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Loan Modification Closing

Discussion in 'Loan Modification' started by dznen1, Nov 22, 2010.

  1. dznen1

    dznen1 LoanSafe Member

    Praise The LORD! My modification is approved, now what?
    I have signed, had notarized and return the loan package along with the first payment. Can anyone give me any info as to what is next? I was told it is in closing, what does that mean? About how long does that process take? This has really been a long time coming but, I feel a weight has been lifted. I am still praying for each one of you who are still waiting for the blessed news.

    Whatever info you can give is appreciated.

    Thanks to all.
  2. TomEason

    TomEason LoanSafe Guide Staff Member

    Congratulations! Sorry I don't know the answer to your questions about what's next. I think it depends on your loan servicer and how together their systems are (and how prone to mistakes and variances).
  3. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    Once you turn in the final modification agreement it will go to a closing department which handles updating your account with the new modified information. Due to these banks being very overwhelmed with defaulted loans and mod requests, this generally takes about two weeks to two months for them to fully complete the update.

    Congrats on the mod!!!
  4. dznen1

    dznen1 LoanSafe Member

    Thanks so much for your responses. This is such a good information haven. Everyone is so willing to share what they have learned. Thanks to you all and I will continue to pray for each and everyone of you. Your blessings are on the way, too.
  5. imlars

    imlars LoanSafe Member

    Call the servicer to verify that the mod package was recieved.
  6. dznen1

    dznen1 LoanSafe Member

    I called another contact and also the negotiator sent me an email and I was told that it was received the next day. I also checked with FedEx tracking and saw that it was received and signed for.

    Thanks so much

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