Posted on: 02nd Jan, 2010 09:25 am
to chris burns: i notice you list litton loan corporation under your name. we have our first mortgage with litton and requested a loan modification from them. at the time of the request, we were current on the loan, but had been making late (past the 15th) payments for several months. our credit score was declining as we used credit cards to make mortgage payments and pay other bills, juggling balls in the air.
litton, although it "pretended" to consider our request for modification never allowed us to speak with loss mitigation. collection (we are now permanently 30 days down and the notice of default just keeps rolling out 45 days each month) tells us that litton's policy is that no customer may speak to loss mitigation. so, all they did was take the hardship information, mark their computer that it was being considered, and then, without asking for any additional information from us, took three/four months to tell us the investor denied the modification due to declining home values.
when i called to try to explain that our home is in an unincorporated area where home values vary from $300,000 to $1,000,000, therefore an individual assessment is needed, not the computerized ones, and when i offered to pay for the individual assessment, the collection agent said it was not relevant because the investor had the final say-so, and there was not changing their answer. this was the reply i got despite the fact that i had spent hours downloading public record information of actual sold homes (not listings, actual sales with actual sale prices) of comparable homes all within a half mile of our home, demonstrating that we were not upside down, and, in fact, had a little tiny bit of equity still in the property, depending on whether it was sold as a foreclosure or as a regular sale.
further, according to litton collection department, we have to wait six months to re-apply for modification based on the current law (something i cannot find anywhere in the bill).
i feel that litton is giving me the run-around, providing lip service only to maintain some kind of eligibility for the federal program. they are dishonest in saying that the modification has even been considered when they have requested no forms from me.
as someone who regularly negotiates loans with litton, what would you suggest?
p.s. chase is willing to modify my second but will not do so until the first is modified. i have negotiated, on my own, without paying a dime to some service, reduced interest rates on my credit cards, reducing my monthly nut in half. i am being very pro-active in attempting to meet my commitments and am dismayed by what i perceive to be litton's predatory attitude and practices.
litton, although it "pretended" to consider our request for modification never allowed us to speak with loss mitigation. collection (we are now permanently 30 days down and the notice of default just keeps rolling out 45 days each month) tells us that litton's policy is that no customer may speak to loss mitigation. so, all they did was take the hardship information, mark their computer that it was being considered, and then, without asking for any additional information from us, took three/four months to tell us the investor denied the modification due to declining home values.
when i called to try to explain that our home is in an unincorporated area where home values vary from $300,000 to $1,000,000, therefore an individual assessment is needed, not the computerized ones, and when i offered to pay for the individual assessment, the collection agent said it was not relevant because the investor had the final say-so, and there was not changing their answer. this was the reply i got despite the fact that i had spent hours downloading public record information of actual sold homes (not listings, actual sales with actual sale prices) of comparable homes all within a half mile of our home, demonstrating that we were not upside down, and, in fact, had a little tiny bit of equity still in the property, depending on whether it was sold as a foreclosure or as a regular sale.
further, according to litton collection department, we have to wait six months to re-apply for modification based on the current law (something i cannot find anywhere in the bill).
i feel that litton is giving me the run-around, providing lip service only to maintain some kind of eligibility for the federal program. they are dishonest in saying that the modification has even been considered when they have requested no forms from me.
as someone who regularly negotiates loans with litton, what would you suggest?
p.s. chase is willing to modify my second but will not do so until the first is modified. i have negotiated, on my own, without paying a dime to some service, reduced interest rates on my credit cards, reducing my monthly nut in half. i am being very pro-active in attempting to meet my commitments and am dismayed by what i perceive to be litton's predatory attitude and practices.
Hi dulceblakethegreat,
In order to get a loan modification from your lender, you should negotiate with him directly. There are loan modification specialists who may help you in dealing with your lender but your best option would be to negotiate with the lender yourself.
If they do not agree for it, then I'm afraid, you'll have to go for a deed in lieu of foreclosure and sell off the property.
Thanks
In order to get a loan modification from your lender, you should negotiate with him directly. There are loan modification specialists who may help you in dealing with your lender but your best option would be to negotiate with the lender yourself.
If they do not agree for it, then I'm afraid, you'll have to go for a deed in lieu of foreclosure and sell off the property.
Thanks
I'm not sure where you found that I negotiated loans with Litton. I don't recall ever having done so.
Out of curiosity how much do you currently owe on the first and second?
How much do you feel the home is actually worth right now?
How far behind are you on payments?
Out of curiosity how much do you currently owe on the first and second?
How much do you feel the home is actually worth right now?
How far behind are you on payments?
chris: "LLC" had to have been read as litton loan corporation. i guess opening a limited liability corporation just became a little more sketchy.
It was because of the "LLC." Didn't even think about a Limited Liability Corporation because of the context. OK, never mind on that.
But, in reply to your question:
We are down one month on the first.
We owe $550,000 on the first, $70,000 on the second.
Comps for sold (not listed, I'm not that naive or dumb) homes within 1/2 mile of our home with same square footage and in same condition (don't know about interior but we did a major remodel 8 years ago so interior looks very good) runs from $790,000 to $890,000. These are not distress sales; we do have one foreclosure, sold for $595,000.
To: James Hogg--it's hard to negotiate directly with a lender who will not speak with you. Perhaps you missed it in my long missive, but Litton will not speak directly with a customer. All you get is the collection department, not loss mitigation. And, they have "considered" my request without asking for a single bit of documentation because they simply won't get on the phone or reply to certified mail.
Thanks1
But, in reply to your question:
We are down one month on the first.
We owe $550,000 on the first, $70,000 on the second.
Comps for sold (not listed, I'm not that naive or dumb) homes within 1/2 mile of our home with same square footage and in same condition (don't know about interior but we did a major remodel 8 years ago so interior looks very good) runs from $790,000 to $890,000. These are not distress sales; we do have one foreclosure, sold for $595,000.
To: James Hogg--it's hard to negotiate directly with a lender who will not speak with you. Perhaps you missed it in my long missive, but Litton will not speak directly with a customer. All you get is the collection department, not loss mitigation. And, they have "considered" my request without asking for a single bit of documentation because they simply won't get on the phone or reply to certified mail.
Thanks1