Just beginning Litton loan mod request - Loan Modification Forum

kymburley · 02-21-2009, 11:08 PM

Hi -

Ok. I'm finally going to request a loan mod. Litton services the loan, but I believe HSBC is the investor (according to loan mod paperwork received last September HSBC is the investor).

I received NOD on house in May 2006, when 2 months late. I guess in Washington they can issue the NOD the day after your late (the payment is due on the 1st, so you're late on the 2nd). Saved the house that time. Tried for a loan mod last fall, but received short sale offer and Litton took away their offer.

My question this time is, will Litton put the house in foreclosure - file the NOD - if a loan mod is in the works? I really don't want those $10,000 in fees they add when the house goes into foreclosure. All I really want to do is buy a couple months (I'm currently 50 days late, and don't know if I can make anymore payments until payment is decreased, A LOT). We are supposed to be moving to Florida in August and I don't want to be kicked outta here before then.

Thanks!

LHarveyMadman · 02-22-2009, 01:08 AM

Any foreclosure proceedings should be put on hold if your loan is being considered for a modification.

gelaya · 02-24-2009, 07:43 AM

I am going through the processs of a loan mod with litton and they are still proceeding with the foreclosure. I would advise you to look at the papers they send you becuase it does say that legal proceedings will continue until your paperwork is reviewed and processed.

baileys dad · 02-24-2009, 08:19 AM

Hello Gelaya,
Do you have any advise on dealing with litton? Are you behind and if so, by how much? Have they been helpful?
Thanks so much,
Rob

gelaya · 02-24-2009, 09:44 AM

Hi Rob ,
Yes I am behind by three months. I have a first and second mortgage with litton. They received my paperwork for the mod on Dec.11,2008 and I have called everyday since the beginning of Feb and am being told that it is still under review. The level of helpfulness depends on who answers the phone. I have talked to some very "dry" people in the executive resolution office and I have talked to some very nice people. If you are going to do a mod send the paperwork in with a certified/return receipt. Follow up within a week or so to make sure that they received your docs.One thing I am learning is that you have to stay on top of the process to ensure that your paperwork is not sitting on someone's desk.This site has been very helpful as far as me learning the mod procedures. I did call yesterday to check on my mod and and spoke to a very nice lady who informed me that they put an excellerated status on my mod. Make sure that when you do start calling to check on your mod you check with the executive resolution dept or the portfolioretention department becuase the customer service department will only try to collect a payment from you and have no idea what they are doing.

baileys dad · 02-24-2009, 10:09 AM

hello Gelaya,
thanks so much for your info...I wish I would've found this site earlier, it's been very helpful...
two quick questions....did you have much of a surplus in your debt to income ratio?
and do you know who the investors are? did your loan originate with Litton?
were you behind when you submitted your documentation?

Ok more than two questions...
thank you again for info and have a great day..

Rob

gelaya · 02-24-2009, 10:28 AM

I had about a 300-400 surplus. HSBC is the invester and my loan originated with ownit mortgage in 2005 . From what I'm gathering from different sites I think for the mod they want you to have atleast a 200 surplus. If you have any other questions I will be glad to share what I know or point you in the right direction. My heart goes out to everyone that is trying to fight to keep their home. Thanks and have a great day as well!

baileys dad · 02-24-2009, 10:36 AM

thanks for the info...I could not have gotten it anywhere else..I am sure I will have other questions....GOOD LUCK on your modification!!!!
oh, how did you find out who the investor is??

gelaya · 02-24-2009, 11:02 AM

I found out who the invester is from the current foreclosure court documents that I have received.

baileys dad · 02-24-2009, 11:08 AM

thank you...I just called Litton and they told me themselves...
BTW, if anyone needs the number for Litton Loan Executive Resolution, it is 713-218-4592

Gelaya, thank you again

Rob

gelaya · 02-24-2009, 11:19 AM

No problem, I wish you the best of luck!!

baileys dad · 03-06-2009, 05:24 PM

Hello Gelaya,
How is the modification process going? I had an appointment yesterday with NACA and my modification should be at Litton within a week.
Thanks

gelaya · 03-09-2009, 02:26 PM

Hi,
I hope your meeting went good. I called today and was told it is still being reviewed. I was then tranferred to collections and the rep told me that because of the new program on March 4 to resubmit my financial info. HAA! I don't think so . I told him that nothing has changed and to use what they have.We went back and forth for about ten minutes before i told him good-by. After i got off the phone with him I emailed larry litton and the loan retention manager. So right now that is where I am at. I will keep you posted on any info i receive.

Abarnes · 03-09-2009, 03:37 PM

That's a joke, I spoke to Jason in the Retention Dept on Thurs and was told that he has not had a chance to look @ my file-He's had it since Feb 28-He said the whole thing about Obama and how it's all been put on hold. I asked him if my sell date will be post-poned (April 30th) he said yes, but I'm sure they will wait up until close to the date. It's a nightmare.

gelaya · 03-10-2009, 08:54 AM

Well what a surprise! After I emailed larry litton I got a call in less than 24hr from a rep at the corporate office.He explained to me that the loan mods are on hold until they get a few more details on the government program, which should be soon. He said that they didn't want to deny people for a loan mod that they might not qualify for under their program but would still qualify under the government program. Under their program they could only go to a 4% interest rate but under the government program they could go for an interest rate lower than 4% to make your payments 31% of your income.I will keep you all posted on anything else I learn.

Abarnes · 03-10-2009, 04:51 PM

This has nothing to do with Litton , but here is where my story began. Our second is with Homecomings and because we have not gotten a mod yet on the first we sort of let the 2nd go-After sending us a mod and we never answered it-today in the mail a Fed Ex letter saying they will accept $4,067.32 for a 50,000.00 loan. CAN YOU BELEIVE IT???? We thought someone was trying to pull a joke on us. It says right on the paper this will release the 2nd lien and cancel the note.

baileys dad · 03-12-2009, 02:15 PM

Hello all...
Gelaya, sounds like you are in something of a holding pattern with Litton?....from what I'm reading you didn't have to resubmit your financial data, right? that's good that you were able to get some kind of results by e-mailing Larry Litton....could you post the e-mail addresses of Larry Litton and the loan retention manager for me and anyone else who needs them? It would be much appreciated.
As for me, NACA submitted my modification info to Litton on 03/06 (last Fri.). I called Litton today (03/12) and was told that the info had been received by collections (?) and that it had not yet been forwarded to Loss Mitigation. I told them I would follow up next week.
Abarnes, that sounds really good. How far behind were you with the second? The only thing that you might want to check up on is how it will be reported to the credit bureaus ( "settled for less than due"= a bigger hit on credit report...although if you're in the same boat as the rest of us, your credit is pretty well screwed by now)...did you submit your modification on your own or through someone like NACA?

Abarnes · 03-12-2009, 03:42 PM

We have not paid since Oct, 08. I have done it all on my own, with the great help of this site. I tell everyone I know, about loansafe-AND Yes' our credit is screwed! I called Litton yesterday and left a message, I keep getting Jason's extention. He has had my file since 1-28-08. Believe me, when I get a answer from Litton, the whole world will know.

baileys dad · 03-12-2009, 04:38 PM

Abarnes,
Congratulations on the hard work! Myself, I just handed it off to NACA. Again, in terms of how the transaction with Homecoming, you may want to double-check on how they plan on reporting it. Yes, your credit may be screwed at the moment, but if you get a modification, the first will begin to be reported as "current"; my understanding is that in a few years ( as opposed to 7 years with a foreclosure) your credit will start to look ok again in regards to the first.

gelaya · 03-13-2009, 05:24 AM

Here are the email addresses that *** has posted and shared on the forum. Once you email you will get a message saying the C-BASS.com has been changed to litton.com but it will send the email through anyway and for you to take note of the change.

llitton@litton.C-BASS.com (CEO)
efolk@litton.C-BASS.com (CFO)
akelley@litton.C-BASS.com (Senior VP)
steven.droddy@littonloan.com (mort retention mgr)
michael.whitfield@littonloan.com (loan retention mgr)

baileys dad · 03-13-2009, 06:26 AM

thank you so much Gelaya!
you are still waiting to hear back from Litton? Please keep us posted and have a great day...

baileys dad · 03-13-2009, 06:42 PM

hello again Gelaya,
Out of curiousity, what did you say in your e-mail to Larry Litton? Thanks and have a great day...

gelaya · 03-14-2009, 04:59 AM

I attached a copy of my hardship letter that I originally sent in to litton in december. I explained that it has been over ninety days and I still didn't have a clue as to the status of my modification. I also complained about the rude and disrespectful rep in collections that I spoke with and asked if someone could contact me with some kind of explanation or answer as to what was going on. I concluded the letter with the fact that I am experiencing a hardship due to the economy and I do want to work out a plan that would allow me to keep my home.

baileys dad · 03-14-2009, 06:35 AM

as always, thank you Gelaya...
are you still waiting to hear back from Litton?

gelaya · 03-16-2009, 12:10 PM

Hi,
I received a letter from litton today stating that they received my email and they were confirming the conversation I had with their rep the other day. The letter also stated that per my conversation with their rep they were reviewing my loans for modification and I would be notified of the outcome. It also stated that my sale date is scheduled for June; however, the foreclosure sale is currently on hold in order to allow time for the mod review.

02-21-2009, 11:08 PM	#1 (permalink)
kymburley Senior Member Join Date: Feb 2009 Location: Puget Sound Area, WA Posts: 63 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Just beginning Litton loan mod request Hi - Ok. I'm finally going to request a loan mod. Litton services the loan, but I believe HSBC is the investor (according to loan mod paperwork received last September HSBC is the investor). I received NOD on house in May 2006, when 2 months late. I guess in Washington they can issue the NOD the day after your late (the payment is due on the 1st, so you're late on the 2nd). Saved the house that time. Tried for a loan mod last fall, but received short sale offer and Litton took away their offer. My question this time is, will Litton put the house in foreclosure - file the NOD - if a loan mod is in the works? I really don't want those $10,000 in fees they add when the house goes into foreclosure. All I really want to do is buy a couple months (I'm currently 50 days late, and don't know if I can make anymore payments until payment is decreased, A LOT). We are supposed to be moving to Florida in August and I don't want to be kicked outta here before then. Thanks!

02-22-2009, 01:08 AM	#2 (permalink)
LHarveyMadman Senior Member Join Date: Oct 2008 Location: California Posts: 554 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Just beginning Litton loan mod request Any foreclosure proceedings should be put on hold if your loan is being considered for a modification.

02-24-2009, 07:43 AM	#3 (permalink)
gelaya Member Join Date: Feb 2009 Posts: 18 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Just beginning Litton loan mod request I am going through the processs of a loan mod with litton and they are still proceeding with the foreclosure. I would advise you to look at the papers they send you becuase it does say that legal proceedings will continue until your paperwork is reviewed and processed.

02-24-2009, 08:19 AM	#4 (permalink)
baileys dad Senior Member Join Date: Feb 2009 Location: Santa Cruz, Ca!!!! Posts: 263 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Just beginning Litton loan mod request Hello Gelaya, Do you have any advise on dealing with litton? Are you behind and if so, by how much? Have they been helpful? Thanks so much, Rob

02-24-2009, 09:44 AM	#5 (permalink)
gelaya Member Join Date: Feb 2009 Posts: 18 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Just beginning Litton loan mod request Hi Rob , Yes I am behind by three months. I have a first and second mortgage with litton. They received my paperwork for the mod on Dec.11,2008 and I have called everyday since the beginning of Feb and am being told that it is still under review. The level of helpfulness depends on who answers the phone. I have talked to some very "dry" people in the executive resolution office and I have talked to some very nice people. If you are going to do a mod send the paperwork in with a certified/return receipt. Follow up within a week or so to make sure that they received your docs.One thing I am learning is that you have to stay on top of the process to ensure that your paperwork is not sitting on someone's desk.This site has been very helpful as far as me learning the mod procedures. I did call yesterday to check on my mod and and spoke to a very nice lady who informed me that they put an excellerated status on my mod. Make sure that when you do start calling to check on your mod you check with the executive resolution dept or the portfolioretention department becuase the customer service department will only try to collect a payment from you and have no idea what they are doing.

02-24-2009, 10:09 AM	#6 (permalink)
baileys dad Senior Member Join Date: Feb 2009 Location: Santa Cruz, Ca!!!! Posts: 263 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Just beginning Litton loan mod request hello Gelaya, thanks so much for your info...I wish I would've found this site earlier, it's been very helpful... two quick questions....did you have much of a surplus in your debt to income ratio? and do you know who the investors are? did your loan originate with Litton? were you behind when you submitted your documentation? Ok more than two questions... thank you again for info and have a great day.. Rob

02-24-2009, 10:28 AM	#7 (permalink)
gelaya Member Join Date: Feb 2009 Posts: 18 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Just beginning Litton loan mod request I had about a 300-400 surplus. HSBC is the invester and my loan originated with ownit mortgage in 2005 . From what I'm gathering from different sites I think for the mod they want you to have atleast a 200 surplus. If you have any other questions I will be glad to share what I know or point you in the right direction. My heart goes out to everyone that is trying to fight to keep their home. Thanks and have a great day as well!

02-24-2009, 10:36 AM	#8 (permalink)
baileys dad Senior Member Join Date: Feb 2009 Location: Santa Cruz, Ca!!!! Posts: 263 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Just beginning Litton loan mod request thanks for the info...I could not have gotten it anywhere else..I am sure I will have other questions....GOOD LUCK on your modification!!!! oh, how did you find out who the investor is??

02-24-2009, 11:02 AM	#9 (permalink)
gelaya Member Join Date: Feb 2009 Posts: 18 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Just beginning Litton loan mod request I found out who the invester is from the current foreclosure court documents that I have received.

02-24-2009, 11:08 AM	#10 (permalink)
baileys dad Senior Member Join Date: Feb 2009 Location: Santa Cruz, Ca!!!! Posts: 263 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Just beginning Litton loan mod request thank you...I just called Litton and they told me themselves... BTW, if anyone needs the number for Litton Loan Executive Resolution, it is 713-218-4592 Gelaya, thank you again Rob

02-24-2009, 11:19 AM	#11 (permalink)
gelaya Member Join Date: Feb 2009 Posts: 18 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Just beginning Litton loan mod request No problem, I wish you the best of luck!!

03-06-2009, 05:24 PM	#12 (permalink)
baileys dad Senior Member Join Date: Feb 2009 Location: Santa Cruz, Ca!!!! Posts: 263 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Just beginning Litton loan mod request Hello Gelaya, How is the modification process going? I had an appointment yesterday with NACA and my modification should be at Litton within a week. Thanks

03-09-2009, 02:26 PM	#13 (permalink)
gelaya Member Join Date: Feb 2009 Posts: 18 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Just beginning Litton loan mod request Hi, I hope your meeting went good. I called today and was told it is still being reviewed. I was then tranferred to collections and the rep told me that because of the new program on March 4 to resubmit my financial info. HAA! I don't think so . I told him that nothing has changed and to use what they have.We went back and forth for about ten minutes before i told him good-by. After i got off the phone with him I emailed larry litton and the loan retention manager. So right now that is where I am at. I will keep you posted on any info i receive.

03-09-2009, 03:37 PM	#14 (permalink)
Abarnes Senior Member Join Date: Oct 2008 Posts: 54 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Just beginning Litton loan mod request That's a joke, I spoke to Jason in the Retention Dept on Thurs and was told that he has not had a chance to look @ my file-He's had it since Feb 28-He said the whole thing about Obama and how it's all been put on hold. I asked him if my sell date will be post-poned (April 30th) he said yes, but I'm sure they will wait up until close to the date. It's a nightmare.

03-10-2009, 08:54 AM	#15 (permalink)
gelaya Member Join Date: Feb 2009 Posts: 18 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Just beginning Litton loan mod request Well what a surprise! After I emailed larry litton I got a call in less than 24hr from a rep at the corporate office.He explained to me that the loan mods are on hold until they get a few more details on the government program, which should be soon. He said that they didn't want to deny people for a loan mod that they might not qualify for under their program but would still qualify under the government program. Under their program they could only go to a 4% interest rate but under the government program they could go for an interest rate lower than 4% to make your payments 31% of your income.I will keep you all posted on anything else I learn.

03-10-2009, 04:51 PM	#16 (permalink)
Abarnes Senior Member Join Date: Oct 2008 Posts: 54 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Just beginning Litton loan mod request This has nothing to do with Litton , but here is where my story began. Our second is with Homecomings and because we have not gotten a mod yet on the first we sort of let the 2nd go-After sending us a mod and we never answered it-today in the mail a Fed Ex letter saying they will accept $4,067.32 for a 50,000.00 loan. CAN YOU BELEIVE IT???? We thought someone was trying to pull a joke on us. It says right on the paper this will release the 2nd lien and cancel the note.

03-12-2009, 02:15 PM	#17 (permalink)
baileys dad Senior Member Join Date: Feb 2009 Location: Santa Cruz, Ca!!!! Posts: 263 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Just beginning Litton loan mod request Hello all... Gelaya, sounds like you are in something of a holding pattern with Litton?....from what I'm reading you didn't have to resubmit your financial data, right? that's good that you were able to get some kind of results by e-mailing Larry Litton....could you post the e-mail addresses of Larry Litton and the loan retention manager for me and anyone else who needs them? It would be much appreciated. As for me, NACA submitted my modification info to Litton on 03/06 (last Fri.). I called Litton today (03/12) and was told that the info had been received by collections (?) and that it had not yet been forwarded to Loss Mitigation. I told them I would follow up next week. Abarnes, that sounds really good. How far behind were you with the second? The only thing that you might want to check up on is how it will be reported to the credit bureaus ( "settled for less than due"= a bigger hit on credit report...although if you're in the same boat as the rest of us, your credit is pretty well screwed by now)...did you submit your modification on your own or through someone like NACA?

03-12-2009, 03:42 PM	#18 (permalink)
Abarnes Senior Member Join Date: Oct 2008 Posts: 54 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Just beginning Litton loan mod request We have not paid since Oct, 08. I have done it all on my own, with the great help of this site. I tell everyone I know, about loansafe-AND Yes' our credit is screwed! I called Litton yesterday and left a message, I keep getting Jason's extention. He has had my file since 1-28-08. Believe me, when I get a answer from Litton, the whole world will know.

03-12-2009, 04:38 PM	#19 (permalink)
baileys dad Senior Member Join Date: Feb 2009 Location: Santa Cruz, Ca!!!! Posts: 263 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Just beginning Litton loan mod request Abarnes, Congratulations on the hard work! Myself, I just handed it off to NACA. Again, in terms of how the transaction with Homecoming, you may want to double-check on how they plan on reporting it. Yes, your credit may be screwed at the moment, but if you get a modification, the first will begin to be reported as "current"; my understanding is that in a few years ( as opposed to 7 years with a foreclosure) your credit will start to look ok again in regards to the first.

03-13-2009, 05:24 AM	#20 (permalink)
gelaya Member Join Date: Feb 2009 Posts: 18 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Just beginning Litton loan mod request Here are the email addresses that *** has posted and shared on the forum. Once you email you will get a message saying the C-BASS.com has been changed to litton.com but it will send the email through anyway and for you to take note of the change. llitton@litton.C-BASS.com (CEO) efolk@litton.C-BASS.com (CFO) akelley@litton.C-BASS.com (Senior VP) steven.droddy@littonloan.com (mort retention mgr) michael.whitfield@littonloan.com (loan retention mgr)

03-13-2009, 06:26 AM	#21 (permalink)
baileys dad Senior Member Join Date: Feb 2009 Location: Santa Cruz, Ca!!!! Posts: 263 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Just beginning Litton loan mod request thank you so much Gelaya! you are still waiting to hear back from Litton? Please keep us posted and have a great day...

03-13-2009, 06:42 PM	#22 (permalink)
baileys dad Senior Member Join Date: Feb 2009 Location: Santa Cruz, Ca!!!! Posts: 263 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Just beginning Litton loan mod request hello again Gelaya, Out of curiousity, what did you say in your e-mail to Larry Litton? Thanks and have a great day...

03-14-2009, 04:59 AM	#23 (permalink)
gelaya Member Join Date: Feb 2009 Posts: 18 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Just beginning Litton loan mod request I attached a copy of my hardship letter that I originally sent in to litton in december. I explained that it has been over ninety days and I still didn't have a clue as to the status of my modification. I also complained about the rude and disrespectful rep in collections that I spoke with and asked if someone could contact me with some kind of explanation or answer as to what was going on. I concluded the letter with the fact that I am experiencing a hardship due to the economy and I do want to work out a plan that would allow me to keep my home.

03-14-2009, 06:35 AM	#24 (permalink)
baileys dad Senior Member Join Date: Feb 2009 Location: Santa Cruz, Ca!!!! Posts: 263 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Just beginning Litton loan mod request as always, thank you Gelaya... are you still waiting to hear back from Litton?

03-16-2009, 12:10 PM	#25 (permalink)
gelaya Member Join Date: Feb 2009 Posts: 18 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Just beginning Litton loan mod request Hi, I received a letter from litton today stating that they received my email and they were confirming the conversation I had with their rep the other day. The letter also stated that per my conversation with their rep they were reviewing my loans for modification and I would be notified of the outcome. It also stated that my sale date is scheduled for June; however, the foreclosure sale is currently on hold in order to allow time for the mod review.

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