How long does it take from the time the lender receives the hardship letter, financial statement and supporting documentation for the loan modification to be approved or declined?
– Usually from 30-120 days depending on the lender. Also, depending on your financial hardship some lenders will place you in a forbearance plan (3 or 6 months payment plan) while your documents are being reviewed for a loan modification. In some cases the loan modification review/approval/denial could take more than 120 days. If someone tells you not to make your mortgage payment so that you can be considered for a loan modification, please, do not listen to them — those organizations are providing incorrect information. If a lender tells you that you need to be in default in order to qualify for a loan modification, please escalate the call within your mortgage servicing company and contact the U.S. Department of Housing and Urban Development at 1-800 CALL FHA (225.5342) www.hud.gov — Banks are considering homeowners for modification that are current on their mortgage!
Related Questions
- How long does it take from the time the lender receives the hardship letter, financial statement and supporting documentation for the loan modification to be approved or declined?
- How to write a hardship letter for a loan modification or a short sale?
- How Do You Write A Loan Modification Hardship Letter?
