Loan Modification Process – A Waiting Game

When seeking a loan modification from a loan modification company, playing the waiting game can be very annoying. It can be even more frustrating since you don’t know whether your application will be accepted or rejected. Although there is no specific time when your application will be processed, the time frame may vary according to the lender and your ability to work effectively with them. The entire process can be as short as 2 months or as long as 2 years in some situations.

What to do to avoid waiting for so long?

When it comes to a loan modification process, if you fail to plan, you’re surely going to fail. The most ideal thing to do to avoid a prolonged loan modification process is to get things ready even before meeting your mortgage lender. You should have an idea what the lender will request from you and get those documents ready. Most homeowners usually get stuck in the process of providing the required documents either because they didn’t plan ahead or were not aware of the lending company’s requirements. Before you apply for a loan modification service, it’s important to consult a counselor and find out from the lose mitigation company what they would require. This will save you a lot of headache once the loan modification process will be commenced.

What should I do while waiting?

After you have successfully submitted your tax receipts, bank statement, paystubs, monthly expenses, and other documents that your loan modification firm has requested, the next thing is to wait patiently for their review process. The time length for this process will depend largely on the company and your financial situation. The only thing you’ll do here is to communicate frequently with the single point of contact assigned to you by the mortgage firm. You have to communicate regularly and ask for updates on the review process.

Once the process is complete, the company will send you a letter accepting or rejecting your application. Remember that the loan modification process can take longer than when you initially applied for the loan. The best way is to fulfill your own part by being efficient at supplying the necessary documents your lending company will need. Finally, you have to stay patient and communicate regularly with your representative (single point of contact) until the process is complete.