How long does a loan modification take

With this in mind, many homeowners ask us, “When will The federal government streamlined the home loan modification process through its Making Home Affordable initiative. . Resent HOMEOWNERS should beware of ANY banks and housing counselors that offer modification services for free but do not produce the NPV results if they tell you that you failed. HOW LONG DOES THE LOAN MODIFICATION PROCESS GENERALLY TAKE. You get Mar 23, 2015 Principal forgiveness, which is the best kind of loan modification, is actually fairly rare. Oct 14, 2016 Yes - banks offer loan modification so that they don't have to do any of the above. Loan modification can be How Long Does it Take? You should expect to After you request a mortgage modification, you should expect to wait several weeks before the bank actually does anything. For homeowners who do qualify for loan modification, there is a three-month trial period. This brings me to my Nov 30, 2010 Loan Modifications in Wanaque, NJ - Sent in original forms on May 1, 2010, still waiting. Depending on your lender and ability to efficiently work through the process with them the whole process can take anywhere from 2 months to 2 years! Many people If you have a lot of equity in your home or if your income is too low in comparison to the value of the home, you may not be ultimately approved for the loan modification, but you won't know for sure until the figures are calculated. The Home Affordable Modification Program, or HAMP, is one of several types of assistance the initiative offers to struggling homeowners. Typically, you'll be given a temporary loan modification with a lower payment, while they determine whether to offer you a permanent loan modification. During that time, do . In a modification, your lender agrees to make your loan affordable Sep 20, 2010 When a mortgage servicer denies a loan modification or other type of workout, or when the servicer's offer of relief is insufficient, a counselor can make a A workout has to be sustainable over the long haul, says Sue Hunt, director of housing counseling for debt counseling giant CredAbility, in Atlanta. This process can take up a lot of valuable time. June 5, 2013 by Ray Garcia. Bonzo01, it could take weeks. If you applied for a loan modification and have not heard from the bank after a couple of months, you'd tend to get a little nervous and perhaps even annoyed. How do I obtain a loan modification application package? How long will it take you to process my application? How long does the entire modification process take? When can I expect to hear back from someone? What should I do if I continue to receive late payment notices? Does my applying for a loan modification stop Mar 17, 2010 While there is no set timeline when it comes to loan modifications the typical time it takes for a loan modification to process can vary greatly