Loan Sold To Litton, SUCCESS!!

[TDANHOUSTON]

Hello everyone!

I am very glad I stubbled upon this site. I have been reading the posts since friday when I got a letter from Avelo saying that my loan had been sold to Litton. I immediately looked them up on the web and was mortified. None of the google posts about this company are good. I happened upon a thread from a gentleman going through the process of a Mod with Litton and it lead me to this site.

I have a couple of questions:
1. Do you have to be behind to apply for a mod with Litton? If so, how far?

2. How soon can I start this process?

I am currently 2 months behind and haven't been able to catch up, although I am making payments every month. I was approved for a Mod with Avelo, however, it is not finished and 6/30/08 is my last day with them.

[Moe Bedard]

Hello and welcome to the community! We're glad to have you as a member. Let's see if we can guide you in the right direction.

1. Do you have to be behind to apply for a mod with Litton? If so, how far?

For the most part, yes and no. They prefer to not work with you until you show signs of stress and potential loss, meaning being late on the mortgage ie: loss risk threat.

If your not late, you are not a risk.

However, there have been many loan modifications made without being late.

2. How soon can I start this process?

I am currently 2 months behind and haven't been able to catch up, although I am making payments every month. I was approved for a Mod with Avelo, however, it is not finished and 6/30/08 is my last day with them.

If you can afford your home and just not your loan, then you are a prime candidate for a loan modification. Litton is like most servicers, but very large. So, you will be lost in the system and you will need to be the squeaky wheel that gets the grease.

Here are some numbers and info to get you started.

Put together a QWR (Qualified Written Request)
In that letter demand your Life of Loan History, Copy of Note, Deed of Trust, Riders, all Assignments of the Deed of Trust, TIL, Right of Rescission (if refi), Lender Final HUD-1, Copy of Initial Loan Application and Final Lender Loan Application, all Disclosures and all Loan Documents in your file, Copy of Appraisal.


There is a blank copy of the request in the Homeowner's Tool Box to the Left of the Forum

Make sure you send it certified mail return receipt required to address below:

Litton Loan Servicing LP
Attention: Customer Service Department
4828 Loop Central Drive
Houston, TX 77081


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

[TDANHOUSTON]

Thanks Moe,
I am just waiting for Litton to send me my account info with them. I received the inital notification from Avelo, but have yet to receive anything from Litton. I have learned from all that I have read about them not to send anything to them without proper identifying information and documentation.

I forgot to mention that my loan is an ARM and set to adjust in November.

[nitag]

Hello Hello Hello and welcome to my world : )

I have my current loan with Avelo and it was modified by them in April. I got notification a week ago they have sold my loan to the dreaded Litton : ( Oh I am so sad but honestly I don't think they can be any worse than Avelo other than the fact that the reps at Avelo are all in Texas and its nice to speak to an American and not someone from India... My transfer is effective 7/1/08 so I am waiting. Thank god I don't have a payment due and I am hoping for a smooth transfer with no glitches. We shall see..

Good luck and just remember with patience you can do this..

I am nitag lucky #65, my loan was modified!!!!

[andyzipp]

While technically the Avelo Loans have been sold to Litton for servicing, Avelo and Litton are "merging". Both mortgage platforms are owned by Goldman Sachs, are being joined.

By January, I believe the Avelo name is going away, but the employees are not. I would wager to guess that any modification you had in process with Avelo is going to be honored by Litton, but keep on both of them to make sure.

[nitag]

andyzipp, thanks for the info!!!! I was wondering when Gil my bff at avelo told me my loan number would remain the same if that what was going on...

[TDANHOUSTON]

Thank you all.

I was wondering what was going on. My letter said that Litton would be sending me my tax documentation for the entire year of 2008, which I really thought was strange. Should I direct comments and concerns to Avelo or Litton?

[TDANHOUSTON]

Received a letter 7/1/08 stating welcome to Litton, we will be sending out account info in a few days. Still have not received any info. Should I be concerned? Should I try to contact them? Any suggestions anyone?

[nitag]

Hi Tdan,

go ahead and try to log on to littons web site littonloan.com your Avelo loan number is the same with litton and the last 4 digits of your Social Security number is your pin. I was told they set them all up like this. I was able to log on as of Monday and even made my Sept 1 payment to see how it all went. It was smooth sailing. If you make your payment before the 5th of each month they do not charge you on line or over the phone which I like.

good luck

nitag
______________________________
my loan was modified by Avelo Mortgage and its now with Litton Loans!!!!

[TDANHOUSTON]

I just received my new loan documentation from Litton, I also received a confirmation of debt letter from Litton stating that my amount owed is 10,000 more than my original mortgage. What steps should I take and where do I begin? I a ready to start this fight.

[nitag]

Is what you received a modification document? Does it say they took the back payments and applied them to the balance along with your taxes and insurance?

nitag

[Moe Bedard]

Did you send your hardship letter in the emails to Litton yet?
or contact the executive resolution team?

If not that would be a good place to start............

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




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)

[christy4]

Please follow the email addresses that you have been given. I am a Litton Modification Success story and believe that without following the advice here and emailing the people I needed to, that I would be worrying about foreclosure now.

Send your hardship letter to the email addresses and I'll guarantee you that you will get a response within two or three days. I cannot complain about the time it took for Litton to approve my modification---I think they got it done very quickly and I am very happy with Litton's Customer Service. I was scared at first but Loan Safe armed me with the amunition to fight Litton if I needed to do so---I just didn't need to. Litton lowered my interest rate and monthly payment after submitting my hardhsip letter and financials, forgave almost $5k in deliquent interest, and brought my account current. I read all the horror stories about Litton and was shaking in my boots but in all honesty, Litton wasn't as hard to deal with as I had expected.

Definitely QWR them after you send your hardship letter and be prepaired to call dailyfor updates concerning your modification. By pass the customer service number and deal directly with Loss Mitigation or Executive Resolution. Customer service only wants your money whereas Loss Mit will actually try to work with you to get a solution to your problems.

What state are you in?

There are several Litton Sucess Stories here and we are happy to help you as miuch as we can.

[nitag]

*** in his original post he said he was approved for a mod with Avelo, then as we know Avelo is now Litton, I am just wondering if the documents he is talking about are the Mod documents!

TDan, as Christy said, follow the advise here, I am in my home today with the advise of this forum..

nitag

[Moe Bedard]

nitag,

You could be right..........we will have to see..........

[christy4]

Nitag,
I'm thinking that what he has received from Litton so far is their welcome letter and misc, not the loan mod. I got the same thing when our loan was sold to Litton.

Hopefully, the Avelo loan mod approval followed him to Litton. If not, he'll have to start the Loan Mod process over. It may take some time before Litton integrates the Avelo loans to their system.

[TDANHOUSTON]

Here is my hardship letter. comments and suggestions are appreciated

To Whom It May Concern:

I am writing this letter to explain my unfortunate set of circumstances that have caused us to become delinquent on our mortgage. We have done everything in our power to make ends meet but unfortunately we have fallen short and would like you to consider working with us to modify our loan. Our number one goal is to keep our home and we would really appreciate the opportunity to do that.


Our taxes were not initially escrowed and were added later causing our payments to go from $1859 to $2200. In January 2008, there was another increase in property assessments which then caused our payments to go up to $2589. Also in January, both my husband and I experienced a sharp decline in income, due to work shortages. Our income has since returned to its previous level, and we have been able to make normal payments, but we have been unable to pay the past due amounts.

Also, we have an ARM that is due to adjust in November. We want to keep our home, but we simply cannot afford any further increases. We feel that a loan modification adjusts our adjustable rate to a fixed rate at lower interest would benefit us both. We would appreciate if you can work with us to lower our delinquent amount owed and or payment so we can keep our home and also afford to make amends with your firm.

We truly hope that you will consider working with us and we are anxious to get this settled so we all can move on. We were initially pre-approved by Avelo mortgage, however, they have transferred our loan to you.

[Moe Bedard]

Looks good..............send it out and email it too.........

Keep us posted........

[TDANHOUSTON]

update:

sent emails at 7:45. at 1:15 received a call from noel who stated he was responding to an email sent to Larry Litton, Sr. He stated that he had my file and saw where the modification had been initiated by Avelo. He stated that they could help and he was sending out Litton's paperwork today

[Moe Bedard]

TDANHOUSTON,


that sounds promissing..............
A few members have worked with Noel...............he is good..........

Keep us posted on your progress.......

[TDANHOUSTON]

With the QWR, I know I mail it return receipt to Litton, do I also fax and email?

[christy4]

TDANHOUSTON,

Both Schwefls and I had contact with Noel when we went for loan modifications at Litton. He's very nice. After my initial contact with him, I was unable to speak directly with him everytime I had a question but I was always transfered to someone (other than customer service) who knew what was going on. The emails you sent your hardship letter to went high on the food chain and you'll do just fine with Noel.

Since your modification was already approved with Avelo, did that follow to Litton?

[TDANHOUSTON]

I have to start the process again with Litton. I just received the financial worksheet from Litton, but it was just stated to return the reply to the loss mitigation team. Did you send paperwork directly to Noel? Christy or schwefls can you tell me where you sent your QWR? Did you have to make a down payment on your mod? Oh, by the way, I am in Texas.

[Moe Bedard]

TDANHOUSTON,

The address that the QWR is sent to is below............and I believe that Noel is on the Executive Resolution Team..........the contact number to make sure and the fax number are below............

Hope this helps............

Put together a QWR (Qualified Written Request)
In that letter demand your Life of Loan History, Copy of Note, Deed of Trust, Riders, all Assignments of the Deed of Trust, TIL, Right of Rescission (if refi), Lender Final HUD-1, Copy of Initial Loan Application and Final Lender Loan Application, all Disclosures and all Loan Documents in your file, Copy of Appraisal.


There is a blank copy of the request in the Homeowner's Tool Box to the Left of the Forum

Make sure you send it certified mail return receipt required to address below:

Litton Loan Servicing LP
Attention: Customer Service Department
4828 Loop Central Drive
Houston, TX 77081


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

[TDANHOUSTON]

Thanks ***. I'm on it today.