Loan Mod with Litton

[huffydogg]

Hello,
This is my second time trying to obtain a loan mod with Litton Loan, the first time I supposedly did not qualify because I made too much. I discovered they miscalculated my income. I recently paid my 4th Trial Month Payment, and I called them to check on the status of my modification. The rep. told me that my income was recently verified, and she told me that it was at $6800 a month, when I actually make $6100 a month. Again they were miscalculating my income, and I emailed Sean in ERT, and he had Luis Moscoso call me. Apparently they were dividing my income by 11 months, instead of 12 months. In order to verify my income again, I submitted my 12 paystubs to them (i get paid once a month). Now they are asking for bank statements, the problem is that they are asking for bank statements for a business account that's a corporation. I told Litton that I do not have access to the statements for that account because it is my wife's and her family business account. I am not on the account nor am I an officer or shareholder of the coorporation. My wife's CPA told my wife that we shouldn't give them the statements because it is a corporation with its own entity, and employee salaries are paid from it. I told Litton that I cannot provide them with those statements and they are telling me that they still need them for auditing purposes and that they will not use them to verify my income. I really do not want to provide them with the statements, What do you guys recommend I do? BTW, my wife is not on the loan, and I also told them that my wife does not contribute to the household because she hasn't been making any money with her business.

[Againsttheodds]

Hello,
This is my second time trying to obtain a loan mod with Litton Loan, the first time I supposedly did not qualify because I made too much. I discovered they miscalculated my income. I recently paid my 4th Trial Month Payment, and I called them to check on the status of my modification. The rep. told me that my income was recently verified, and she told me that it was at $6800 a month, when I actually make $6100 a month. Again they were miscalculating my income, and I emailed Sean in ERT, and he had Luis Moscoso call me. Apparently they were dividing my income by 11 months, instead of 12 months. In order to verify my income again, I submitted my 12 paystubs to them (i get paid once a month). Now they are asking for bank statements, the problem is that they are asking for bank statements for a business account that's a corporation. I told Litton that I do not have access to the statements for that account because it is my wife's and her family business account. I am not on the account nor am I an officer or shareholder of the coorporation. My wife's CPA told my wife that we shouldn't give them the statements because it is a corporation with its own entity, and employee salaries are paid from it. I told Litton that I cannot provide them with those statements and they are telling me that they still need them for auditing purposes and that they will not use them to verify my income. I really do not want to provide them with the statements, What do you guys recommend I do? BTW, my wife is not on the loan, and I also told them that my wife does not contribute to the household because she hasn't been making any money with her business.

How did you make your house payment? Did the payment drawn from that business accounts? If not, then you do not need to provide them your wife's statement (since she's not part of the loan). Don't you have a personal checking account (beside your wife's business accounts)?

[huffydogg]

How did you make your house payment? Did the payment drawn from that business accounts? If not, then you do not need to provide them your wife's statement (since she's not part of the loan). Don't you have a personal checking account (beside your wife's business accounts)?

I made my house payments with personal checking account. Litton must have done a credit check and the accounts must have popped out because they gave me the last 4 digits of the accounts, and they also gave me last 4 digits of other accounts that I recently opened.

[huffydogg]

I faxed Litton a letter stating that the bank statements for the accounts they are requesting are corporate bank accounts, and that I do not have access to them because they are not mine. Hopefully this works and they don't deny my loan mod because of this.