Litton - Short Sale (Inland Empire - California)

[digiphd]

Hello,

I have been a reading this forums and let me tell you that I´ve been a big believer on all the feedback I am seeing here. Let me give you a brief summary on our situation, we first made an attempt with a Loan Modification with Milestone Capital Group, which turned out a scam but we were able to push them to work with a lawyer and got a loan modification back with Litton that had no impact. Our existing loan payment is approximately $2,600.00 a month. With the Loan Mod, they ,kept the same amount but impounded our taxes, HOA, and Home Insurance on the amount. They did not reduce the principal, and just stretched the payments out. We declined the offer and when we did they gave us no other option but to move to Short Sale.

The short sale was a success and overall we only listed the home for 1 week and received 5 offers. We just reviewed them with our real estate agent and accepted one of the offers. Our main concern is what Litton will do if they do accept our short sale. I have a 401K and stocks from my work, our fear is that Litton may go after that. What can I do at that point in order to prevent that from happening. What options do I have to protect my retirement and other savings. Any suggestions will be welcomed.

[nitag]

Originally Posted by digiphd

Hello,

I have been a reading this forums and let me tell you that I´ve been a big believer on all the feedback I am seeing here. Let me give you a brief summary on our situation, we first made an attempt with a Loan Modification with Milestone Capital Group, which turned out a scam but we were able to push them to work with a lawyer and got a loan modification back with Litton that had no impact. Our existing loan payment is approximately $2,600.00 a month. With the Loan Mod, they ,kept the same amount but impounded our taxes, HOA, and Home Insurance on the amount. They did not reduce the principal, and just stretched the payments out. We declined the offer and when we did they gave us no other option but to move to Short Sale.

The short sale was a success and overall we only listed the home for 1 week and received 5 offers. We just reviewed them with our real estate agent and accepted one of the offers. Our main concern is what Litton will do if they do accept our short sale. I have a 401K and stocks from my work, our fear is that Litton may go after that. What can I do at that point in order to prevent that from happening. What options do I have to protect my retirement and other savings. Any suggestions will be welcomed.

My Sister completed a short-sale with Litton Dec 24th... The loan bal was 435,000 and it sold for 265,000 - They had an excellent realtor who was great in dealing with Litton.. As for their assets, those were not affected.. They did have to show financials however the realtor and short sale company (I think it was a title company) dealt with all that. Good luck to you !!!

[digiphd]

That is excellent to hear, how long did the short sale process take place? Does anyone else have any other stories regarding short sale with Litton in California? Especially in the Inland Empire. Thanks.

[nitag]

Originally Posted by digiphd

That is excellent to hear, how long did the short sale process take place? Does anyone else have any other stories regarding short sale with Litton in California? Especially in the Inland Empire. Thanks.

The house was on the market for a while, the actual short sale didn't take long at all. When the Realtor called Litton to let them know that they were going to get an offer she was told by the Litton rep that they will accept an offer as low as 260,000 - the offer of 265,000 came in around the 1st week of Dec, it was accepted and they closed on Dec 24th. In all honesty I think it all depends who is representing you.. This same realtor short sold my nephews house and it closed in 14 days and that was through Countrywide.. Avis (Realtor) is really good at what she does.