Loan Mod w/Litton

[thenders]

Hello All,

I am new to this forum, but I will say that I looked at this site for a couple weeks and gathered all the information I could while I did my loan modification. I've been trying to get my loan modified since Dec '08 and only yesterday felt like I finally got through to someone. Sent paperwork to do loan mod because mom is getting ready to walk away and I can't afford $1200 mtg pymt by myself. Short version of situation: Dad passed in '05; Mom/Self refi'ed house for $126K 1st loan and $7K other loan & house now worth about $50K; mom's hours went to 36 hours a week and I work full time, but I get no OT; massive amount of debt & back taxes totaling about $75K for us both; we make about $35K each per yr. ERT team @ Litton said to call back on 3/20 to see if loan has been assigned. How feasible does someone believe a resolution will be found if someone finally took the time to call me back and keep me in the loop of how the process is going?

[Moe Bedard]

Hi thenders,


Welcome to the forum and thank you for joining................

The modification given is going to be up to the investor on your loan........the program that was announced on March 4th, has steps and guidelines that the servicers will be following to bring the payment on the first mortgage to the 31% target of gross income................
Call periodically for updates on your file to the ERT at Litton to see what the options are going to be for your loan...........

here is a link to the guidelines for the new program.............
http://www.treas.gov/press/releases/...guidelines.pdf

[thenders]

Update: I just placed a call to Litton's ERT Dept and, of course, for the past several days, I have been getting the same answer: "still in review". Well, I am tired of that answer, so I decided to send my assigned specialist (and copy some of the other names I see here!) an email to see if she can get back to me with an answer. Will keep you posted....

[nckmsn]

I am in the same boat as you. They have told me that they have put all mods on honld untill they receive the govt guidlines for the govt mods.

[thenders]

Update: Just spoke to gentleman at Litton and he told me that there was some additional information needed to further review my request: 2 consecutive paystubs (I only sent 1 the first time!), fannie mae form 1021, last years tax return, and rs form 4506-t. Is anyone familiar with these forms and does this mean that we are possibly going to see some head way once this new info is submitted?

[gelaya]

Hi,
I am in the process of a loan mod with litton and I sent in the extra paperwork that you are referring to last week .When i spoke with someone about why the extra paper work was needed I was told that to qualify for the new Obama plan they needed the additional paperwork .

[thenders]

Gelaya,

Thnxs for the response, but what did you do about filling out the IRS form 4506-t? Did you fill out, sign, and send? Why do they need this if they also want a copy of the most recently filed return?

[gelaya]

Yes I did fill it out and sign it. I think that it is one of the forms required under the new housing plan along with the hardship mod loan app that you download from the fannie mae site.

[marilyn]

Hi. Can anyone tell me on the 4506-t w/Litton-how do I fill it out? It states right on the form never fill it out if it's blank. Should I put in the years they can pull? I have only been in the house shy of 2 yrs-I have a copy of tax returns I can send them but we filed for an extension for 2008 (we are going to owe for sure but we owned a business and that takes our accountant time to do the returns so they filed for an extension). Will filing the extension stop me from getting a loan mod? Again, just looking for help before sending in the 4506-t. They only told me to send that in w/their version of the hardship form. I guess they'll ask me for more stuff once they get the new guidelines.
I appreciate any and all help ! We were trying to do a short sale since my husband found work out of state but now he can return and we are trying to keep the house.

[Moe Bedard]

Marilyn,


Try calling the executive team and see if they can help..........
1-713-218-4592