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The time required to authorize a mortgage modification is dependent upon a variety of issues, includingfrom how long the lender delays and how easily the homeowners can get necessary documents in order. The main issue is how much time it takes the borrowers to recover financially and be able to afford any amount of monthly mortgage installment. The bank will not alter a mortgage that will not be paid even at a reduced monthly rate.

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It also takes time to contact the bank and discuss what options are feasible, and get the application for a modification. This can take days to wait on the phone and then receive the info from the bank. Borrowers then need to spend time obtaining personal documents including financia statements and tax returns, and send this and other material information to the bank.

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The entire ordeal can take from a few weeks to half a year for some homeowners. Those working with private companies, housing counselors, or lawyers may be able to negotiate an agreement in less time than homeowners negotiating without professional help.

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