Most homeowners who apply for a loan modification usually get frustrated when they wait for several weeks without getting any response from their servicing company. Understand that the loan modification process can take a lot of time for the mortgage firm to review, process, and approve or reject your application. The key is to remain patient and wait until the entire process is complete.
So, how long does a loan application process usually take?
Well, the entire process from application to final approval or rejection can take from 30 to 90 days, depending on the lending company and your ability to provide all the requirements. Some lenders may require more documents and may take more time to review all your documents. There is no definite time limit for the loan modification process to be completed. It depends on your situation and how much informed your lender wants to be when reviewing your application.
Is there anything I can do to speed up the process?
As mentioned earlier, the duration of your loan application process depends on the mortgage company and your ability to meet their requirements. If a borrower has a lot of collateral issues, the lending company may take longer to process their application than expected. To help shorten the time, your loan modification attorney has to present your application in the most ideal way and process your application effectively. Doing things the right way will prevent any issue of improper documentation, saving you the stress of resubmitting files. It’s also going to be better if you know what to expect from your lender and understand the terms they may be willing to accept. All these will help you cut down the time it will take to process your application.
Overall, loan modification company will not be in a hurry to process your application because they want to be careful not to make mistakes or misjudge your situation. It falls on you to help speed things up by providing exactly what they need and whenever they need it.
Social Media Description: