Midland Mortgage Deed In Lieu Of Foreclosure

Midland Mortgage Deed In Lieu of Foreclosure Process

If you are applying for Deed In Lieu of Foreclosure on a loan that is serviced by Midland Mortgage than we at ACG can help you to go through a process that is standard and simple when compared to the process of other companies:

1. A person from our team will place a call to Midland Mortgage to talk to your loan counselor about initiating the process.
2. You will also require the Request for Mortgage Assistance (RMA) paperwork.
3. Sometimes they may also require you to first go through the review for Loan Modification.
4. Sometimes before you deed the property back to Midland Mortgage they may ask you to sell it to someone else to prevent themselves from the liability of owning the property.
5. The next step of the process is to get the title of your property checked.
6. Midland Mortgage will now have to complete a valuation of your property on behalf of the investor involved.
7. Our team will then negotiate the terms of relocation and time frames with the company.
8. In the last a response will be provided by your lender (Midland Mortgage) to the application of DIL.

Anyone who has dealt with Midland Mortgage in the past will already know that going through the above steps is not as easy as it sounds. You will often have to repeat the same steps again and again and a lot of difficulties will have to be faced. ACG is a company here to help our customers with mortgage-related difficulties so you have nothing to worry about. We whave to run around from department to department to get the job done for you. Maybe Loan Modification department has your file because you have been trying to get loan modification from them for a long time. Maybe they want you to sell your home first so the short sale department has your file. You will not have to do anything as we are here to do everything for you. 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 Midland Mortgage.

Midland Mortgage Deed In Lieu Timeline

The timeline for the DIL process for Midland Mortgage varies greatly. Sometimes it is clear what is going on but sometimes it gets very difficult to figure out what is going on. These are just a few of the hoops we jump through when dealing with a deed in lieu with Midland Mortgage.

• To begin with,  Midland Mortgage is only just a servicer of mortgage and they are usually always working for an investor. A set of rules called as “PSA” or Pooling and Servicing Agreement which governs the pool of mortgages they service have to be followed by Midland Mortgage. Due to the presence of these rules for the decisions that they have not been allowed by the investor 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 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, One other factor that has a huge effect on the timeline of DIL process is the fact that whether or not your loan has a sale date or not. Large size companies like Midland Mortgage have sale dates for usually every day of the week so they are not worked on as quickly as you want them to be. 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.

Midland Mortgage Deed In Lieu Timeline Conclusion: The Deed In Lieu of Foreclosure process timeline depends on a broad range of factors and are not only limited to the ones mentioned above. If Midland Mortgage can make a decision themselves it will be a lot quicker. The amount that the lender perceives as the value 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 Midland Mortgage’s Loss Mitigation department receives the Midland 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 Midland Mortgage Deed In Lieu application will take to be Approved.

How To Fix A Midland Mortgage Deed In Lieu Decline?

Sometimes it can get quite difficult to figure out as to why your application was declined. The reason we have seen the most 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 Midland 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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