Help with Litton and loan modification

[SingleWoman]

This is my first time on the forum. I need some advice from anyone who is knowledgeable about Litton. I recently was offered a loan modification by Litton. They offered it to me; I did not approach them. I’ve been dealing with an ARM that adjusted upwards by $1300 month in October 2006, and I simply got behind on my payments. The offer is for a fixed rate for 30 years that would drop my payment by $700 per month. I got the paperwork in and had apprised both Litton and their third party company, Titanium Solutions, of the status all along as well as faxing copies of all documents in, but my account was moved from collections to foreclosure on 11/30. I spoke with the officer in foreclosure that same day and sent her a duplicate set of what I sent to Loss Mitigation. Now the officer in foreclosue says the loan modification has been declined by Loss Mitigation because I supposedly was late by two days getting it in (not true) and that they were going to return my money. However, I was able to reach someone in Loss Mitigation and she says that is not true, that the loan modification is being processed and they were not returning the money. Who do I believe? What do I do? The officer in foreclosure has not yet returned my call.

[Moe Bedard]

Thanks for sharing Singlewoman.

I spoke with an account rep at Litton and we are going to See what we can do for you. This what he asked:

Get me her name and loan number and I will pass it along to our contact in Litton’s Loss Mitigation who will give us a straight answer. I would favor on the side that they are processing her loan modification. They really want to avoid foreclosure at all costs.
Thanks,

You can email me it at the address below and please keep in mind that I am only a go between and am passing your info.

Would you like to do that?

[SingleWoman]

I want to post an update on my posting last Friday regarding Litton and my loan modification. I’ve been in touch separately with Moe, but wanted to give a more public update as well.

Moe had so generously offered to act as an intermediary with Litton on my problem with my loan modification. I had typed up a summary for Moe to help him, but thought I would try one last time to contact Litton directly about my loan modification. Imagine my very pleasant (more than pleasant actually) surprise to find out that not only had the modification NOT been declined, as the officer in foreclosure told me, but it had actually been approved! I still have to receive final sign off from a supervisor, but this is what Litton told me, along with due dates and terms.

Moe had also asked if I could share any tips. All I can tell you is what happened with me.

Basically, I found that the more I talked to everyone in all areas – Litton, Titanium Solutions Home Office and the Titanium local reps -- the more responsive they were. When I ran into the problem with Litton with one department saying that the modification had been declined, I called Titanium Solutions, Litton’s third party loss mitigation specialist. They helped facilitate things, and I was able to talk with Litton’s Loss Mitigation department directly, which is evidently very difficult to reach at times. Loss Mitigation then told me that the modification was still being processed and they didn’t understand why I had been told it had been declined. I was so delighted to hear earlier this week that it actually had been approved.

I guess the best thing I can say is just to stay in touch with every party as much as possible, and if you get a negative answer from one party to talk to the other party. If you have a third party like Titanium, use them and let them know what is happening. Titanium was indeed very helpful to me, and I did find talking both to the Titanium rep as well as the home office to be invaluable. Plus, when I got the two conflicting answers, Titanium was able to pull up my records with Litton and immediately get that information to Litton, as they seem to have direct access to Litton’s files. I have to believe that this is one of the reasons why everything was resolved so quickly. I did not talk to Moe about this part, but I am a spiritual person and I believe there are also some direct tie-ins to faith on this. I would be happy to share them with anyone who is interested.

I wish everybody dealing with this situation the best for the holidays. This was a wonderful holiday gift for me, and I wish you all the same. This is an awful type of thing to have to deal with, and my heart is out for everyone working through this process. I know the sleepless nights I’ve had over this. But mine is concluding positively, and I wanted to share it with everyone, at least as a point of hope.

[Moe Bedard]

I really appreciate that you have shared your story and took the time to explain some details.

Our company, MIZNA, is similar to Titanium. We are an outsoruce company to handle over flow. I believe that lenders need to out source their loss mitigation efforts to deal with homeowners on a massive scale. They simply cannot handle struggling borrowers now and it would ease the foreclosure crisis of they placed more men on the job. You were lucky that Litton is ahead of the curve on that. MIZNA also represents Litton.

I agree, there definitely is a lot of faith involved in this. You have given other hope by posting your kind words and they will now have more faith in the process because of you.

Thanks for paying it forward, happy holidays and best wishes!

[Moe Bedard]

This will be moved to the success section

[sparky]

I have been denied by Litton.....don't know why. How did you find out that this company was involved and I was wondering if they might be involved with my loan also: Titanium Solutions, Litton’s third party loss mitigation specialist.

You are so lucky it is over for you. Any help you can give me would really be appreciated.

[spalishus]

im working on my mod with litton now.. they denied me to, then approved it.. You need to prove you can continue to make the payments , thats the first thing... but you do not wnt to show that you have too much $ left over
because they will modify the pmnt and increase it...

so be careful...

also, be persistant..

[sparky]

They wanted my bank statements. At the time, it showed alot of money. The investor said that I had "sufficient surplus income coming in" and that is why they denied me. Since then though it is gone. Thanks for the advice. I plan to send them another letter and my current bank statement. I can't believe these "gods" in their high towers. I going to fight, fight, fight. Or they get their house back, back, back. I don't think they really want it back, so I hope they change their minds.

[SingleWoman]

Hi Sparky:

I am sorry to hear that your loan modifcation was denied by Litton. In terms of my situation, Litton approached me with the loan modification. They provided me with a package that included information on Titanium Solutions and they required that I do an in-person interview with them. But I also had to struggle a full year making payments after my loan first adjusted upwards before I received the modification. During that time I had gradually fallen further behind than it sounds like you are, and I also has some hardships occur as well that caused a temporary drop in income that I documented. But it certainly seems to me if you've had a change downwards in your income that it would be worthwhile to approach them again.

Hope this helps.