This is the second most common question I am asked every day (the first one being: Do I Need To Hire An Attorney To Do A Loan Modification?). A loan modification USUALLY takes between 60 and 90 days. Usually. The banks have been known to take less time and sometimes they take as much as 120 or 150 days.
The best answer that I can give you is that the best way to speed up the time to get a loan modification decision is to make sure that the information you give to the bank is complete. Everytime that the bank has to request a document from you adds more time to them making a decision.
When you send your information to the bank, make sure that you have signed everything and send them everything that they have requested. (Every bank has a different set of requirements for documents that they want to see). To see the requirements from some of the major banks, such as, Bank of America, Chase, Citibank, and One West Bank, check out their websites.
If the bank does request additional documents from you, make sure you get them to the bank in the time frame that they require. If they tell you that you have 10 days to get them your most recent bank statement, that means you have 10 days until they remove your file from their system. Once your file is removed from the system, you will have to begin the process again.
Remember, that every bank’s time frames vary, but if you give them all of the information they need from the beginning, you will have a better chance of getting a loan modification quickly.
Related Posts:
1. Loan Modification With Banks Not Participating In The MHA Act
