Onewest Bank Deed In Lieu Of Foreclosure

Onewest Bank Deed In Lieu of Foreclosure Process

If your loan is serviced by Onewest Bank and you are thinkin of applying or a Deed In Lieu of Foreclosure on this loan then we at ACG will try to make sure that you go through a standard process as compared to other companies:

1. To initiate the process a team member of our team of professionals will have to place a call to Onewest Bank to talk to your loan counselor and sometimes we have to follow up with an appointment but once we have spoken the process is initiated.
2. You are required to submit a paperwork called Request for Mortgage Assistance(RMA) application.
3. Before they start the DIL Process you may first have to go through a review for Loan Modification.
4. Sometimes Onewest Bank may pressurize you to first sell your home to someone else to prevent themselves from the liability of owning a property.
5. The title of your property will be checked.
6. The investor will ask Onewest Bank to do a valuation on the property on its behalf.
7.  For the next step, our team will negotiate relocation and time frame terms with Onewest bank.
8. Lastly, your lender provides a response to the deed in lieu of foreclosure made to them.

If you had an experience of dealing with Onewest Bank in the past you will have noticed that the above steps only sound easy but are not in reality. ACG is here to help our customers with any difficulties with mortgage relief so you have nothing to worry about. Being in this business for more than a decade we know we will have to run around from department to department to do the work for you. Maybe the loan modification department has your file because you have been trying to get a loan modification from them for a long time. Maybe it is so that they want to pressurize you to sell your home so the short sale department has your file. We are here to do everything for you and most importantly you should be able to figure out 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 Onewest Bank.

Onewest Bank Loan Deed In Lieu Timeline

Just like other companies the timeline of the Deed In Lieu Process of Onewest Bank is very variable. These are just a few of the hoops we jump through when dealing with a deed in lieu with Onewest Bank.

• To begin with,  Being only a mortgage servicer and usually always representing the interests of an investor Onewest Bank has to follow a set of rules called “PSA” or Pooling and Servicing Agreement that governs the pools of mortgages they service. The PSA is like a  contract between servicer and beneficiary of the mortgage note. The investor usually grants Onewest the authority to make only some of the decisions themselves. 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, If your loan has a sale date then this will have a huge effect on the timeline of the Deed In Lieu of Foreclosure process. Onewest Loan becomes very difficult to deal with if a sale has to be stopped to complete the DIL Process. There are sale dates for every day of the week for a company like Onewest Bank so the dates are not worked on as quickly as you want. 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.

Onewest Bank Deed In Lieu Timeline Conclusion: The range of factors on which the DIL process of OneWest Bank depends is very wide ranged. Onewest Bank will be able to make a decision lot quicker if they can make it themselves. What the lender perceives as the value of the property will also affect the timeline. If you have other debts then your ability to get DIL will get limited. How fast Onewest Bank’s Loss Mitigation department receives the Onewest Bank 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 Onewest Bank Deed In Lieu application will take to be Approved.

How To Fix A Onewest Bank Deed In Lieu Decline?

The reason we have seen the most for the decline of the application is miscommunication 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 Onewest Bank 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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