How long does it take to get approved for a HAMP trial modification?
If you have applied for the government’s trial modification program HAMP and it has been awhile since you have heard anything you should contact your lender and see what the status is of your application. The average lender’s turnaround time for approval can vary on which lender you have, however, it will usually take anywhere from 30 to 120 days for a final outcome.
Many of the reasons why people get denied for a loan modifiation:
1). Incomplete application
2). Missing/updated documents
3). Not returning a lender’s phone call
4). Lender cannot reach you
5). Not your primary home
Once the lender has a completed loan modification application it will then get assigned to an underwriter for review and final approval. Assuming you meet all the guidelines for either the HAMP, MHA or a traditional modification, you should receive a call from the lender explaining to you the new terms of your modification and what you should do next. As part of the government’s loan modification program you will need to complete a trial period before the lender actually finalizes your loan modification.
Tip:
Remember lenders are more than willing to assist you and although this may not seem like the case, you have to be proactive in staying in contact with them. It is critical because this can make the difference on you getting approved or not. You should be calling your lender at least 2 -3 times a month. Make sure they have the most recent documents, they can read them clearly and nothing is missing.
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About the Author:
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