Loan Modification Forum - LoanSafe.org - View Single Post

Zeke the Plumber · 10-23-2007, 03:46 PM

Hello - this is my first time posting here. Usually, when dealing with Litton Loan, I already know that I'm not going to get any help from their so called "Loan Counselors", but I call anyway then sit n stew when my Loan Counselor turns out to be yet another bozo. Today, however, is the final straw. Does anyone know what the "formula" is for a loan modification? The loan I have was originated by Countrywide, who turned around and sold it to Litton Loan. The loan is a ARM with impossible-for-me-to-meet payment increases. The final one will hit me next month when the loan resets to $4000+ a month!!! I started out at $1800 ..... My credit is bad, really bad, FICO score is in the high 500s so a refinance is out of the question. The house I live in is worth a lot more than I paid for it even in this market. Loan balance is $375K with a second loan of $150K (which I used to buy another property, not fritter away!) so total loan amount is $525K. The house would probably sell for around $700K as a very low guesstimate because several properties in my neighborhood have sold for over a million. Litton Loan seems determined to lie about sending out paperwork to me - after 3 weeks I am still waiting for the loan modification paperwork. The loan counselors that work at LL have to be among the snottiest I have ever encountered with one particular LL telling me today that she will not divulge the "formula" I have to meet in order to be considered for a loan mod. I gave her a set of numbers that represent my income and outgo and she tells me I don't qualify because I am in the negative. Duh. Of course I am, stoopid!!! I can't afford the $3500 Litton Loan is gouging me for now, let alone $4000. (Illness, by the way) So, then for the heck of it, I have her fudge the numbers and she then tells me that I don't qualify because I have enough money coming in and am now 'Positive'. I'm positive alright - positive that Litton Loan's loan counselor has sawdust where her brains should be.

I don't want to lose my home - it's all I have. What advice would you give to someone like me who is 3 payments behind (over $11000 in the hole today), unable to afford this ARM with a reset next month to $4000? Please don't advise me to sell - nothing is selling here. I would rather get foreclosed upon than to let some bottom feeder come up and snatch this house from under me for $525K. Thanks for listening.

10-23-2007, 03:46 PM	#1 (permalink)
Zeke the Plumber Junior Member Join Date: Oct 2007 Posts: 2 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Litton Loan Sucks!! Hello - this is my first time posting here. Usually, when dealing with Litton Loan, I already know that I'm not going to get any help from their so called "Loan Counselors", but I call anyway then sit n stew when my Loan Counselor turns out to be yet another bozo. Today, however, is the final straw. Does anyone know what the "formula" is for a loan modification? The loan I have was originated by Countrywide, who turned around and sold it to Litton Loan. The loan is a ARM with impossible-for-me-to-meet payment increases. The final one will hit me next month when the loan resets to $4000+ a month!!! I started out at $1800 ..... My credit is bad, really bad, FICO score is in the high 500s so a refinance is out of the question. The house I live in is worth a lot more than I paid for it even in this market. Loan balance is $375K with a second loan of $150K (which I used to buy another property, not fritter away!) so total loan amount is $525K. The house would probably sell for around $700K as a very low guesstimate because several properties in my neighborhood have sold for over a million. Litton Loan seems determined to lie about sending out paperwork to me - after 3 weeks I am still waiting for the loan modification paperwork. The loan counselors that work at LL have to be among the snottiest I have ever encountered with one particular LL telling me today that she will not divulge the "formula" I have to meet in order to be considered for a loan mod. I gave her a set of numbers that represent my income and outgo and she tells me I don't qualify because I am in the negative. Duh. Of course I am, stoopid!!! I can't afford the $3500 Litton Loan is gouging me for now, let alone $4000. (Illness, by the way) So, then for the heck of it, I have her fudge the numbers and she then tells me that I don't qualify because I have enough money coming in and am now 'Positive'. I'm positive alright - positive that Litton Loan's loan counselor has sawdust where her brains should be. I don't want to lose my home - it's all I have. What advice would you give to someone like me who is 3 payments behind (over $11000 in the hole today), unable to afford this ARM with a reset next month to $4000? Please don't advise me to sell - nothing is selling here. I would rather get foreclosed upon than to let some bottom feeder come up and snatch this house from under me for $525K. Thanks for listening.