How long does it take to get a loan modification?

Other Foreclosure FAQs

• Q: How do creditors get paid when foreclosing on a house to satisfy unpaid debts?
  A: A foreclosure is where the creditor collects its lien by forcing a sale of the debtor's real property. The creditor receives the amount of the proceeds from the sale … More
• Q: What is the Homeowner Affordability and Stability Plan?
  A: Congress recently passed the Homeowner Affordability and Stability Plan (“the Plan”), which provides various options for homeowners who are feeling the … More
• Q: When and why does foreclosure begin?
  A: Lenders will initiate foreclosure proceedings when homeowners become delinquent in their mortgage obligations, usually after three payments are missed. The lender … More
• 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: I have already filed for bankruptcy. Will the Homeowner Affordability and Stability Plan help me keep my home?
  A: While the Plan does not contain specific provisions about consumers who are already in bankruptcy, the Helping Families Save Their Homes Act of 2009, which is … 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: How do I know if my loan servicer is participating in the Homeowner Affordability and Stability Plan?
  A: You should check with your loan servicer to see if it is participating in the Plan. If your loan servicer is not participating in the Plan, you should still … 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: Are all mortgage loans eligible for refinancing or loan modification under the Homeowner Affordability and Stability Plan?
  A: Yes, most types of loans, including adjustable-rate mortgages, prime or sub-prime mortgages, and loans through Freddie Mac, Fannie Mae, or private lenders are … 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