Why Does the Loan Modification Process Take So Long

The loan modification take between 30 to 90 days and there are various reason for this but the main one being the documentation that needs to present in the correct format.

 

Processing the Paper Work

This is a long process and one that you need to ensure that is presented correctly according to the banks or you lenders format. Also, make sure that it easy for the loan modification inspection to go ahead without having to ask for any extra information. The banks require to all the documentation to be processed and scanned into their system which can take up to 10 days. If there is any extra information required the whole process is delayed without even starting the assessment process

After all the paper work has been submitted the bank or lender they will assess if you are able to repay the loan by calculating the income to expense ratio and that is why using a loan modification service like loan mod depot will speed up the whole process by ensuring that the documentation is as the lender requires it.

The bank or lender might also want a separate appraisal of the property and that also takes some time. If your application is approved then it has to be underwritten by three or four underwriters who do their own assessments.

Follow up

Do follow up work once you have faxed or emailed the documentation because if something is not clear the person assigned to your application might not contact you immediately causing further delays. Therefore follow up and asked if they have received the paper work and if there are any problems so that you are assured your application is being processed. If you do not have time to do this due to a busy schedule or are not certain of the procedures use a loan modification professional.

Visit loan mod depot to engage a professional that will make sure that your application stands the best chance of being approved.