Suntrust Mortgage Deed In Lieu Of Foreclosure

Suntrust Mortgage Deed In Lieu of Foreclosure Process

If you have a loan that is being serviced by Suntrust Mortgage and you want to go through Deed In Lieu of Foreclosure than we at ACG can help you in making sure that you go through a straightforward and easy process:

1. In order to initiate the DIL process on your loan a member of our team will need to place a call to your loan counselor at Suntrust Mortgage.
2. The Request for Mortgage Assistance (RMA) paperwork will also be required.
3. Before they start the Deed in lieu Process you may first have to go through a review for Loan Modification.
4. Suntrust Mortgage will try to prevent themselves from the liability of owning the property by sometimes asking you to first sell the property to someone else.
5.  In the next step of the process, the title of your property will have to be checked.
6. On behalf of the investor Suntrust Mortgage will have to do a valuation on the property.
7.  Our team will negotiate the terms of relocation and timeframes with Suntrust Mortgage.
8. Lastly, your lender provides a response to the deed in lieu of foreclosure made to them.

These steps are not so easy to go through in reality they only sound easy. During the process there a lot of difficulties that you have to face while going through the process. After the experience of more than a decade, we know we will have to run around from department to department while working through the process for you. It could be that you have been trying to get a Loan Modification from them for a long time and they still need to close the file or review it first. Maybe they want you to sell the house 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 Suntrust Mortgage.

Suntrust Mortgage Loan Deed In Lieu Timeline

For any company of this size, Deed In Lieu Process timeline varies greatly. Sometimes it is very unclear that what is going on behind the scenes. These are just a few of the hoops we jump through when dealing with a deed in lieu with Suntrust Mortgage.

• To begin with,  While servicing any loan Suntrust has to follow a set of rules called as “PSA” or Pooling and Servicing Agreement that governs the pools of mortgages as they are only a servicer of Mortgage and usually represent an investor. The PSA is like a  contract between servicer and beneficiary of the mortgage note. The options for making the decisions themselves for Suntrust Mortgage are very limited because the investor allows only some decisions to be made. 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 timeline of the deed in lieu of foreclosure process is hugely affected if your loan has a sale date. If the sale has to be stopped to complete the deed in lieu of foreclosure process then they become a lot difficult to deal with. A company like Suntrust Mortgage has sale dates for every day of the week so they are not worked on as urgently as you want them to.
• 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 with this kind of large level. 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.

Suntrust Mortgage Deed In Lieu Timeline Conclusion: There is a very broad range of factors on which the timeline of the Deed In Lieu process depends. If it is possible for Suntrust Mortgage to make the decision themselves that will be much quicker. How fast Suntrust Mortgage’s Loss Mitigation department receives the Suntrust 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 Suntrust Mortgage Deed In Lieu application will take to be Approved.

How To Fix A Suntrust Mortgage Deed In Lieu Decline?

Miscommunication is reason for rejection of the applications 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 Suntrust 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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