How Long Will Negotiating a Loan Modification Take?
The time necessary to finalize a loan modification depends on a variety of issues, includingfrom how long the lender delays to how easily the borrowers can get necessary paperwork gathered. The first is how long it takes the debtors to recover economically and be able to pay any type of monthly loan installment. The lender will not alter a loan that can not be paid even at a lower monthly rate.
It also takes a while to contact the lender and discuss which alternatives are possible, and get the application for a modification. This may take hours to wait on the line and then receive the fax from the lender. Homeowners then have to spend time locating personal documents such as bank statements and tax returns, and send this and other material information to the mortgage company.
The whole ordeal may range between several weeks to half a year for some borrowers. Those working with private negotiation companies, government counselors, or attorneys may be able to negotiate an agreement more quickly than debtors negotiating without professional help.
