Odds of getting a loan modification
All of this talk about loan modification has me thinking “What are the odds of someone getting through a loan modification anyways?
The answer that I have come up with: It all really depends!
I know that is not the answer that anyone wants to hear, but unfortunately it is the truth.
The odds of getting your initial loan modification application approved by your lender are relatively high so to speak. If you are having legitimate trouble making your home mortgage payments, and you took your hardship letter and all the research that you have to do before a modification seriously, then you should be in pretty good shape.
The odds of getting your loan modification finalized are much lower. Not only do you have to battle your lender to approve your application, you have to negotiation with your lender about interest rates and other important things.
Also, time is another factor, the average loan modification takes 90 days from start to finish to complete, your financial situation could be seriously different 3 months from now.