What is a foreclosure timeline for a loan modification?

In Arizona, the foreclosure timeline for a loan modification typically begins when the borrower asks for a loan modification. The servicer must then review the loan modification request for accuracy and determine if the borrower is eligible for a modification. If the loan modification request is approved, the borrower will receive a Loan Modification Agreement (LMA) outlining the terms and conditions of the loan modification. The borrower must then respond within 14 days of receiving the LMA to agree and sign the modification. If the borrower signs the modification, the servicer then has 14 days to provide a notice of approval and the modified loan documents to the borrower. The borrower must then make the modified loan payments as outlined in the agreement or the loan modification may be rejected. A foreclosure may then be initiated if the borrower does not make the modified loan payments. In Arizona, the foreclosure timeline for a loan modification begins with the servicer’s approval and ends when the foreclosure is completed. The entire process is usually completed in six months or less, although it may take longer if the borrower is granted a forbearance or some other form of loan modification.

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What is a foreclosure timeline for a loan modification?

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