We see the abbreviations everywhere and here are a few common ones and what they mean:

So you're in a loan modification, and you've been waiting for an answer from your bank.

Here are some questions that may help you to get a better understanding of where you REALLY stand in the process:

• • Is there a foreclosure sale date on my home?
  • (If Yes) Foreclosure date should be postponed during loan modification review
  • Am I in an active loan modification? 
  • (If Yes) What date did I go into review
  • Do you have everything you need to make a decision on my application?
  • (If No) What information do you need from me to get my application under review?
  • What income are you using to calculate my modification?
  • What expenses are you using to calculate my modification?
  • When do you think a decision will be made? (Should be less than 30 days from the date the loan modification went into review)
  • When and how do you recommend I get an update?
  • Are you the best person to call for an update
  • (If No) Could I please have the direct contact of the person I should be contacting.  What are their work hours, and what is the best means of communication (phone or email)?