Here I go Again!!!

[nitag]

Last year around this time I was able to get my loan modified with Avelo Mortgage thanks to this site.. The lower payment was much welcomed and really helped. But now here I am again. My husband was laid off in October 08 went to Texas and worked for 7 weeks in Dec 08 and was laid off again in Jan 09. He just started working on Wed March 18 09. He is making about $23 an hr less. So needless to say we can't afford the lower payment. I am now with Litton. I called Larry Litton's office 713-966-8802 the lady was extreamly nice. She transfered me to the Loan Mod dept that number is 866-396-5825 - Was on hold for about 2 secs and then I spoke with Daniel Chambers. He told me everything I needed - 2 months bank statments, 1 month pay stubs, 2 yrs tax returns, 1 utility bill, Form 4506T from the IRS site, and last Home Affordable Modification Program Hardship Affidavit from efanniemae.com. Once I get all this together to fax to 713-966-8802 attn: ESLM dept.

Ok, so this will take me a couple of weeks.. I am waiting for my 08 Taxes to get finished. Now, this Daniel guy was really nice, he explained that they are waiting for all the guidelines for the "new white house program" and they are not starting any new modifications at this time "sigh" I don't know if I believe that or not.. ***, have you heard anyone else mention that? Also, he said that they are hoping the new program goes into effect the 1st or 2nd week of April then they will start the process of modifications again.

I have not made my March payment. I don't know if I will be able to or not, if I can I will if I can't then I can't, it's that simple..

Leaving our home isn't an option. We love it. Once I get all this together I am also going to try NACA, it's just getting to that meeting, it's 3 to 4 hrs away.. Right now I am getting into my FOCUS mode and like I said "here I go again"...

Anita

[Moe Bedard]

Anita,


Yes.....there are other servicers that are putting the guidelines into place and beginning around the same time.............so that would be correct............
here is the link to the guidelines for the mod...........
http://www.treas.gov/press/releases/...guidelines.pdf

With NACA, if you live that far from the workshop..........you can make the phone consultation instead............that is how alot of the members started with them.

[nitag]

***, At Litton's request I have faxed them all the info for the home save program. They emailed me saying to give them 60 days to respond. Should I still call or any ideas? Do you have a number available?

[Moe Bedard]

The executive team is a good one to call for updates........
1-713-218-4592

[marilyn]

I am also w/Litton and was told to send back 2 items since they are waiting for the "new rules" for loan mod. My question is about the 4506-T. It says right on the form not to fill it out if lines 6 and 9 were blank and mine are. Should I fill in the dates of the tax returns? I have only been in the house 2 years-should I limit the tax returns they can pull to the last 2-3 years?

[baileys dad]

hello Marilyn,
When did Litton say they are waiting for the new rules? I spoke with them last month and they told me the same thing, but they also said that they would be starting the modifications on April 1st. As far as the 4506, I filled in the one year that they were asking for. They only asked me for one years tax return.

[marilyn]

Thanks Baileys dad. I was told last weekend to give 30 days but not to quote them on that. They faxed me their version of a hardship notice w/some boxes to check off what my issue was and the 4506-t but nothing was filled out. They didn't say how many tax returns they'd require but once before they told me 2 most recent. I have 2007 but for 2008 we filed an extension so I wasn't sure what to do on the form. I guess it doesn't matter but I didn't want them to have carte blanche pulling any and all tax returns.
Thanks!

[nitag]

I gave them the 4506-T signed with 07 and 08 Tax years. They said NOT to fill in the requested years but I did. If they want furter then they will have to let me know. I am going to call them on Friday to do a buggin.. But they told me in an email 60 days.. We shall see!!!!

[nitag]

Here is an email I received from Litton today:

We have received the financial information you submitted. If you pre-qualify for the
Homeowner Affordability and Stability Plan, a package containing all of the documents
required for the loan modification will be mailed to you. These original documents must
be completed, signed, and mailed back to us within 14 days in order to proceed with the
modification. For more information regarding this program, you may visit our website or
contact the Default Counseling Department.

I am still going to call them Friday on my day off..

[marilyn]

Thanks for the help! We have only had the house 2 yrs when we hit May so there would be no need to pull more than the last 2 returns -that's why I was wondering. I am a bit concerned because we had to file an extension for 2008 (we own a business and it is a truly complicated return for our accountant! ). Do you think (just your opinion) that they won't work w/us because of no return yet for 2008?
My husband is not on the loan w/me but I guess if his income is our only income at this point they will need to pull his credit-he is leary about giving them our tax returns w/his ss# on it because if they do start pulling credit it won't look pretty!

[marilyn]

PS Nitag, good luck and keep us posted!!!

[nitag]

Update:
Spoke with natisha in the ERT Dept.. She was soooo nice.. She said they will need at least 2 weeks for the documents to be scanned into the system. They just started this new program on Apr. 1 and they literally have hundreds of thousands they are doing so not to expect any kind of immediate response. At least she was honest but she did say to call the number I called EVERY 2 weeks like clock work and document her name and the time.. So this is kinda my log to keep track...

Natisha - 4/8/09 - 10:30 am...

[baileys dad]

I have spoken with Natisha before and she is very nice. I called Litton today because I can't get everything they want by today, which was the cut-off date. The gentleman in Loss Mitigation noted my account and gave me another week. I asked if they were very busy and he said yes. He said they would not start doing modifications for at least another week. When I first sent in my NACA stuff, they said they would start doing mods on 04/01, so they will end up being at least two weeks behind what they expected and probably more by the time they start. They will have a big backlog, so my guess is that this will take a while. So all Litton Loan people, please keep us posted as to progress...

[nitag]

Bailysdad why was today your cut off date??

Natisha told me that as of 4/1 they sent out hundred's of thousands of letters for the MHAP and that was just the start.. She said they are going to review all the loans.. However, here is my question, how are they chosing who pre-qualifies and who doesn't?? I didn't ask her that.. We had a huge reduction in income and hrs.. According to the website we qualify.. Thats why I submitted my paperwork.. I wasn't going to wait for a letter, I am already a month behind.. I didn't pay my March payment. I will make a payment on April 15th but I am still going to be behind..

Is anyone else behind yet??

[baileys dad]

I think my cutoff date was due to the fact that I had a NACA mod app that had been received by them on 03/06, so I was already more or less in the system. My submission more or less dovetailed with the announcement of the Obama plan. So it just sat there, until from what I understand, they decided to run it through the Obama plan as opposed to NACA. It seems to me that the initial pre-qualifications are pretty generous. There is a means test spreadsheet that someone posted from one of the lenders (NPV net present value). They run your info through that and if a modification can make them come out better than a foreclosure they are obligated to offer you a mod. They are instructed to consider dropping the interest rate down to 2% (don't know for how long), extending term to 40 years and even putting a balloon payment at the end of the loan. I played around with the parameters and came up with a few different ways that they could make it work with my much-smaller income...so I am a little more hopeful. I then asked what would happen if I didn't qualify under Obama, was it over? They said they would try their own in-house modification program.
BTW, I am over 120 days late on the first mortgage (with Litton)...so you are not even close to being behind...

[nitag]

Baileysdad can you provide a link to that means test?

We are guessing we should be at about 1900 a month from our current 2500 a month payment.. We shall see... I'm super nervous about not making a payment.. Have they started the foreclosure process with you yet?

[baileys dad]

It was from one of the other threads, I might be able to tell you later. From what I am seeing a 600 drop seems doable. Yes, I received a notice of default on 02/20, which starts the foreclosure process. They said they would suspend the foreclosure process while the loan is being considered for modification. I wouldn't worry too much; I am much further along in the foreclosure process than you and I still have a roof over my head and they are still working with me...

[nitag]

Thanks, I've searched all over for it and can't find it so if you can later that would be great..

[baileys dad]

I know I got it off one of these threads but I can't find it...maybe you can start a new thread and ask if anyone knows where the NPV spreadsheet is at....it's on this site somewhere...

[Moe Bedard]

It is located under the Workout Guidelines on the FDIC page here.........
FDIC: FDIC Loan Modification Program Guide – "Mod in a Box"

[nitag]

Awww ***, I can always count on you!!

How have you been? Its been so long since I've talked to you all... I guess once we fix our problems some of us just don't come back on until we need help.. thats me....

[Moe Bedard]

I know...........and that is when I am sad to see members going through it all again .........but happy to help you get to success once more..........and with the new program it seems to be a more permanent solution......

[marilyn]

This forum is great. I hope one day I won't need it. Can anyone tell me if a loan mod w/Litton is possible if we filed an extension for 2008 taxes? I know they want the 4506-t but I have 2007's return but none for 2008 so what is the point of sending that form in? I will fill in dates for 2007 and 2008 for them to pull if necessary but just wondering if they will consider the mod w/o 2 yrs tax returns.
I was thinking too, what difference does the tax return make since our business just closed and now we have a lot less $$ coming in? Won't pay stubs do for what's currently going on w/us??
Sorry for so many questions!

[Moe Bedard]

These would be questions that would need to be answered by Litton.........if you are not dealing with the executive team.......try contacting them and ask........they should be able to help.
1-713-218-4592

[marilyn]

Thanks ***. I don't think I was talking to the exec team, we were trying to do a short sale because my husband got a job out of state then he got a job here and we heard about Obama's plan so we thought , since no one has even looked at our house we should try to keep it. Maybe it was early loss mitigation dept I talked to?? Anyway, I appreciate the phone number and the advice. I was just wondering if anyone had that sort of knowledge since I'm new to all this!
Thanks.