In the recent times, loan modification has attracted a lot of attention, and many individuals, especially the debtors. Loan modification is the process in which the creditors agree to a new set of terms and conditions, and agree for a fee waiver, by decreasing the net payable interest amount. This however depends upon the negotiation process initiated by the debtor, or a representative from any one of the loan modification companies, who represents the debtor.

The borrower can benefit by:

• Paying reduced or decreased monthly repayments
• Decrease the net payable interest amount
• Fix your repayment schedule, as per your cash inflow
• Increase, or extend the loan tenure, so you get more time to redeem
• Avoid foreclosure issues
• Improved credit ratings through timely payments

The creditor can avail benefits like:

• Respond to a working or performing loan, instead of ending up with bankruptcy situation
• Recover interest as well as profit on a regular basis
• Avoid litigation fees and legal procedures

How long does it take to successfully "complete" the loan modification process?

A loan modification program, as offered by a typical loan modification company, generally gets "over" within 30 to 90 working days, depending upon the company or the lender, and if you are able to properly coordinate with the attorney, or the loan modification representative. However, it should be noted that the process is not "set", i.e. there are no "legal" guidelines regarding the duration involved with loan modification application. Guidelines are usually followed, but there's no legal compulsion to stick to it.

A professional or a trained representative from a mortgage loan modification company can help to reduce the total time required to process the paperwork efficiently, and present your application in the precise way your lender desires. However, each lender's situation is unique, and the lender takes his or her own "sweet" time before consenting to the facility. Checking the past history of the lender i.e. how many applicants have been provided the facility, and how long they have waited can give an indication about how long it's going to take. There are no set rules.

It's recommended if you prefer to deal directly with your creditor, or through a loan modification specialist, you need to ask several questions up front before committing yourself:

• How much times will it take for the process to "get over" - Find out the "quickest" and the "most delayed" scenarios, and then calculate the total number of days, it's likely to take. Mark out our calendar accordingly.
• When can I expect some feedback about my case – Indicate or enhance the expected date in your calendar.
• The particular person to contact in case I don't hear anything by the "designated" – Obtain all relevant details regarding the person's name, address, contact numbers and any alternative address if available