How long does the Loan Modification process take?
The process currently take anywhere from about 30 to 75 days depending on a variety of factors. As we are dealing with the lenders Legal Department and much of our process is based on Federal Law the lender must work within a timeline defined by law. Upon receipt of all the documentation requested within this welcome package the Truth- In-Lending Agency will analyze the package to determine if a Loan Workout is the proper solution for your current situation. Once this determination is complete and all parties have agreed to move forward a Forensic Loan Audit is performed on your current loan documents as well as complete review of your financial situation. This process, normally completed within 7 to 10 days, can be longer if any missing documents are left out of the initial package. Once the audit is complete a case is developed for your modification and is sent to the lender. From this point your lender must take what ever steps necessary to complete the process within 60 business da
