If you want to get your loan modification approved in a week or less, good luck! It is almost impossible...or is it?

If you know anything about loan modifications, you know that it generally takes 2 to 3 months to get the modification approved. It is a stressful process if you are the homeowner desperately waiting for an answer. Some lucky people can get this done in about a month, but this is very rare. Getting it done in a week or less is almost unheard of!

The reason it takes so long to get a loan modified is because there are so many people in need of this service. Lenders have stacks and stacks of files on their desks and not enough employees. It takes a long time to sort through all those files and get the loan mod completed.

There are a few companies out there that have such close relationships with lenders that they will actually allow them to take some of the unbearable workload off their backs. There are only a few companies that do this because it is very hard to come up with the necessary ratios to get this accomplished.

What this means in lamens terms is this: A company that provides this service can call up your lender with your loan number. They speak to a case manager and review your file. They approve or deny the loan modification right away and tell them what your interest rate and payment will be. They can then tell you what the terms of your modification will be and you can decide to move forward or pursue another option.

If you do decide to move forward, they can generally complete the loan modification within 24 hours to 7 days. To further ease your financial burden, often times they can push back your next payment 30 days from the date the loan mod docs are signed.

The success of this depends on what lender you have and if you are even a candidate for a loan modification. The top lenders participating in this program are Countrywide, Bank of America and EMC. These are not the only lenders, just the main ones.

If you want to get your loan modification approved in less than a week, this might be your only option.