Litton Loan Mod .. Starting Trial Period..

[crazyt2009]

my loan mod got preapproved and just receieved my trial mod packets in the mail about a week ago and made my 1st mod payment for june, my interest rate was 9.61% with a payment of 1340.00 a month, then in the trial loan mod package they dropped my interest rate to 2.61% with a payment of 721.00 a month, they said if i make my payments on time for june, july, and august it will go permanent, ill keep u updated, and thanx to loansafe.org for all the helpfull information and exec. phone numbers!

[PERSISTENT32]

WOW you got your loan mod papers and your trial packet together. I only received the trial modification offer and no mod papers. My lender is Wachovia/Wells Fargo.

[folsomblvd]

I qualified too and got my loan mod trail agreement from Wells Fargo a few weeks ago as well.
I already signed it and sent it off.

I am also approved for the Home Affordable Refinance Program which I locked in at a rate of 4.5 about a month ago. I have only a few more days until that rate expires and the current market rate for the 30 yr fixed loan has jumped to 5.5 now and rising.
My current rate is 6.5 and its a 10 interest only loan with an option to pay principle, then after 10 years it would be principle+interest. My home value to what I owe is 103% so I qualified.

I am in a dilemma to either modify the loan or do the HARP refi. I think I'll be going with the HARP refi. I don't how these modifications will go and if the current market rate will even be close to 4.5

Crazyt2009, Please keep us updated on what happens with your situation and how your trial period goes. I very curious on how the finalization of these HAMP modifications go.

Thank you.

[davadad]

How long did this process take? I am in review with investors. THey say I pre-qualify.... I am back in foreclosure.. The ERT dept. and management have been working on it...

[folsomblvd]

The process to get to the trial period took quite a while. Be patient. Most banks will give priorities and it depends on your current situation, financial hardship, income, expenses, current loan.
It was about three months from the time I first sent in the initial papers. They will also call you on the phone several times and pretty much ask you the same information you initially send in. Then it will be another 3 months for that trial period agreement to finish before the mod is finalized.

I just didn't want to risk waiting because I'm uncertain what deal they will present me after the trail period. So I am refinancing at a very low rate right now. I didn't gamble and risk getting a deal for the loan mod that I wasn't happy with and losing the rate I locked in at several weeks ago. Since then rates went about about one and a half percent.

In my estimate, I don't think rates will be as low as they were a month ago.

Hopefully, crazyt2009 will tell us how the rest of the process will go.

[crazyt2009]

yeah it took awhile to get the trial packet for sure. im hoping all goes well. but whats messed up is 3 days after i got my trial packet my work layed me off (said i should be back by 2 or 3 months once they pick up) so it went down just in the nick of time you could say lol .. from what litton told me they said if i make these 3 payments on time they will send another packet out and turn it perm. and they said it would be the 721.00 payment, shouldnt change. so im hoping for the best, everyone just hang in there and i will keep you updated

[aprilware2]

hello Im with litton also my mortgage payment is 1580 I got behind a bit .I got a trial modification from litton for 735 for three months and it should be for the life of the loan.I sent in my payment right away. I hope this aint a trick and they take my home in august.

[davadad]

Wow.. Those are real nice MODS... Congrats!!! I think that if you have proof of MOD package and payments then if you were to have to go to court then you can show the judge???

[davadad]

Can I ask who the investor is that approved your MOD for Litton????

[aprilware2]

davadad what do you mean the invester ??? Well I did the modification myself I didnt use any company to talk for me if thats what you mean.

[davadad]

Well I guess in the past they would work with Titanium Solutions as an investor to approve Mods.. They told me Citi is the investor who is still reviewing my MOD.... Does that make sense? My package has been in review for over 1 month...??? Just wanting to know how long after BPO did it take to receive trial MOD...

[aprilware2]

will I WAS TOLD I wasnt approved then I called last month to report a payment. litton told me I was sent out a trial modification package. BPO on my house came in at 108,000 I owe 188,000 . Litton told me my BPO over the phone. And also a rep faxed me my trial papers to me before i recieved them in the mail. The workout was from litton only . well I didnt see Titanium solutions on it. I know who you are talking about though. i seen their name on modifications i seen on the internet.

[davadad]

Oh okay... I know my BPO came in lower also... Do you know what "exception status" is? My BPO has been back for quite awhile now...

[aprilware2]

I think in august when i make my last trial payment on time and they add u all the interest and everything thats when i will get my finall modification papers.But not before then I was told. I think we are doing different mods anyway. I think you are not doing a trial mod . U are doing a regalur mod.

[davadad]

"
Aprilware2,

I have a question.. 31% of our "gross" income?? When I gave them my financials they asked me "take home".... What is included in the 31%???

[aprilware2]

your total household income litton i believe calculate 31% from your total amount before taxes i think sorry couldnt be more helpful

[nitag]

Originally Posted by davadad

"
Aprilware2,

I have a question.. 31% of our "gross" income?? When I gave them my financials they asked me "take home".... What is included in the 31%???

Litton did 31% of my net income...

[davadad]

Well the payment they were telling me was 31% of our net but I was told it should be 31% of our gross. They include HOA, Taxes, and Home owners. Either way we should still qualify... We are STILL in review... Hopefully we will here something soon..

[aprilware2]

I hope everything go well for everyone. Im trying to help my friend she got Bank of America they told her they arent doing loan modifications at all. She was just transfered to them from countrywide

[aprilware2]

Also davadad how did yo get your investors name.I looked on my loan papers and I couldnt find anything and litton wont tell me. One rep told me to call Fremont they were the ones that tranfered my loan to litton

[soworried]

I received my trial modification papers about a month ago. My payments originally were $2238.00 at 6.75% 30 year.
The three trial payments I have to make are $1779.00 6/1 7/1 8/1....They did not give me any info on the percentage that the loan could be after the trail.
My investor is FannieMae.
I hope these mortgage companies are not yanking are chain and not going to approve-finallize the modification after the three months....
Had anyone sent there final payment in yet?

[aprilware2]

Originally Posted by soworried

I received my trial modification papers about a month ago. My payments originally were $2238.00 at 6.75% 30 year.
The three trial payments I have to make are $1779.00 6/1 7/1 8/1....They did not give me any info on the percentage that the loan could be after the trail.
My investor is FannieMae.
I hope these mortgage companies are not yanking are chain and not going to approve-finallize the modification after the three months....
Had anyone sent there final payment in yet?

Hey I think the same way! Are you behind on your mortgage? Well I am 3 months . How did you find out your investers name ?

[aprilware2]

Originally Posted by soworried

I received my trial modification papers about a month ago. My payments originally were $2238.00 at 6.75% 30 year.
The three trial payments I have to make are $1779.00 6/1 7/1 8/1....They did not give me any info on the percentage that the loan could be after the trail.
My investor is FannieMae.
I hope these mortgage companies are not yanking are chain and not going to approve-finallize the modification after the three months....
Had anyone sent there final payment in yet?

Hey I think the same way you do. But my last payment is in August like you. Are you behind in your mortgage. Well I am . And ho you find out your investers name

[aprilware2]

Hey I just talked to a rep at litton he told me my invester was HSBC. And they talked to them about offering me the trial mod so that the only way they gave me the mod in the first place. And in august loss mitigation will be doing the terms for the final mod.

[nitag]

Originally Posted by soworried

I received my trial modification papers about a month ago. My payments originally were $2238.00 at 6.75% 30 year.
The three trial payments I have to make are $1779.00 6/1 7/1 8/1....They did not give me any info on the percentage that the loan could be after the trail.
My investor is FannieMae.
I hope these mortgage companies are not yanking are chain and not going to approve-finallize the modification after the three months....
Had anyone sent there final payment in yet?

I am always worring about this.. Maybe I will call tomorrow and see who my investor is.. Lets see if I get a chatty kathy..

I am hoping all goes well, my final trial payment is due Aug 1.. I am behind April, May and I guess now June even though I paid my trial mod payment 5/22..

My interest rate was also 6.75% with a payment of 2580.51....