Seterus Bank Deed In Lieu Of Foreclosure

Seterus Deed In Lieu of Foreclosure Process

If you are going to applying for Deed In Lieu of Foreclosure on a loan that is serviced by Seterus Bank than we at ACG can help you by making sure that you go through a process that is standard when compared to the process of other companies:

1. A member of our team will have to place a call to Seterus Bank 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 of Loan Modification.
4. Sometimes before you deed the property back to Seterus Bank 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. Seterus 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 (Seterus Bank) to the application of DIL.

Going through the above-mentioned steps is not easy. You will often have to repeat the same steps again and again. A lot of difficulties will have to be faced throughout the process. But you do not have to worry, ACG is here to help our customers with mortgage-related difficulties. We have 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 a 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. 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 Seterus.

Seterus Bank Deed In Lieu Timeline

The timeline for the DIL process for Seterus Bank varies greatly just like it would for any company its size. Sometimes it is clear whats 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 Seterus Bank.

• To begin with,  Being a servicer of mortgage notes, Seterus Bank is 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 Seterus Bank. The PSA is like a  contract between servicer and beneficiary of the mortgage note. 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. Seterus Bank can become especially difficult to deal with if a sale has to be stopped to complete the Deed in Lieu of Foreclosure Process. Large size companies like Seterus Bank 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 though 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.

Seterus Bank 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 Seterus Bank can make a decision themselves it will be a lot quicker. The amount that the lender perceives as the value will also effect the timeline. If you have other liens this is also likely to limit your ability to complete a deed in lieu. How fast Seterus Bank’s Loss Mitigation department receives the Seterus Bank Deed In Lieu Forms to apply for mortgage assistance are received (readable) and other factors will come together to effect how long it will take for your Seterus Bank Deed In Lieu application will take to be Approved.

How To Fix A Seterus Deed In Lieu Decline?

Sometimes it can get quite difficult to figure out as to why you 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 Seterus 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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