How long does it take to get a loan modification?
By: LawInfo
The length of time that it takes to get a loan modification depends greatly on how long it takes your mortgage holder to process your loan modification, as well as how long it takes you to provide your mortgage holder with all of the information necessary to modifying your loan. Given the expected increase in loan modification requests as a result of the Homeowner Affordability and Stability Plan, it may take weeks or even months for your mortgage holder to process your loan modification.
However, you can help speed up the process of your loan modification by gathering the necessary documents that you will need for your loan servicer to process your loan modification request. If you have all these documents readily available for your loan servicer, then your loan servicer can get started right away in determining whether you are eligible for a loan modification, and, if so, in processing your loan modification.
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Additional Mortgage Loan Workouts FAQs
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Q:
What is a loan modification, and how will it help me with my mortgage?
A: A loan modification occurs when a homeowner enters into an agreement with his or her mortgage loan servicer to change the terms of the mortgage. The goal … More -
Q:
How do I know if I am eligible for a loan modification under the “Making Home Affordable
A: You may be eligible if: • You are the owner occupant of a one to four unit home, • The loan on your property is owned or securitized by Fannie Mae or … More -
Q:
What's the difference between loan modification and debt settlement?
A: Debt settlement typically involves working with a professional debt settlement company to negotiate with the creditors to whom you owe debts. Your creditor may, … More -
Q:
What supporting documentation do I need to provide to get a loan modification?
A: There may be certain information required by your lender that varies depending on the particular loan modification program for which you are applying. However, … More -
Q:
Do I need to be behind on my mortgage payments to be eligible for a loan modification under the Home Affordable Modification?
A: No, you do not need to be behind on your mortgage to qualify for loan modification under the Home Affordable Modification Program. Responsible borrowers who are … More -
Q:
What do I need to give to my loan servicer if I am requesting a loan modification?
A: You are likely to need the following documents for your loan modification request: · Recent paystubs or … More -
Q:
Can lawyer really help with a loan modification?
A: While there are many non-lawyer individuals and companies that offer loan modification services, a lawyer is the better choice if you are interested in a successful … More -
Q:
What are the basic eligibility requirements for a loan modification under the Homeowner Affordability and Stability Plan?
A: You must meet some minimum eligibility requirements in order to qualify for a loan modification under the plan: · … More -
Q:
Will I be ineligible for a loan modification under the Homeowner Affordability and Stability Plan if I am current in my mortgage payments?
A: No. You may still be eligible for a loan modification under the Homeowner Affordability and Stability Plan if you are current in your mortgage payments, but you are … More -
Q:
Will I be eligible for a loan modification under the Homeowner Affordability and Stability Plan if I am behind in my mortgage payments, but my house is not yet in foreclosure?
A: As long as you are otherwise eligible under the basic requirements discussed above, you have missed two or more mortgage payments, and your loan servicer is … More
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