OneWest Bank Deed In Lieu Application, Forms And Packages

OneWest Bank Deed in Lieu of Foreclosure Request For Mortgage Assistance (RMA)

OneWest Bank requires that when you want to apply for a deed in lieu of foreclosure doing a Deed In Lieu Application Form or Request For Mortgage Assistance ( OneWest Bank RMA) is required by OneWest Bank and their investor (the beneficiary of the note).  The first step is to complete this document correctly in order to start the first step towards getting to deed your home back to the beneficiary. Prior to using any applications, you should check with us (ACG), with another expert or even your OneWest Bank single point of contact because not only does OneWest Bank have their own package which may change at any time but their investor might require specific documentation as well. A very few professionals really specialize in the dealing with OneWest Bank and their deed in lieu of foreclosure process so finding the right one is crucial because you should be able to avoid many of the foreseeable pitfalls that come with the application of deed in lieu process. That’s why we put the latest paperwork we could find online to help us. Helping you through the process is what we do. We offer a done for you service. Click here and fill out the form to request a call from a deed in lieu professional or call 888-934-3444.

OneWest Bank Deed in Lieu of Foreclosure Hardship Letter

OneWest Bank has a hardship affidavit (or statement) built into their mortgage assistance application (the OneWest Bank RMA),

Deed In Lieu of Foreclosure Definition

A deed in lieu of foreclosure is a form for foreclosure alternative that allows the homeowner to walk away from their property and give it back to their lender either because they don’t want to go through the hassle of selling the home or because they have tried and have not been able to do so.

Submitting Your Deed In Lieu Package to OneWest Bank To Get The Process Going.

What is in the OneWest Bank Assistance Package?

Like any other lenders including OneWest Bank, all require pretty much the same documentation. It does not matter how much you want to avoid it in many cases they will require a listing agreement to see you’ve attempted to sell the home for more than 90 days and that’s only the beginning.

At some time they, they require you to provide your financial information such as a monthly budget, your tax returns for the last two years along with a 4506t to show the returns were actually filed, pay stubs or proof of income like a profit and loss, bank statements, reason for requiring to do a deed in lieu, and a hardship letter.

Getting The Correct Value Goes A Long Way.

In order for deed in lieu process to be completed with your servicer (OneWest Bank), you must know how much your home is worth. Valuation of the house is completed by a real estate agent/broker or appraiser who reviews the comparables in the area to establish what the home is worth. In a valuation process properties that had sold and are on sale, both are reviewed.  Generally, they want to see the homes that have sold within the last 3 to 6 months but this depends on the volume of homes actively moving in your local market. They consider your homes perceived condition, the size of the living space,  how many stories it has, the size of the lot and whether or not it has a pool.

They will also consider market conditions and how fast homes are selling in the area. There are many factors they take into consideration which is why they hire a local professional rather than go online and use something like Zillow or Redfin.

Deed In Lieu Appraisal Values

Mortgages have different investors. OneWest Bank is responsible for representing the correct values to those investors so they can make their final decisions. OneWest‘s beneficiary is already going to be taking a loss so in most cases they will hire a local agent or broker to do a value referred to as a BPO or Broker’s Price Opinion because it’s cheaper than an appraisal. That will not always work though. In certain cases the mortgage investor requires a deeper review to be completed by a licensed appraiser and one that is often certified by that investor to complete values as per their guidelines. Real Estate Appraisers are licensed specifically to value homes where as agents can give their opinions (hence Broker’s Price Opinion) but that can almost always be over turned by an appraisal. Some investors such as Fannie Mae (FNMA) complete two appraisals. The type of value completed varies from servicer to servicer and investor to investor.

Fighting Values, Disputing Them and Requesting Variances

Sometimes a value return too high or too low? which can happen to a beginner or a true professional. One reason of that variance that they are not from the area and they are comparing properties that don’t have anything in common with the subject property it does not matter how much you may try to meet with the BPO Agent or the Appraiser. At this time you can provide a competing appraisal or set of comparables but choosing the right properties to compare is a skill set on its own. Call us today at 888-934-3444 and we’d happy to discuss any hold ups you may be experiencing in your Deed in Lieu.

OneWest Bank’s Deed In Lieu of Foreclosure Time Line Coming To An End.

Once the value has returned and they have a complete package this is where OneWest Bank’s Deed In Lieu negotiator will decide to submit the file to the management or the investor for approval. They will not submit anything they don’t feel will get approved by management and the investor because they get graded on their results. Often there are many steps before getting approved. An audit happens before the submission to management and after approval there is often another audit that occurs before an approval letter is issued to you the homeowner or the professional (such as our company) that is representing you.

OneWest Bank Final Decision on the Deed In Lieu of Foreclosure

This is also the time when OneWest Bank may issue a decline to your deed in lieu request. Combating either a decline or the terms offered to you can be difficult. Often there are three main parts to an approval that matter most to you. The move out date and condition, what amount if any is allowed to go to you for relocation costs, and what is going to happen to the deficiency after the deed in lieu. The laws in different states may vary on whether or not they have the right to pursue you. Factoring many of these issues takes a special set of skills that can only be gained through experience. Anyone can get the easy ones done but it’s the difficult transactions that separate that experts from the trainees.

How quickly will I need to move out of my home?

The lender will want you to deliver the home in good condition. 30 days will be given to moving out but that can often be negotiated. Depending on how quickly you vacate the property, relocation money can be offered . Deed in lieu is like closing a typical real estate transaction. Once all lien holders and any mortgage servicers have approved the terms of the deed in lieu you can move forward grant deeding the property back to whomever you are instructed to deed it over to. By now a title search has probably been run by your lender as they will not want to take back possession of the property unless there are no longer any liens.

OneWest Bank Issues Deed in lieu Extension

What happens I can’t leave my home in time and the approval letter expires? We get this question from our clients regularly. It really depends on many factors including but not limited to the delinquency of the mortgage, whether the value they have on file for your home has expired, and various other hurdles. You can consult with one of our experts to see if you need more time and to see if you can get an extension or if you will have to start the process all over again. OneWest Bank‘s Management will be one of the challenges ahead of you. Results may vary greatly but the best part of our services is we only get paid if the transaction successfully closes! Call us today for more information about our “Done For You” services. Call 888-934-3444 or email us at [email protected]