Trying to work on a loan mod with Fremont

[KimBellee]

Hello everyone! I am new to the board, my name is Kim and I live in Wisconsin. My husband and I bought our home in July of 2006. Our loan details are as follows:

Loan 1 - 157k @ 8.55%
Loan 2 - 27.5k @ 11.75%

Our loan is set to adjust in July or August of this year. Now I need to step things back a bit. When we obtained our loans, our credit scores were not the greatest. My husbands were in the low 6's and I actually didn't even have one. I had never had a loan or credit cards of any sort. We obtained our loan and everything was great. We could afford these payments and were fairly secure knowing that we could refi prior to adjustment. (idiots)

Less than a month after we closed my husbands employers announced they were selling the business and my husband was out of a job. (Grrrr - he had worked for them since high school and they KNEW we were doing this). At any rate he took a job at a considerably lower salary - we continued to make our payment, but our credit cards started taking a pretty good hit. Basically we are behind on ALL our CC payments but have kept our house payment up (I was late ONCE recently - only by a few days, but I we are taking a hit for that - it was totally my mistake not transferring money into our house account). AT ANY RATE, we can't refi, and our ARM is adjusting soon.

3 weeks ago I talked to someone at Fremont to start the loan mod process. She was VERY kind, but really had NO idea what she was doing. When I called today to check on the progress, it hadn't even been filled out properly and was never really submitted. The person I spoke to was very helpful, completed the process and forwarded the info on. HERE IS THE KICKER. She stated that a letter went out to us on Friday stating that our loan had been transferred (sold? not sure what word she used) to Litton. She wasn't sure if we would be able to do a modification at this point...... She did say there was hope as she was keeping the date of the original time I started filling everything out.

If there is anyone out there with any advice for this situation, I would GREATLY appreciate it!

Thank you so much!

Kim

[schwefls]

Hi Kimbellee:

Welcome to our forum. I am so sorry to hear of your hardship. You are not alone, we are her for you. We are all in the same boat or been there dun that.

For what it is worth, if you do end up becoming a Litton customer. I am one of the success stories. But you will need to be patient, polite and persistent at all times.

Shortly someone will be reaching out to you with some sound advice, in the interim please hang in there and know that we have you back all the way, all the time.

[KimBellee]

Thank you for the kind welcome Schwefls! I will have to go in and check out your story. I see I have a TON of reading to do! Thank you again!

Kim

[Moe Bedard]

Hi Kim,


Welcome to the forum and thank you for joining...............

Please see if you are able to find out if your loan did go to Litton..........this will make all of the difference on how you should approach you modification and what contact info we need to help you with..........

Please keep us posted.......

[KimBellee]

Hi! Thank you! I did call back and was told that my loan will transfer effective June 1st. Grrr. They sure don't waste any time do they? This person (Vivian at Fremont - not nearly as nice as the first nameless lady) advised me to call Litton in the begining of June to initiate that with them.....

[Moe Bedard]

Kim,


That can be very frustrating...........you have two weeks to get started..........
as soon as you receive the notification that you loan has been transferred you would need to put your hardship letter in the body of an email and send it to the contacts below as provided by Schwefls who had her loan modified by Litton and is in the Success Section of the forum.

Please keep us updated and let us know if you have an additional questions...


Executive Resolution Team
Direct: 1-713-218-4592
Fax: 1-713-966-8852

Portfolio Retention Dept.
1-800-247-9727 ext. 7719
1-800-247-9727 ext. 4913


Email Hardship Letter to each of the email addresses below:

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)


Litton has arranged for CareOne Credit Counseling, a non-profit debt management and financial education service, to assist our customers. If you are interested in more information about this free service, please call (866) 866-6131

[KimBellee]

Thank you again. I am SO grateful to have found this forum. Should I bother trying to keep on Fremont? I will certainly have everything ready to go for Litton......

[Moe Bedard]

Since you know you are already getting transferred.........I would just wait out the two weeks and bombard Litton.......