Litton/Ocwen Loan Mod -- Starting my journey

[jpeters]

I have to say this site appears to be a godsend! Been lurking for a few days and have now taken the plunge to membership.

I am in Los Angeles and have a 1st with Litton, a sub-prime ARM currently at 8.75% and scheduled to reset in October. There is also a 2nd with Ocwen @ 10%. The 80/20 loan scenario.

I was counting on being able to refi to a 30-yr fixed but that isn't happening. The house has lost value (no surprise) and won't appraise.

I am current on the loan with a couple of missed payments but it's getting tighter and tighter and I can't keep doing it. Things are tight as is and just aren't going to work after the next reset. In addition to the mortgages I also have a child support payment.

I completed and submitted a form Litton has a form on its web site for customers who have trouble making the payments. That was a week ago and the only thing I have heard is an automated reminder to pay the mortgage. Next step is the hardship letter.

More as it unfolds.

Jp

[Dan Bailey]

Welcome to the forum jpeters!
Sounds like you've got things started. Good luck with your process and don't give up hope! Theres alot of good info on this forum to help!

[TDANHOUSTON]

Welcome to the forum!
I am currently in the process of a loan mod with Litton. Someone will be by with some very helpful information very soon, but in the meantime, if you look for my thread, "Loan sold to Litton, now what" you will find some helpful info and contact numbers.

[schwefls]

jpeters:

Welcome to our forum. I am a Litton success story, this is a full time job, assume nothing, call, call, call and fax, fax, fax. Take nothing for granted and document everything. Use the contacts provided on our forum and you will be in good hands.
Send your hardship letter off in email format not as an attachment and the ball will start rolling.
Keep in mind this process could take upwards of 90 days from start to finish. During this time keep in mind that patience is a virtue, politeness and persistence pay off.

Let me know if I can be of any further assistance.

[Moe Bedard]

Hi jpeters,


Welcome to the forum and thank you for joining................
Here is the contact info that we have for Litton..........try to get going on the first modification and once you secure a modification with them the second might be more incline to follow suit...............

Put your hardship letter into the body of an email along with your loan number and contact info and send it to each of the email addresses below......





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



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

[jpeters]

Thanks for the warm welcome and encouragement. It certainly feels better to know that I am not all alone in this. It's kind of scary stuff.

I appreciate all the advice and will work on Litton first and see how that goes. Thanks for the email addresses, ***. Schwefls, glad to hear there are Litton success stories.

Should I fax or mail copies of the hardship letter or only send the email?

thanks,

Jp

[jpeters]

Here is my hardship letter. Comments and suggestions are appreciated.

To Whom It May Concern:

Re: Mortgage loan modification program

I am writing this letter to explain the circumstances that is making it difficult to afford the current mortgage. The rate was fixed for 2 years and is now adjustable. I have done everything in my power to make ends meet but I have found it increasingly difficult to afford the monthly payment. Hopefully there is a way to renegotiate the terms of my current mortgage to avoid default or foreclosure on my home. My number one goal is to keep my home and I would appreciate the opportunity to do that.

The last rate adjustment was in April 2008. I have kept the payments current for three years now and do not want that to change. There is no way I can afford further increases in the payments after the October adjustment. I was out of work during April and May and kept up the payments using the remainder of my savings. I have been employed since with my income returning to the previous level.

I want to keep my home, but I simply cannot afford any further increases. I feel a loan modification that changes my adjustable rate to a fixed rate at lower interest would benefit us both. I would appreciate if you can work with me to lower my payment so I can keep my home and stay current with your firm.

I truly hope that you will consider working with me and I am anxious to get this settled so we all can move on.

[schwefls]

Jpeters sounds good:

My success resulted from emailing my hardship letter to those above they will delegate someone in the Executive Resolution Office to contact you. From their S??? happens, you could try n fax (nothing ventured nothing gained) but I found my best results (after a year of begging) through these contacts.

[jpeters]

Quick update:

Sent off the hardship letter via email to all the listed contacts. One got a vacation message so I resent to that contact as well to make sure my bases are covered. Received a voice mail message from the executive resolution team, a man named Benny Hibler.

Tried to return his call but it was mid-afternoon in CA and the phones were already shut off in TX. So I got trapped in voice jail and couldn't even leave him a message. I'll be calling back first thing on Monday and see where we go from there.

[schwefls]

Hi jpeters:

The Executive resolution team does not have vm, your best bet is to call them first thing in the a.m. their time like 8ish. Anyone their can help you. Benny is a little rough around the edges, if someone else offers to help you I would take advantage of it. I worked with Benny and then Nole offered to help me one time when I called. I took advantage of that offer and was extremely happy with him and his attentiveness.

[jpeters]

Thanks for the advice. At this point I will work with anybody, but I will definitely take advantage of an opportunity to work with Noel. You and others have had good things to say about him. I'll be up bright and early on Monday to make that phone call.

[jpeters]

Was up bright and early and spoke with Benny today. Seemed pleasant enough over the phone. Will see how that plays out. Anyway, chatted for a bit and he sent a fax of the financials that litton requires. A month of paystubs, 2007 tax return, 3 mos of bank statements, and a hardship letter. It all seems straightforward enough and I have assembled it together.

Should I send a hardcopy of the same hardship email I sent before? Also, are my chances of getting a loan modification jeopardized if I show expenses > income? In my case they are but I can round the expenses down to make income > expenses. Lastly, do lenders take 401k and IRAs into income consideration? I do have some $$ that I have saved over the years (but not recently).

thanks,

Jp

[schwefls]

Hi jpeters:

I sent in the same hardship letter that I emailed. You know you can fax your app. back to Benny with all the attachments opposed to mailing it? As for the financial end of your questions I think *** would be much better versed in that as I had no assets, sorry

[jpeters]

lynn - thanks for the reminder and words of encouragement. I definitely will fax the reply back and not use snail mail. But glad to know I can use the same hardship email and don't have to craft another one.

package is going out first thing and I guess I'll find out about the 401k info.

Jp

[Moe Bedard]

Jp,

If they are not asking for the 401k info then don't send it at this time.........if they need it they will ask for it.

[jpeters]

***, okay I removed my 401k income for now. I just faxed to Litton a month's worth of paystubs, 2007 income tax return, and bank statements.

Attempting to follow up and confirm that the fax made it to the executive resolution team.

Jp

[jpeters]

update on mod:

Spoke to Benny yesterday. Interesting that the number for the executive resolution team went straight into voice jail. First time that it happened. I waited a few minutes and then called Benny's direct extension and got his voice mail. Have to say I was pleasantly surprised. I didn't expect him to have real, actual vm. I left him a detailed message and he called back within 10 minutes to confirm receipt of my mega fax and that it had been sent to the investor for processing.

I will call Litton again on Monday morning to get an update on the process and make sure there are no snags or additional info required.

I am thinking positive, good thoughts about my load mod.

Jp

[schwefls]

jpeters sounds good, be prepared they may ask for a BPO which is an interior/exterior appraisal, it is no big deal and they put the minimal cost in the mod, they hire the company. I would cb Benny back Monday and then after that like once a week this is what I did and I am a success it did take every bit of 45-60 days though.

[jpeters]

I think things are rolling.

Had an interesting occurrence over the weekend. I was hanging out with my daughter and happened to look out the front window. There I noticed a car drive slowly past the house, slow down, then back up, and finally stop. Once the car stopped, a woman leaned out the passenger door with a camera and started snapping photos. I almost went out and asked them what they were doing but they finished their business and went off.

My neighbor mentioned the drive by photography the next night. He asked me what kind of homeowners I had. It still wasn't clicking for me yet.

I called Litton and Benny back this morning. He's been available and attentive for me, so I feel fortunate in that respect. He reiterated that the entire package is with the investor and will take 10 days or so for them to make their decision/offer. He also mentioned the BPO. That's when I put it together with the car photos. That must have been part of the BPO.

It's feeling like progress and definitely starting to feel real. So should I expect someone to come knocking to look at the interior?

Jp

[Moe Bedard]

They don't usually have to come inside..........majority of the time a drive-by will do.

[jpeters]

An update on my situation with Litton. Have been keeping in touch with Benny H., giving him a call every few days. He is polite and pleasant and has been stating that the information is all with the investor and it will take 10 days - 2 weeks.

It's been about 3 weeks now but I will keep a positive attitude and be persistent with Litton.

On another note, I created another hardship letter and sent that email to Ocwen (the 2nd mortgage) addresses listed on this site. I did it the week before Labor Day, probably not the best week to do that. Anyway, it's what I did. Nothing back via email and no phone response either. Tuesday, I received a letter from the office of the Consumer Ombudsman. Essentially it says they will complete a review my letter/request and have a written response within 10 days. That sounds good, however, they didn't request any additional information from me.

Seems like my email didn't quite get to the correct place. I am planning a follow up call but this particular letter seems like a non-starter.

cheers,

Jp

[jpeters]

Now it's been 4 weeks and impatience is starting to set in. I really want and need the modification. Because now I am about to enter the territory where I start to get behind though I am current. This is the last month of that.

Finally caught up with Benny and had a nice chat. Explained that I wanted to make sure I was on top of everything the investor needed from this end. He had been out sick for a week. Anyway very politely got the usual line about the investor having everything and them being swamped. Sounded like he was afraid of antagonizing the investor by disturbing them. I suppose it's possible.

We agreed that he would gently inquire as to the status of my loan mod with the investor and I should check back with him on Tuesday (he's out Monday). Hopefully I hear something positive.

Ocwen appears to be another story. Looks like I need to try again with the hardship letter. Only had a response from the office of the ombudsman which smacked of useless, generic form letter.

Jp

[Moe Bedard]

Thanks for the update..............

With Ocwen, you are able to start the process online if you have not already done so...........

*Foreclosure Alternatives

[jpeters]

Thanks, ***.

I figured the ocwen web site was like the litton web site and not that useful for loan modifications. I never made it to starting the process there but did receive another letter from the ombudsman. Apparently Felipe from Home Retention tried to contact me the entire week before last but didn't specify which number they tried. My proper numbers all have voice mail and I answer them when around.

Letter requested same info as specified on web site
- 2007 tax return
- last 2 pay stubs
- last 2 bank statements
- financial info worksheet

Putting that all together now. Not too hard since it's basically updated version of same package for Litton. I am supposed to send this info off to either Felipe Ruiz or Joshua Coykendall.

Still nothing from Litton regarding the investor decision on the loan modification.

However, I am now > 30 days late and I received the new reset rate info. It's going to 9.2% as of November 1. I am hoping that those 2 items combine to spur them to action.

cheers,

Jp

[Moe Bedard]

Thanks for the update Jp.............Good Luck with the mods!!