Quicken Loans Deed In Lieu Of Foreclosure

Quicken Loans Deed In Lieu of Foreclosure Process

If you are availing loan servicing of Quicken Loans, we at ACG will make sure that our customers go through the process of Deed In Lieu Foreclosure that is simple, standard and similar to other Banks:

1. A person from our team will place a call to speak to you loan counselor at Quicken Loans, Sometimes we will have to follow up after placing an appointment but once we speak to them the Deed in Lieu Foreclosure Process will begin.
2. You will be required a paperwork called Quicken Loans  Request for Mortgage Assistance (RMA).
3. Before being selected for consideration in DIL Process, you have to undergo a Loan Modification review.
4. Before taking on the liability of owning the property they may require that you sell the property first to somebody else and deed it to them.
5. Getting your property title checked is the next process.
6. The investor will want Quicken Loans to complete a valuation of the property and some investors may require two valuations
7. We will have to negotiate terms with Quicken Loans about relocation terms and time frames.
8. As the last step of the process, the lender will make an answer to your application of Deed in Lieu Foreclosure made to them.

It is never as easy as it sounds to go through the steps mentioned above and if you have ever dealt with Quicken Loans in the past you may have noticed that too. There will always be some difficulties when you are working with them. But you don’t have to worry as ACG is here to help so that whole goes on smoothly and we have over a decade of experience in this. Some steps of the process may be repeated again and again while you are dealing with Deed in Lieu Foreclosure negotiators. After the experience of more than a decade, we know that we will have to run around from department to department getting your problems solved. Maybe it happens that you have been trying to get Loan Modification from them and they need to close that out or review your application. Most important of all is you figure it out when they are sending you in the wrong direction. Most of times, 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.

Quicken Loans Deed In Lieu Timeline

Similar to any other bank Quicken Loans Deed In Lieu Timeline is also not specific. It is easy to guess whats going on sometimes, but this is not always the case. These are just a few of the hoops we jump through when dealing with a deed in lieu with Quicken Loans.

• To begin with, Quicken Loans is only a servicer of the loans and they are only working for a lender to service the loans. Due to this Quicken Loans is limited to the set of rules that are 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. These rules restrict Quicken Loans to make all the decisions themselves and for the decisions that they are not allowed 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, The other thing that affects the timeline of Deed In Lieu of Foreclosure is the fact that whether your loan has a nearing foreclosure date or not. Quicken Loans can become really difficult to deal with If it comes to stopping the sale that a Deed In Lieu of Foreclosure can be completed then. Quicken Loans is a large company so they have home going on foreclosure on every business day. Due to this, the applications are not worked as urgently as you want them to. 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. In case of miscommunication, you will be headed for certain failure. It is a specialized skill of understanding this niche of representing homeowners in front of Quicken Loans for Deed In Lieu of Foreclosure Application. 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.

Quicken Loans Deed In Lieu Timeline Conclusion: The timeline for Quicken Loans Deed in Lieu of Foreclosure does not only depends on the factors mentioned above but various more factors too. The decisions that Quicken Loans can make themselves will be quicker as compared to the decisions for which they have to get approval. If you have other liens this is also likely to limit your ability to complete a deed in lieu. How fast Quicken Loans’s Loss Mitigation department receives the Quicken Loans 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 Quicken Loans Deed In Lieu application will take to be Approved.

How To Fix Quicken Loans Deed In Lieu Decline?

It can be often confusing as to why your Deed In Lieu of Foreclosure application was denied. The reasons we have seen go back to as the miscommunication being important. They will not often tell you clearly why it happened or even if anything can be done to fix it. Here at ACG we review dozens of points in order to understand why your Quicken Loans 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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