How Long Does a Loan Modification Take and is There Any Way to Speed it Up?
A loan modification can take anywhere from 30 days to 90 days to complete. It really depends on several different factors including but not limited to the following: • Your current lender or servicer • How delinquent you are • How thorough you are when submitting the modification request • The manor in which you communicate with your lender/servicer Each one of these factors deserves some further dissection. Your current lender/servicer may slow down the loan modification process. Keep in mind; most lender/servicers are overwhelmed with loan modification requests. In fact, they have resorted to sifting and sorting each request so they can help those that appear to need help the most which brings us to our next factor, how delinquent you are. Believe it or not, your lender is not proactive, in fact, they are very reactive. You would think that a lender would want to prevent a homeowner from becoming delinquent on their mortgage payment by working out a re payment plan. Unfortunately, it
