When borrowers initially made the loan request - the borrower(s) are usually very happy and content with the loan amount, terms and valuation | purchase price of the encumbered and underlying collateral.
How long does it take? I've heard it done from start to finish is 10 days and in some cases it's still going on after 2 years.
First of all you need to know if you qualify. Then you have two options . Do it yourself buy talking to your lender or Hire an attorney that has a proven experience on modifications.
I have included two links to help you on the learning process.