Denied loan modification

[homesweethome]

Avelo/Litton Loan, has denied my modification, they said I was in the neg 800.00, I got behind on my payments June 07 when I broke my leg at work, I am not sure where to go from here, I have been in my home for 18 years, I was in a 1% loan that I was able to get out of, I took a second job to cover my mortgage, thats when I broke my leg at work, Any advice on how to proceed, I have been a bit depressed, but I am now ready for the fight to save my home, oh, and forgive me for not say thank you to whom ever started this forum, there are soooo many of us who are lost, and don't know where to turn.

[Moe Bedard]

In order to obtain a modification from Avelo.........when you put together your household income versus the household expenses including current mortgage, taxes and insurance payments if they are not escrowed......and you would need to show a surplus of $100-$250 at the end of the month.........with proof of this through bank statements, w2's, paystubs....some are pulling credit reports for verification and some are asking for bill copies..........

If this is not possible.......you will not be approved for a modification.....

If you house is upside down in value.........you might be able to get approval for a short sale........

But you would need to contact Avelo's Home Retention Dept. to see what options you would have..........this would depend on the investor on your loan and what they offer.........

Avelo Home Retention Dept.
1-866-992-8356

[homesweethome]

Originally Posted by *** Damiano

In order to obtain a modification from Avelo.........when you put together your household income versus the household expenses including current mortgage, taxes and insurance payments if they are not escrowed......and you would need to show a surplus of $100-$250 at the end of the month.........with proof of this through bank statements, w2's, paystubs....some are pulling credit reports for verification and some are asking for bill copies..........

If this is not possible.......you will not be approved for a modification.....

If you house is upside down in value.........you might be able to get approval for a short sale........

But you would need to contact Avelo's Home Retention Dept. to see what options you would have..........this would depend on the investor on your loan and what they offer.........

Avelo Home Retention Dept.
1-866-992-8356

Thank you for the info, if all possible I would like to keep my home, I was just going over the paperwork for my loan, and I am finding some funny things, it says I own a day care center and I bring in 7,000 a month, all which is false, I can't believe I didn't read all the paperwork, I feel like a fool for trusting these people. Are there any options on keeping my property? I have been running 30 days behind and my loan servicer has been accepting that, what about refinancing?

[Moe Bedard]

A refi is not going to help you............your debt to income is way over 100% if you are showing neg $800.....

The problem with the income and job is that it is printed on the documents that you sign at the closing and you agree to it.........so that makes you aware of it..........even if you just signed and didn't read........which most don't do after 150 pages........so you are not alone......that is just very hard to prove that you knew nothing about it........

You really need to call the number I gave you to Avelo and ask them in your current situation do you have any options to save the house............they will be able to tell you what options you have......

Please keep us posted........

[homesweethome]

Originally Posted by *** Damiano

A refi is not going to help you............your debt to income is way over 100% if you are showing neg $800.....

The problem with the income and job is that it is printed on the documents that you sign at the closing and you agree to it.........so that makes you aware of it..........even if you just signed and didn't read........which most don't do after 150 pages........so you are not alone......that is just very hard to prove that you knew nothing about it........

You really need to call the number I gave you to Avelo and ask them in your current situation do you have any options to save the house............they will be able to tell you what options you have......

Please keep us posted........

***, you are a god send, just talking about my problem has helped me deal with it better, I do not feel like such a loser. I have called Avelo, and they are going to continue to accept my payments 30 days late. I will keep them updated as to my medical leave from work.

[Moe Bedard]

Not a problem............keep us updated on how it is going.....

we are here to lend an ear......and we are not judgemental of these situations....as everyone here has been right where you are before......


Will you be back to work soon? If at that time you are able to show that surplus.......we can help you try again for that modification.....

[nitag]

Hello, I was able to obtain a loan modification from Avelo. Like *** says you have to show a surplus of 100 - 250 in order to qualify. They will run a credit report and ask for bank statements. I had to show them 1 yr of bank statements. What is your current interest rate? Are you on ARM?

nitag
_______________________
Avelo Mortgage modified my loan!!

[homesweethome]

Originally Posted by nitag

Hello, I was able to obtain a loan modification from Avelo. Like *** says you have to show a surplus of 100 - 250 in order to qualify. They will run a credit report and ask for bank statements. I had to show them 1 yr of bank statements. What is your current interest rate? Are you on ARM?

nitag
_______________________
Avelo Mortgage modified my loan!!

Hello nitag, I am at 7%, even with the modification, they only take it to 6.5% which will only save me less than 100 dollars, I will continue to run 30 day behind as long as they will let me, which has been since 6/07, thats when I broke my leg. I will try to ride it out. I am hoping to be medically retired from my job, take that and the retirement that I get from my decessed husband, and sell my house and move the Nevada to be close to family members. I am planning the move for 2010.

[nitag]

Avelo was tough, they denied me at first but then with the help of this forum I was able to save my home. I was at 11.65% and they modified me to 6.75% that saved us almost 1200 a month. Every little bit helps these days...

I am in Nevada and we love it here. We are near Carson City...

Good luck...

nitag

[homesweethome]

I broke my leg June 13, 2007, before Workers Comp kicked in I had not recieved anything until July 30, 2007, so there is the first month behind.

Was able to come up with the next payments until May 2008; payroll dept, did not send all of May 2008 payment, so there is the second month behind.

Recieved a letter from employer, June 7, 2008 saying I was being seperated (inactive), until the doctor releases me to return to work. So no more sick time and vacation time added to my Workers Comp payments. So back to tow-thirds of income, this will make it month three.

I have been released by the doctor (June 23, 2008), to return to work.

I have been in contact with my lender Avelo and they have been accepting the rears, got a letter saying Litton Loan will now be processing my loan as of July 1, 2008.

I have accepted the fact that I will lose the property, I don't qualify for loan modification, because not enough income, at the time they viewed me as unemployed.

Now my question is, do I try to make arrangements with Litton Loan, short sale, or what are the options that will keep me in the property long enough to pack up and move without a padlock being on my door. I know the time frame varies, my neighbor's property took over 200 days.

[schwefls]

Homesweethome are you now back to work? Can you afford the home? I am a Litton success story and if you have paystubs you could try and reapply for a mod with them once they get your loan.

[homesweethome]

My loan is with Litton Loan, out of desperation, I signed a modification that raised the amount of my loan, after I was released to return to work on my first job, my second job will not accept me to return to work with the leg restrictions. So now I am back at square one. I have missed Nov. Dec. Jan. payments, I have called Hope for Homeowners, my second request for a modification was denied, and they know nothing about the program to refi your property at the current value. The advise of the counselor was to not pay any payments, save the money to move, and start a new life I have been in the property for 18 years, and got behind when I broke my leg. Litton is telling me the increase was due to an impound account, but I had one of those before the modification. Any suggestions? I am running out of hope, I just can't take this anymore...

[Moe Bedard]

Litton investors only offer one modification for the term of the loan.

You can see if NACA will be able to help you...........
In order to try to go through NACA..........you may need to have a stable income............so you would need to see if what you are receiving will be able to be used to go through them. Without a regular income, the refi program isn't going to work.

here is the link to NACA, try them and see if they are able to help.
https://www.naca.com/refinance/refinanceTenStep.jsp

[homesweethome]

Thank you ***, I am back at work on my main job, so I will try naca and get you updated.