The Loan Modification Time Line
Once you have contacted your lender regarding a loan modification, the process can go fairly quickly. Here's a basic rundown of the mortgage modification process and how long each step takes to give you a better idea of what lies ahead:
* Obtaining your modification package: Getting a loan modification package in the mail can take anywhere from a few days to a few weeks, depending on how long it takes for you to get a hold of the right loss mitigation manger, and of course, how many other modification requests being considered at the moment.
* Submission of the loan modification package: If you have taken the time to gather all of your financial information while you waited for your package to arrive, you should be able to fill it out and get it back to your lender within a few days.
* Underwriting your loan and internal auditing: Once your lender receives your modification package, they will check it over for mistakes, and then send it on for an in-depth review. Assuming that no questions arise regarding your paperwork, this should only take a few days.
* Assignment to a mitigation specialist: After being reviewed by the underwriters (which can take another week or two), your case will be assigned to a loss mitigation specialist who is authorized to make the final decisions regarding your loan modification request.
* Decision and mitigation process: One of the longest parts of the process, this step can take several weeks as your loss mitigation specialist reviews your request and begins negotiating new loan terms with you. It may take a week or two or even a month or two to complete - that really depends on the specialist's case load.
* Completion of the new loan: Once your modification request is approved, your lender will send you a packet to fill out and sign within 3-5 business days to complete your modification.
As you can see, getting your loan modified can take several weeks to several months to complete. The key to getting what you want is being pro-active and patient, all at the same time.
You don't need to hire an expensive firm to do your loan modification, on the contrary doing it yourself leads to better results and thousands of dollars saved. One such kit is 60 Minute loan modification. 60 Minute Loan Modification is very simple to follow and has helped multiple people stay in their house and avoid foreclosure.
* Obtaining your modification package: Getting a loan modification package in the mail can take anywhere from a few days to a few weeks, depending on how long it takes for you to get a hold of the right loss mitigation manger, and of course, how many other modification requests being considered at the moment.
* Submission of the loan modification package: If you have taken the time to gather all of your financial information while you waited for your package to arrive, you should be able to fill it out and get it back to your lender within a few days.
* Underwriting your loan and internal auditing: Once your lender receives your modification package, they will check it over for mistakes, and then send it on for an in-depth review. Assuming that no questions arise regarding your paperwork, this should only take a few days.
* Assignment to a mitigation specialist: After being reviewed by the underwriters (which can take another week or two), your case will be assigned to a loss mitigation specialist who is authorized to make the final decisions regarding your loan modification request.
* Decision and mitigation process: One of the longest parts of the process, this step can take several weeks as your loss mitigation specialist reviews your request and begins negotiating new loan terms with you. It may take a week or two or even a month or two to complete - that really depends on the specialist's case load.
* Completion of the new loan: Once your modification request is approved, your lender will send you a packet to fill out and sign within 3-5 business days to complete your modification.
As you can see, getting your loan modified can take several weeks to several months to complete. The key to getting what you want is being pro-active and patient, all at the same time.
You don't need to hire an expensive firm to do your loan modification, on the contrary doing it yourself leads to better results and thousands of dollars saved. One such kit is 60 Minute loan modification. 60 Minute Loan Modification is very simple to follow and has helped multiple people stay in their house and avoid foreclosure.
Source...