Tips on Loan Remod with Litton/Ocwen

[Blackened7581]

I have been reading around on here for a little bit and have used some tips in my current attempt to get my 1st and 2nd mortgages remodified.

I sent off all of my financial info with a hardship letter to Litton and learn last week that my account has been assigned to someone in their Loss Mitigation dept. Anytime I call the automated service actually forwards my call to Loss Mitigation. I called again today just to follow up and the rep told me that he emailed the person in charge of my account and that is looks like they are attempting to set up a date to have my house appraised....I am guess this is a good sign?

So I am waiting on that one.

As for my 2nd with Ocwen, I have had no luck. I called to follow up and the rep from their retention dept said that I am not having any problems making my payments and that they will not adjust my loan.

A little background....My first with Litton is an ARM that just adjusted from 7 to 9.25 bumping my payment up to 1004.00. It is set to change every November. My second is fixed at 287(12%) Foolish to take these loans...I know. But I just have to try to do what I can.

I am current on both loans and have only had one late payment on the 2nd mortgage. I have been in the home for a little over 2 years.

Each month is cutting it very close now that my first mortgage has gone up. I am normally left with 100 dollars extra, or in some cases in the negative each month after bills. So I am frustrated that Ocwen told me I can comfortably make my payments.

Myself I take home about 1800-1900 each month. I also have 3 roommates with live with me which give me about 990 each month.

I dont have any savings and could be a bad event, like a car breaking down, away from having issues. So I am trying to do something now before I do run into problems.

Any advice or tips would be greatly appreciated. Thank you.

[Moe Bedard]

HI Blackened7581,


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

It would seem that you have taken the necessary steps so far..........you would need to follow up with them at least 2 times per week..................

Ocwen may be a bit tougher but here are some contact numbers to both to call for updates and to try again with Ocwen if it is a different number than you were using............

Litton Portfolio Rention
1-800-247-9727 ext. 7719

Ocwen Loan Resolution
1-877-596-8580


Please keep us posted on your progress..............

[Blackened7581]

So am I right to assume that it is a good sign that they are going to do an appraisal on the home?

[Moe Bedard]

they normally do what is called a BPO (Broker Price Opinion) which is like a mini appraisal to check the current value............this happens in most workout scenarios.

[Blackened7581]

Thanks for the reply. I will just have to keep bugging them and see if they are actually going to do it haha gives me hope though.

[newjersey24]

***,

Whats the purpose of their appraisal? Is it so they can say "okay, this house could be refinanced, so we wont modify loan" or "see true lost value of home but willing to workout a package, seeing the hardship"?


I got the latter. Cant refinance due to lost value.

Originally Posted by *** Damiano

they normally do what is called a BPO (Broker Price Opinion) which is like a mini appraisal to check the current value............this happens in most workout scenarios.

[Moe Bedard]

it is mostly the investor that requests them...........so they probably want to see what will be in their best interest.

[Blackened7581]

I wonder what my house is worth then. I bought it for about 140k in 2006.

How accurate are the country tax statements that you get on your property?

The most recent said it was worth 152k. Im sure they bump the value so they can tax you for more though.

[newjersey24]

Oh okay, Thanks ***!

Originally Posted by *** Damiano

it is mostly the investor that requests them...........so they probably want to see what will be in their best interest.

[Blackened7581]

So I called in and found out that the appraisal has been done. It looks like it was done on the 12th on this month.

When ever I call to ask for an update the rep always says that it is just processing right now. Is there any way to get more information or talk to the person that has been assigned to my account?

I have read some articles that suggest to mention that your lawyer is on the phone.....does that work?

Any ideas or advice at this point?

Thanks!

[Moe Bedard]

the waiting is the hardest part............if your file is with an underwriter.........they will not speak directly to you as this would slow the process..........the number that you are calling that I have provided is directly to the dept. that you would need to call for the updates...........
an attorney would have needed to fill out a third party authorization form in order to be able to speak with Litton in the first place..........so if that is not listed on your file.............telling them that an attorney is on the phone too really isn't going to make much of a difference.


Litton Portfolio Rention
1-800-247-9727 ext. 7719

[Blackened7581]

Ahh ok. That is the number I have been calling. So I guess I will just keep checking back. Thanks again.