How Long Will Negotiating a Loan Modification Take?
The time necessary to finalize a mortgage modification is dependent upon a number of issues, includingfrom how long the mortgage servicing company delays and how fast the debtors can get their paperwork together. The first is how long it takes the owners to recover financially and be able to afford any amount of monthly loan payment. The bank will not alter a mortgage that can not be paid even at a reduced monthly rate.
It also takes a while to contact the bank and discuss which alternatives are possible, and get the application for a modification. This can take days to wait on the phone and then get the info from the bank. Homeowners then need to take time locating financial documents like bank statements and tax paperwork, and return this and other relevant information to the lender.
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The whole process can range from several weeks to half a year for some debtors. Those working with private companies, housing counselors, or attorneys might be able to negotiate an agreement more quickly than borrowers negotiating on their own.