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 is exactly the opposite. Most lender/servicers choose to work with homeowners who are behind with their mortgage payments over those who are current. The reason being, if you can't afford your mortgage payment, how can you consistently make it on time?
Another important factor to keep in mind when requesting a loan modification is the completion of the paperwork involved. Lenders like to receive all the necessary paperwork and documentation at one time. They don't like to receive 10 different faxes or letters because it slows things down. They also like to receive a specific set of documents along with some other worksheets. If these worksheets are incomplete and there is missing documentation, your request for a loan modification gets pushed back to the end of a very long line which really slows things down.
The last factor is how you communicate with your lender. Keep in mind, when you contact your lender you will be speaking with the collection department or customer service and they aren't very helpful. These representatives aren't paid very much and really don't like their job. If you are mean, impatient, or belligerent, you won't get very far. It's best to tackle these phone calls with an open mind and a positive mental attitude. Remember, the person you talk to is not the one who put you in this mess but they are the one that can help you out of it.
If you would like to speed up the process, than you should do one of two things. You can try and request a loan modification yourself in which I would suggest using a DIY Loan Modification Package similar to what Michigan Mortgage Modification offers. This DIY package will give you everything you need to complete a loan modification on your own.
Or, you can choose our Full Loan Modification Service and a modification specialist will do it all for you. This will get you your fastest results and a better chance a completing a successful loan modification. There are several companies that offer this service but make sure you understand their procedures before submitting any type of payment.
The author, Trevor Sines is a passionate advocate for debt elimination and financial health and also co-founder of Michigan Mortgage Modification, LLC. For more information on preventing foreclosure or how to lower your monthly mortgage payment without a refinance, property appraisal, or credit check, simply visit http://www.MichiganMortgageModification.com
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