Monday, March 20, 2017

How Long Does It Take To Modify My Mortgage?

When you are experiencing financial difficulty and are looking at ways to get out of debt, you probably need instant relief. So it comes as no surprise that when lenders drag their feet, or ask you to resubmit documents multiple times the process to modify a mortgage can become frustrating. While many lenders claim to offer mortgage modifications, the truth is unless you stay on top of the process you might get lost in the shuffle or be given the run around. But with our help, you can rest easy knowing we aggressively pursue all remedies available to you and work to hold the lender accountable for the process.

In general, a mortgage loan modification takes place with these steps:

         You will first be “screened” to see if you qualify for a modification.
         During the screening portion of the process you will be asked to fill out an application for modification and provide various documents relative to your income.
         If you are approved, you may be put on a trial period. The trial period is meant to determine whether the new payment is within your budget, and if you successfully make the modified payments for the trial period time, you can be given a final modification of your mortgage loan.

It sounds easy and quick enough, but the truth is that most applicants are asked to submit documents multiple times. For some reason most banks are incapable of keeping track of your file properly, but if you document what has been sent and can show the request is a duplicate request then the need to resubmit should be eliminated. We understand how hard it is to keep track of all of these documents while holding down a job and taking care of your family, which is why we handle this task for you. And, when we take on the job of working with your lender to modify your mortgage we make sure there is no damage done to your finances or credit. Some lenders report that you are not making full payments during the trial period, and that can hurt your credit. There may be other issues that arise along the way that will blemish your credit or cause the left hand of your lender to call for payment, because the left hand is unaware that the right hand is looking a modifying your loan. We will keep all of this straight for you, so you don’t have to worry about being hassled while you are trying to get back on your feet. With our help, the timeline to get to a new house payment can be greatly reduced. While there is no set amount of time that can be given, because each case is different, rest assured we are working quickly and efficiently on your behalf.
For more information about mortgage modifications, call us today or reach us online at

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