How Long Does the Loan Modification Process Take?


If you are in the process of trying to modify your home loan, you are probably extremely concerned with the amount of time that it will take for you to receive a decision from the bank. Many borrowers are already behind on mortgage payments when they enter the loan modification process and it can be extremely scary and stressful to now know whether or not you will be able to keep your home under new loan terms.

The entire process can take anywhere from 30 to more than 90 days and depends on many different factors. Some of these factors can not be controlled by the borrower. For example, most banks are overloaded with requests for loan modifications and are dealing with many borrowers who have fallen behind on payments. Because they have more work than their employees can handle, this often extends the amount of time that it takes to reach a decision.

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However, there are many variables that can be controlled by the borrower. One of the most important things a consumer can do to help speed the process along is to pay extremely close attention to the application packet that the bank will send out at the beginning of the process. It's important to take time to read and understand what's required before starting the process. Banks will not process incomplete or incorrect applications, so it's worth the time spent to carefully look over all bank documents before starting the process.

Borrowers should collect all required documents as quickly as possible and then return them to the bank at one time whenever possible. Before sending anything to the bank, it's wise to make copies so that items can be easily referenced and resent if needed.

It may seem obvious, but it's worth the few minutes that it will take to contact the bank to confirm where and to whom all items should be sent. Sending a loan modification packet to the wrong department or bank employee can cause long delays or even for applications to be lost completely.

Borrowers will also receive a quicker decision when they remain proactive throughout the entire process. Taking notes each time there is contact with the bank and knowing the name and contact information for the person who is handling an application will allow for easier and faster communication. Following up on all correspondence with a phone call or email, when possible, is a great idea. Frequent communication will keep an application at the top of the pile and will also alert a borrower to any missing items.

It's difficult to be patient when you are worried about whether or not you will be able to keep your home, but following these simple steps will help to move the process along as quickly as possible.


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