Short Sale Complete w/ Litton (CA) - Loan Modification Forum

noguiltwalkawayca · 06-14-2009, 08:09 AM

Hi,
I have a thread in deed in lieu journaling this story, but i thought it may be valuable to others in this forum.

Early april 09 - Decided to stop paying mortgage and short sale on a home that was purchased for 260K that plummeted in value to 95ish K. The Neighbors asked us to contact them should we decide to short sale. We did....I contacted Litton Loan (servicer of the mortgage) about the process of Deed In Lieu and Short Sale. They told me a Deed in Lieu must be listed for sale in the MLS for 90 days before they would consider, a short sale is considered and completed if the Litton Hired BPO (broker price opinion) is in line with the offer.
I called a realtor friend of mine to list, then the neighbors to purchase. The neighbors asked an agent to represent them.

i cannot say this didn't come with some attempts from Litton to get as much as they could, the first offer was 95K which Litton came back with an OK with me signing a promisorry Note for 5K at zero interest for 10 years. I said FORECLOSE!!!!! Litton tried to guilt me in to agreeing during conversation, but i held steady and let them know i was not attached to the outcome. ( I was a little, but I felt I could not waiver) So back to negotiations with the buyer....
The buyer agreed to up thier offer to 96K, we signed and Litton Agreed with no money coming from me. COOOLLLL!!!
6/12/09 - everyone signed, and closed

From what i can tell from statements made at closing, a Lot of this smooth transition has to do with the Litton representative Gil Martinez, he was very responsive when asked anything from My Realtor and the closing agent....I guess i got lucky

Evan Bedard · 06-22-2009, 11:00 AM

Hi noguiltwalkawayca congatulations on the short sale!

soliva14 · 06-30-2009, 12:07 PM

Congratulations

! Your story gives me some hope! I put an offer in for a shortsale that was listed in late April, both loans on the home are from Litton. Im keeping my fingers crossed

noguiltwalkawayca · 07-01-2009, 06:38 AM

I believe what worked best for me was the steadfast indifference shown to go to foreclosure when discussing anything with them.
Between you, me and this board it was a faccade. i was nervous as heck, because i wanted the "short sale" on my credit report vs a foreclosure.

good luck
Patrick

06-14-2009, 08:09 AM	#1 (permalink)
noguiltwalkawayca Member Join Date: Mar 2009 Posts: 22	Short Sale Complete w/ Litton (CA) Hi, I have a thread in deed in lieu journaling this story, but i thought it may be valuable to others in this forum. Early april 09 - Decided to stop paying mortgage and short sale on a home that was purchased for 260K that plummeted in value to 95ish K. The Neighbors asked us to contact them should we decide to short sale. We did....I contacted Litton Loan (servicer of the mortgage) about the process of Deed In Lieu and Short Sale. They told me a Deed in Lieu must be listed for sale in the MLS for 90 days before they would consider, a short sale is considered and completed if the Litton Hired BPO (broker price opinion) is in line with the offer. I called a realtor friend of mine to list, then the neighbors to purchase. The neighbors asked an agent to represent them. i cannot say this didn't come with some attempts from Litton to get as much as they could, the first offer was 95K which Litton came back with an OK with me signing a promisorry Note for 5K at zero interest for 10 years. I said FORECLOSE!!!!! Litton tried to guilt me in to agreeing during conversation, but i held steady and let them know i was not attached to the outcome. ( I was a little, but I felt I could not waiver) So back to negotiations with the buyer.... The buyer agreed to up thier offer to 96K, we signed and Litton Agreed with no money coming from me. COOOLLLL!!! 6/12/09 - everyone signed, and closed From what i can tell from statements made at closing, a Lot of this smooth transition has to do with the Litton representative Gil Martinez, he was very responsive when asked anything from My Realtor and the closing agent....I guess i got lucky

06-22-2009, 11:00 AM	#2 (permalink)
Evan Bedard LoanSafe.org Homeowner Guide Join Date: Aug 2007 Location: Southern California Posts: 1,944	Re: Short Sale Complete w/ Litton (CA) Hi noguiltwalkawayca congatulations on the short sale! __________________ Keep Fighting! Evan Bedard LoanSafe.org Support Team Please donate via paypal to LoanSafe.org to help keep this forum going The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

06-30-2009, 12:07 PM	#3 (permalink)
soliva14 Junior Member Join Date: Jun 2009 Posts: 1	Re: Short Sale Complete w/ Litton (CA) Congratulations! Your story gives me some hope! I put an offer in for a shortsale that was listed in late April, both loans on the home are from Litton. Im keeping my fingers crossed

07-01-2009, 06:38 AM	#4 (permalink)
noguiltwalkawayca Member Join Date: Mar 2009 Posts: 22	Re: Short Sale Complete w/ Litton (CA) I believe what worked best for me was the steadfast indifference shown to go to foreclosure when discussing anything with them. Between you, me and this board it was a faccade. i was nervous as heck, because i wanted the "short sale" on my credit report vs a foreclosure. good luck Patrick

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