Foreclosure in 33141>Question Details

Hopeful, Other/Just Looking in 33141

how long does it tke a lender to approve a loan modification?

Asked by Hopeful, 33141 Mon Nov 16, 2009

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5
Mott Marvin Kornicki’s answer
Lenders are not very motivated or anxious to expedite a loan modification that contradicts the original terms and conditions of a loan. Makes sense, right?

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.
0 votes Thank Flag Link Mon Mar 17, 2014
Be VERY, VERY carefully the company that was SUPPOSE to help me with me loan modification took my money and did NOTHING to help us out!!! They are out of Calif. and will have you go to their fancy website and you'll see that they were on CNN, NBC, 60 minutes, etc.. THEY ARE A SHAM!!!!!!!
0 votes Thank Flag Link Mon Mar 17, 2014
Be careful!!!! we got pushed right into forecloser by the mod program!!!
0 votes Thank Flag Link Thu Nov 3, 2011
It's hard to said.
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.


http://www.fdic.gov/consumers/loans/loanmod/loanmodguide.html

http://www.cmpsinstitute.org/system/html2pdf/service/output/…
0 votes Thank Flag Link Mon Nov 16, 2009
Depends on the lender most of the time your dealing with the servicer and they have to ask the investor if that want to modify your mortgage. You would have to ask the servicer how long it normally takes that investor to make a decision.
0 votes Thank Flag Link Mon Nov 16, 2009
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