2nd with Litton Success again!!

[Abbykatesmom]

Hey Gang,

Got a call from Litton today and was informed that my file has been sent to the Investors and that I should have an answer from them in a couple of weeks.

Keeping my fingers crossed!

[schwefls]

Great news

[Dan Bailey]

Keeping my fingers crossed for you also!

[faith]

Yay!!

Ask and you shall receive! Congrats and happy for you.


God bless

Faith

[Bert C]

I certainly hopes it all works out for you Abby. Good luck.

Bert

[RudyJay]

Waiting to hear...Abby.. .rj

[Abbykatesmom]

OK! This is their offer. I have a 15 year balloon at 11.75 Interest! YIKES, I know.

They are offering a 28 year fixed at 8% P&I. Payments going from $282.64 to $206.00. They want $435.00 for lawyers fees for the rewrite of the loan docs and it is effective 8/1/08 so I would have a credit for the difference I already paid for August.

What do ya think?

[schwefls]

I think it is a sweet deal fixed

[RudyJay]

Sounds good...to me... I would take it...it is lower than what you are paying now... so with both mods... you win... who knows down the road....rj

[Frogs are lucky]

I agree, you are paying less, and it is FIXED, never to go up again. What a relief that would be, seems how that is the whole reason for our worries. ARM, yuck! Congrats to you Abby

[Abbykatesmom]

Sadly enough, I did not know that I had a balloon. I will never not read important docs again. I pulled my original docs out when I got home from work tonight and the balloon amount is not shown so I went online and the payment would be just a few thousand less than the original note that I would have been paying for 15 years. What a joke!!!! I am taking this modification and laughing my way to the bank. They are sending the docs to me via FedEx so I should have them this week.


I am so thrilled! Between the two modifications, my payment is almost 1/2 of what it was! I am counting my blessing that I found this site!

Good luck to all of you yet to be modified! Keep fighting the good fight! I will be sticking around this joint as this place is like another home to me

Hugs to all!

[RudyJay]

Yeh...way to go.. Abby... Enjoy your home...rj

[Abbykatesmom]

The paperwork came and here are terms and then a question cause this stuff is like it is written in sand scripts~ Maybe that is how I got myself into this mess in the first place.

1. The new principal balance is $27,710.45

2. The new annual percentage rate is 8% and the effective date for the new interest is July 1 2008

3. The monthly payment of principal and interest is $206.94 plus $0 for taxes and insurance. Future advances from escrows will result in an increased payment to cover that shortage.

4. The first regular payment on the modified mortgage will be on August 1,2008.

5. The modified mortgage's maturity date will be on July 1, 2021



I understand very clearly what all of this means except point number 5. Can anyone help me with this one?

[faith]

Hello,
Peace be with you.

Item number 5 stated your mortgage payment starts August 1, 2008, today is August 15, 2008, is that a typo?

If your loan modification was approved and they are saying your mortgage payment start August 1, 2008, did you make a peyment on that day?

You need to clarify that date ask them if they want you to pay starting August 1, 2008 being the date today is August 15, 2008. Did you just get it today?

Thank you and God bless you.

Faith

[Bert C]

Abby congrats on your new mod. If you ask me, overall they are better than what we had before. But, they can be better in my honest opinion. But, it is what it is. So take it and down the road who knows? Come Oct of this year, maybe we can hope for something better. Enjoy for now.

Bert

[Abbykatesmom]

Faith,

Thanks for the kind words. It is not a typo. They are retroing the August payment to the new rate so I will have a credit applied toward September. I am still trying to understand the Maturity clause in number 5.


BertC

I am very happy with their offer as my rate was 11.75 and was a 15 year balloon with a payout of almost the original amount of the loan. I would have had to either pay the close to 25K in 13 more years or finance the balance again. I was not aware of the balloon payment. This is a 28 year fixed at 8%. Not as good as my first modification with Chase but I will take any and all help I can get. To be honest, after the fantastic modification I received with Chase I expected that Litton would deny my request as my new payment with Chase removed the hardship.
I am thrilled to pieces as my loans have gone from $2079 and $282 to $1006 and $206 which is saving me more than $1000 a month. This has been such a relief that the last thing that I can do is complain


If anyone can tell me what number 5 means that would be much appreciated!

[Cat Damiano]

What number five means is that they removed the balloon and instead the note at the new interest rate with paying the principle down will be paid in full in the remaining 13 years of the note upon the maturity date of 2021.