Wells Law Group, PLLC

I was speaking with a loan officer today and learned something very interesting about how loan modifications are treated on a credit report. Individuals with loan modifications are treated the same as those with short sales in their past for purposes of obtaining a loan to purchase a home in the future. Loan Modification.One of the biggest draw backs for a short sale is the amount of time it takes to get approval from the banks servicing the loan(s). In extreme cases it can take over nine months to get an loan approved for a short sale. During that time, properties can be vandalized, buyers can lose interest.