Modification with Litton Loan with the help of NACA

[Pristine]

Just got a call today from NACA, they stated that I have been approved for a loan modification by Litton, Litton offered to Modify my loan to a 30yr fix rate at 4.6% for the duration of the loan. This is with the help of NACA.

I Started out with a 3yr ARM at 7.5% which was set to adjust in April. We dad gotten behind by 2 months. Litton would not work with me to help me. They wanted to set me up on a repayment plan that I could not afford. So I contacted NACA and they were able to do a financial profile sheet and submit to Litton.

Well almost 4 months later it is finally coming to a conclusion. I am waiting on the paperwork, NACA said it should be about 2 weeks away.

Monday Morning the Manager over Loss Mitigation called me and told me that he is going to put a rush on my modification and that someone would be in contact with me or Naca in a couple of weeks. I want to let you know this was a week before Christmas, my modification was approved on the 23rd of December. It was NACA's expertise that helped negotiate the rate, but it was my perserverence that made it happen. Please call, call, every week until they give you a answer.

By going through this, I am now in negotiation with my second Mortgage which is through Specialized Servicing, my current rate is 11.75, I spoke with Loss Mitigation last week, we are looking at 6.25% for 30yrs (fix) on my second. I stand to gain an additional 500 a month in savings.

To all, it can be done, but you must stay on it. Do not give up.

NACA services is slow, but they can give you the backing you may need, especially if you cannot afford an attorney. You will have to help NACA, remember they are a non-profit organization who help thousands of people on a daily basis. Do your part in following up with your lender to ensure they recieve your financials from NACA, I would also offer this advice, if you call Litton and they ask for your financial again, ask NACA to send you your Financial profile and fax or send that to Litton.

Good Luck and God Bless.

[Moe Bedard]

congratulations!!
Please let us know when you receive the docs and if you have any qestions on them......

[Pristine]

Thank you ***, this website is truly a BLESSING!!! I cannot thank you and Moe, and the Loan Safe staff enough for all of the wealth of information that is on this website. I do have one quick question for you. The modification starts March 2009 with the new payments. I am assuming I should still make my normal payments up until March, they are asking me to pay $300 to do the modification. Do I make a payment in February or just send in the $300 and then make my first payment in March.

[Moe Bedard]

Your modification may include those payments............so before making a payment you may want to call and ask if it does.

[Pristine]

Hello ***,

Just wanted to let you know we finally received our loan Modification paperwork yesterday from Litton as well as Specialized. Litton dropped our interest rates to 4.6% for 30 with a balloon due at the end. Specialized lowered our rates from 11.50 to 6.75 for 30 years fixed. We are so thrilled to have this process over. I cannot thank you and your team enough for this website. It taught me how to deal with my 2nd Mortgage and how to ask for a Loan Modification, without this website, I wouldn't have known that doing a mod was possible.

Tell everyone that has question about NACA, it works. Just be patient and follow up with your lender, be persistent and they will help.

[Moe Bedard]

That is awesome!!!
Congratulations!!


One question that members do ask that you can answer is, did NACA also help you with the second..........or just the first?