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time frame for mod to be complete

Posted on: 11th Jul, 2009 06:59 pm
sent my packet back with 1st pmyt how long before i know something
Hi emmagr,

It will take some time for the lender to decide whether or not he would offer you a loan modification. He will judge your financial situation and decide whether or not you qualify for the modification.
Posted on: 11th Jul, 2009 10:26 pm
you can qualify for loan modification if:

The lender hasn't declared a foreclosure yet and even if he has done so, he should have removed the loan from the foreclosure status.

You're delinquent on the loan for 3 months or more.

The loan has been originated for more than 12 months.

You have stable surplus income to help you pay at the modified rate/terms.

The property is in good physical condition.
Posted on: 12th Jul, 2009 06:52 am
emmagr05

Welcoem to the forum

Looks like from your question, when you say you sent the package, did the lender agree on a modification and sent you some papers or is it just the intial papers you sent requesting a modification?

Good luck and feel free to ask
Posted on: 13th Jul, 2009 12:22 am
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