Gateway Mortgage Deed In Lieu Of Foreclosure

Gateway Mortgage Deed In Lieu of Foreclosure Process

If your mortgage is being serviced by Gateway Mortgage, we at ACG, see that our clients go through a process is pretty standard that’s similar to most other banks:

1. To initiate the process, we have to speak to your Gateway Mortgage Counselor over the phone. Once we are in touch with them it triggers the beginning of the deed in lieu of foreclosure application process.
2. You will be required and submit Gateway Mortgage’s Request for Mortgage Assistance (RMA) Loan Paperwork.
3. In some cases, they will require you to go through a loan modification review prior to reviewing you for a DIL.
4. Also, they will require you to sell the property prior to allowing you to deed it back to them as they prefer you try to sell it before they take on the liability of owning the property.
5. As a next step, you have to check property title.
6. Gateway Mortgage will complete a property valuation on behalf of the investor/beneficiary.
7. Next, we have to negotiate the terms with Gateway Mortgage about relocation terms and time frames.
8. Lastly, your lender (Gateway Mortgage) provides a response to the deed in lieu of foreclosure made to them.

It may seem to be a pretty easy process from the steps mentioned above but it’s never as easy as it seems to be and you will also be realized if you have ever dealt for assistance with Gateway Mortgage. There are always hoops you have to jump through or if feels like something always pops up. But not to worry, with more than a decade of experience in this business, Absolute Consultant Group(ACG) are here to help you streamline the process. After the experience of more than a decade, we know that we will have to run around from department to department at Gateway Mortgage to get the job done for you. It’s possible that you’ve been going the process of trying to get a Loan Modification with Gateway Mortgage for years and that department may need to close out your application or review. Maybe the short sale department has your file because their trying to push you to sell the home first. We are here to do all the running around for you. 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 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 Gateway Mortgage.

Gateway Mortgage Deed In Lieu Timeline

Similar to any bank, Gateway Mortgage Deed In Lieu of Foreclosure timelines can vary greatly. It is not always clear what’s going behind the scenes. These are just a few of the hoops we jump through when dealing with a deed in lieu with Gateway Mortgage.

• To begin with, Gateway is a company that only provides servicing of mortgage notes. Therefore, Gateway’s mortgage division has to abide by the PSA or Pooling and Servicing Agreement that governs the loans. This contract is directly between servicer and investor. Therefore, making a decision for a Gateway Mortgage Customer is not always possible. Gateway Mortgage, in many cases, is not delegated (non-delegated) which means gateway Mortgage has to request permission from the mortgage investor that calls the shots. 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, tThe fact that whether your Gateway loan has a sale date or not greatly effects the short sale timeline. Gateway Mortgage is tough when it comes to homes in foreclosure and stopping the sale date for a Gateway Mortgage Deed In Lieu to be completed. Gateway Mortgage has homes being sold at auction every business day. Sale dates even for the coming week are not working with urgency. 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. Often miscommunication can lead to certain failure. People become very specialized in this niche of representing homeowners in front of Gateway Mortgage in these financial application processes to find mortgage assistance. 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.

Gateway Mortgage Deed In Lieu Timeline Conclusion: Your Gateway Mortgage Deed In Lieu of Foreclosure Timeline changes based on many different factors including but not limited to the ones mentioned above. If a decision can be made by Gateway Mortgage themselves it will often be the quicker process. Other factors such as what they perceive the value of the property may also impact the negotiations. If you have other liens this is also likely to limit your ability to complete a deed in lieu. How fast Gateway Mortgage’s Loss Mitigation department receives the Gateway 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 Gateway Mortgage Deed In Lieu application will take to be Approved.

How To Fix A Gateway Mortgage Deed In Lieu Decline?

It is often confusing that why your Gateway Mortgage was declined which may often be confusing. We have seen, which goes back to what we mentioned above about communication being important. 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 Gateway 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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