For those of you who have applied for loan modifications, whether they are private programs, FHA programs, or the Federal government’s program, you are finding out that there might be more of a wait than planned. After applying and going through the process alone, it can take more than two or three weeks for the institution to respond. Once the negotiations have been done which can take months, you are realizing that you are not placed on the more permanent form of the modification right away, but you are placed on the trial version of the modification. This trial version is made up of three consistent payments that are made on time as well as the submitting of proof of income during these three months.
Even for those who understand that you will be placed on such a program have to wait extended periods of time. As of late 2009, there were approximately 700,000 people who had applied for a loan modification and only 30,000 had heard replies and were placed on the trial version of the program. In this matter, it was not their eligibility status that prevented the positive replies. The lenders have either not responded or not completed the application process even after having the applicants of these individuals for months.
This doesn’t have to be the way for those applicants that still want to apply. Lenders tend to respond faster when there is a third party helping because they understand that the applicant is serious about changing their mortgage agreement. While this is perhaps is not always the right judgment call, lenders have people contacting them daily about modifications and many do not complete their part of the paperwork. For the lender is it much better for the applicant to apply through a third party. For anyone who wants to apply but always wishes to have a faster response, find a qualified third party to assist in the matter and avoid the longer waits.
