Freedom Mortgage and talk to their councellor.
2. Freedom Request for Mortgage Assistance form will be required to be complettely filled along with the supporting documents and finances.
3. Property valuation will have to be required by Broker’s price opinion (Certain Investors Require Two Interior Inspections)
4. Terms will have to be negotiated with Freedom Loan Servicing about Short Sale Fees And Costs To Be Paid Out Of The Seller’s Proceeds.
5. Lender Provides A Response To Short Sale Offer Made.

Whoever who has been through the short sale process with Freedom Mortgage will know that they are not easy to deal with. A lot of turmoils have to be faced. It is very typical thing that you will have to repeat the same processes again and again. It is good for you to know that we will have to run around from department to department during the short sale negotiations. The Loan Modification Department maybe needs to close it out, or the short sale department doesn’t have someone assigned to Freedom 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.

Freedom Mortgage Short Sale Timeline

It can really help the process if you know what effects the timeline when dealing with Freedom short sale process. These are just a few of the hoops we jump through when dealing with a short sale.

• For one, Freedom Mortgage is just a mortgage notes service providing company. Freedom Short Sale Application is generally only a piece of what governs Freedom’s mortgage servicing as they have to bide by the PSA or Pooling and Servicing Agreement that sets the rules for each and every loan; This contract is directly between servicer and investor. It is not always an option for Freedom Mortgage to take all the decision themselve. The investor has only allowed the company to take some of the decisions themselve. For decision that they are not allowed to make, they 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. The more layers of burueacracy you’re going to deal with the longer it’s going to take.
• Additionally, The fact that whether you Freedom loan has a sale date or not also effects the short sale timeline greatly. If it comes to that the foreclosure has to be stopped so the short sale process can be completed, the company can be difficult to deal with. If you can get a value completed often your chances of getting bumped up in the process improve greatly. As a loan servicer they have homes being sold at auction every day. Sale dates even for the coming week are not worked with ugency you would expect. As a first come first serve business model it can also be influenced by foreclosure status and proximity to the upcoming sale date (if applicable).
• Finally, not all negotiators were created equal; This goes for both sides. Often miscomunication is the number one reason while a short sale fails. People become very specialized in this niche of representing homeowners (borrowers) infront of Freedom 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.

Freedom Mortgage Short Sale Timeline Conclusion: Your Freedom 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 Freedom’s Short Sale Department compared to what the offer is that is being made to them, how fast Freedom’s Loss Mitigation department received the Freedom’s Short Sale Application documents are received (readble) and other factors will come together to effect how long it will take for your Freedom Short Sale to be Approved.

How To Fix A Freedom Short Sale Decline?

Often dealing with Freedom Mortgage 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 Freedom 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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