You don’t have time to waste when foreclosure is looming on the horizon. Although home loan modification does tend to slow down the process, there won’t be too many options left if you wait too long. However, not all banks and lending institutions have the experience or the manpower to handle loan modifications, and even if you hire a capable lawyer, the entire process can take several months to complete. But the good news is that there are a number of things you can do once the process starts to save time and get it over as quickly as possible.

The first thing to do is to document everything. It isn’t exactly unknown for lenders to misplace your loan modification process. Delays can be prevented if you record all your efforts and keep it on file. Make sure you keep track of all the calls that you receive from or make to the lender and lawyer. Keep all the receipts of your transactions and have several copies so in case the originals are lost or misplaced. Prepare a financial statement for yourself. Every mortgage modification has its own financial worksheet, which is the main basis for your qualification. Lending institutions will have their own, but preparing one for yourself can be very useful too. This way you will have all relevant information at your fingertips.

Try to include as many details as possible. It is better to provide too much information so that you don’t have to waste time in case the lender asks for further details. A typical loan modification worksheet usually includes the following information: the borrower’s contact information, the estimated cost and other information about the borrower’s property, the current income, and additional income, if any, of the borrower, the estimated value of all the assets owned by the borrower, current liabilities like loans, medical expenses, etc.

Try to be as open and honest as possible and be sure to provide verifiable information regarding your financial circumstances. This will help in improving your chances for qualifying for loan modification.