I have been trying to get a loan modification through Litton for more than a year now. I started the Trial Modification on 8/1/09. I have been making trial payments ever since. That is a total of 7 Trial Mod payments. Just the other day after being told that everything has been verified and we were just waiting for the final docs to be mailed out, they said that the US TReasury has denied my modofication. This didnt make sense to me.
First of all, I don't think that the US Treasury is denying or approving modifications.
Second, there is nothing in my Loam Workout Plan (signed my Litton) that says anything about the US Treasury. They have no right to deny my mod for anything having to do with Treasury.
Third, When I signed and Litton signed the Loan Workout Plan, Litton wasn't on the Government yet. They can't add stuff to our contract as we go.
Fourth, According to the Loan Workout Plan, Litton has to provide me the final docs by the end of the trial period.
I ended up engaging an attorney when it was plain as day that Litton wasn't performing as agreed. My attorney has agreed %100 that Litton is in breach of contract.
My attorney used to be the in house attorney for a lender and he understands very well how lenders work and assume no action on the borrowers part. We have written a demand letter stating that they have denied me based on something that wasn't in the agreement and furthermore that that they need to provide the Loan Modification within 10 days.
I see a lot of people saying that they have an out in these agreements because the Loan Workout Plan says that we have to meet all conditions for the modification. My attorney explained that they can't have conditions that need to be met if they don't provide you woth those conditions. Also, how can they say that I don't meet the NPV test when they signed the Workout Plan stating that I qualify. There also isnt any provision in the Loan Workout Plan that states anytihng about passing a NPV test. And as already stated, my workout plan wasn't a government plan.
I'm going to stick it to these guys.
We emailed the Demand Letter to Mr. Michael Crowl and Debra Thayer (the person who signed my Loan Workout Plan) and will also be sending by registered mail.
I would like to here peoples thoughts and I also wanted to try to help others that might be in the same position. By the way the Demand Letter only cost me $100.
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