One of the questions frequently asked is “How long will it take for me to get my loan modified?” While there is no one answer that is universally true, there is a general timeline that can be followed. Let’s look at the process step-by-step.

1.  Time it Takes: 1- 2 days if you are proactive about getting everything done quickly.

2.  Time it Takes: 3-14 days depending on the lender

3.  Time it Takes: Typically 30 - 60 days, but it depends on the lender and can take longer or shorter than the typical time.

4.  Time it Takes: 1-7 days depending on how quickly you return your signed agreement.

A recent visitor found this site by asking the question, “How late can you be to do a loan modification?” It seems like a good topic to discuss as more and more people are falling behind on their loans and not realizing that there is still time to get things fixed.

The quick answer to the question is that it doesn’t really matter. You can be 30 days, 60 days, even 90 days late on your mortgage and there’s still time to get a loan modification. Too often, someone gets behind and thinks they are completely out of options. It doesn’t help that there are companies telling these people to simply walk away as if nothing can be done.

Are you wondering if you might be a candidate for loan modification? Many homeowners - and by many, we mean thousands if not millions - are finding that a loan modification is the right solution for a failing mortgage. How do you know if you should pursue a loan modification?
 

• Tried to refinance but got turned down. 
• Suffered a hardship.  
• Home value has dropped.  
• Simply can't keep up with the mortgage.

A Loan Modification is a permanent change in one or more of the terms of your loan creating a brand new contract between you and your lender.

Ways your loan can be modified

What terms a lender will agree to largely depends on your ability to pay and what would make the most economical sense for both parties.

• Adding the delinquent balance to the loan. 
• Reduce the interest rate.
• Extending the years due.
• Reduce the balance owed.

Loss Mitigation:

Loss Mitigation (also know as "Loan Resolution," "Homeowner Retention," "Home Retention," "Loss Recovery" and "Hardship Assistance") is a term used by the mortgage industry to describe a set of programs designed to help borrowers in default. Most lenders have a whole department that deals solely with these issues. The programs include repayment plans, forbearance plans, loan modifications, workout assumptions, partial claims short sales and deeds in lieu of foreclosure.