The Length of a Loan Modification

The process of obtaining a loan modification can last anywhere between 2 weeks and 2 years.  No, that is not an exaggeration, and that is what has so many people so upset.  Working with these lenders can be very difficult and very time consuming and can become frustrating because they will continue to lose your documents, and sometime cancel your file after it has been in review for 4 months for no apparent reason.  So what can be done to speed up the process?  The answer is to be very organized, very detailed and very persistent.  Remember, this is your house we are talking about.  This means that putting in a lot of effort is worth it for most people.

Being organized means sending in multiple copies of everything you send to the bank.  If they request something, send it three days in a row.  Sign your name and write your loan number on every single page.  Call in each day to confirm they got it.  Also keep notes on everything they tell you and every time you call.

Being detailed in a loan modification process means not cutting any corners.  It means submitting everything they want perfectly.  It means including every last document they ask for and more.  And it means taking perfect notes and being perfectly on time for phone appointments.

Being persistent during a loan modification means calling every single day to find out what is going on.  Start learning people's names in the department and stay on top of them.  Once it gets assigned to a negotiator, make a connection with that person and stay on them until you get a result.  Make them want to help you because they like you, but also to get you off their back.

MAC