Loan Modification Process Explained

Can someone explain the loan modification process?

1 Answer

You have to request a modification package from you lender.

Fill out the forms, hardship letter, and provide all requested documentation to them. When I say all I mean ALL requested documentation. Do your very best to make sure you give them everything they need upfront. Now you will give them approximately two weeks before you start the process of calling them daily to try to get updates on your modification and see if they need any further documentation. It can take 60-90 days in some cases but it's your job to stay on them the entire time.

Once they are done they will hopefully send you a proposal modification which you can accept or deny.