How Long Should it Take to Complete a Loan Modification?


You are undoubtedly going to feel on edge and a bit out of sorts as you wait impatiently to hear the results of your loan modification. This is a stressful time to say the least because you have so much riding on this decision.

In fact, it’s going to determine whether you’ll be able to keep living in your home or not. Not too stressful and scary, right? Sure it isn’t.

So, when weeks go by and you hear nothing but crickets about the modification, yet the mortgage company is still figuratively banging down your door looking to get paid, you can’t help but start to feel a little freaked out.

As a matter of fact, you can’t help but wonder how long it’s going to take for the loan modification company to give you their answer, whether it’s your current mortgage company or a third party lender.

To help you experience a small measure of peace of mind, or at least supply you with critical information if we can’t make you feel better, we’ll do our very best to answer this question and provide additional information below. So stick around to get the scoop.

How Long Does a Loan Modification Take?

To immediately get this right out in the open, it may or may not put your mind at ease to know that it’s going to take somewhere between 30 to 90 days to complete the process from top to bottom. The entire timeline is outlined on this article.

But this timeline unfortunately isn’t set in stone, just like everything else in life. The lender could be extremely busy and take longer to get to your request. Or your application might unfortunately fall in the hands of someone less competent and it may take them longer to complete the process. Or a whole host of other reasons might delay the inevitable conclusion.

On the other hand, if your situation is much more complicated than a typical straightforward modification, you can bet dollars to donuts that your modification is going to take longer than the typical timeframe of 30 to 90 days. Collateral problems and more concessions required by the investor can definitely slow things to a crawl.

A Loan Modification Expert with Experience Can Speed Things Along

This should seem obvious on the surface but it might not be at the forefront of your mind during this trying time. So, if you have a chance to choose who helps you during this process, choose someone with experience. Their knowledge of the process and their previous successes will ensure they present your case in the best possible light.

Now you may be thinking, “I am not about to spend money to hire a loan modification expert. I’m barely getting by as it is and this expense is too much of an additional burden.” Well, thinking this way could end up destroying your chances to save your home, and this is especially true if you have no personal knowledge of the loan modification process.

So, we recommend hiring an expert. You could lose everything if you get denied. Then what are you going to do? You’ll have no choice but to stand aside and let the mortgage company step in and sell your house at auction.

Or you can get professional assistance. They can help you get all of your paperwork in order. They can help you fill out the application correctly. They can tell you exactly what the lender is looking to see so you can present you case in the best possible light. And they can submit your application with expert precision so the lender will not only be able to process your application quickly, they’ll also be able to make a fast determination because the professional helping you presented your case clearly and correctly knowing exactly what the lender wants to see.

You can also ask the lender’s agent for a specific completion date. They know their workload and schedule better than anyone else and they should be able to provide a timeframe for an answer.

Who Are You Dealing With?

When you begin this process you need to make it a point of learning who you’re dealing with in the lender’s office. Learn their name, get their employee ID number if available, and get their direct line and extension in case you need to contact them for any reason.

While you’re at it, ask for a specific date that you can expect the modification to be completed by. By knowing this upfront, you can mark it on your calendar and keep a close eye on it as the days go forward.

And if the expected date comes and goes without a peep, you’ll know exactly who to call and how to get directly in touch with them to get some answers. More often than not, they’ll give one excuse or another as to why they haven’t finished, but at least you’ll know they are still working on it. While you have them on the phone, ask them to provide an updated completion date for your own edification.

How to Handle the Grueling Waiting Game

Waiting stinks. There’s no denying it. We want answers and we want them right now. But this game doesn’t work that way.

While waiting, you should be doing a few things.

First, check in with your modification specialist periodically if you hired one. Calling the lender directly will create confusion if someone else is working directly on your behalf.

Next, you should create a backup plan. The lender might deny your application, even if you hire a specialist, or they might offer unacceptable workout terms that you just can’t live with. So work on selling your home, or look into refinancing. Or contact a bankruptcy lawyer to see if that option might save your home.

Just know that someone else now has your fate in their hands and it’s stressful and scary and you feel like you’ve lost control of your life. Take deep oxygenated breaths and take steps to quiet your mind. And while you’re at it, follow our advice to the letter and you’ll get through this frustrating time relatively unscathed. Good luck my friend!



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