How Long Will Negotiating a Loan Modification Take?
January 18th, 2012
The time required to authorize a mortgage modification depends on a number of issues, includingfrom how long the mortgage servicing company takes to how quickly the homeowners can get required documents gathered. The first is how long it takes the debtors to get back on their feet financially and be able to pay any amount of monthly mortgage installment. The lender will not modify a mortgage that will not be paid even at a reduced monthly amount.
It also takes time to communicate with the lender and work out which alternatives are available, and get the application for the modification. This may take hours to sit on hold and then get the fax from the lender. Homeowners then need to spend time locating financial documents like bank statements and tax paperwork, and return this and other relevant information to the lender.
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The whole ordeal can range from a few weeks to half a year for some homeowners. Those who hire private companies, housing counselors, or lawyers may be able to reach an agreement more quickly than debtors working on their own.