I have been going through the loan modification process with my loan service provider (Litton Loan) for 2 1/2 years now. I started by being proactive as I knew my job position was slated to be cut and I had the opportunity to take an early retirement package so I did. I have an adjustable rate loan and I knew I would not be able to afford my payment once it adjusted and I was living on retirement salary. I was not behind on my payments and had good credit when I started the process in November of 2008. I really wanted a fixed rate loan, a set amount that I could count on with my fixed retirement salary. My loan documents have errors in them, the first page says it is a fixed rate loan and inside it says adjustable, my initial loan payment was $1,425.00 interest only, another error in loan docs, one page says in big letters $1,425.00 is the principal and interest, another page says it is interest only. After six months I was offered a trial modification payment of $875.00 which I paid for 5 months on time and then one week before I retired the sent me a new trial modification of $1,987.00 a month, more than double the previous trial modification payment and more than my original payment of $1,425.00. After I contacted them I found out that they had not calculated it on my verified retirement salary, which they had, but my working salary plus the 10,000 I had not even received yet for retiring early. I thought that they would correct their error so I paid the huge trial modification payment for nine months, once again all on time. However it depleted my savings, the money I had received for retiring early. I was then turned down for a HAMP modification by an error on their part and they offered me a in house loan modification. The loan modification that Litton has sent me is even higher than the last trial modification payment and higher than the original loan payment. If I agreed to this absurd agreement the payment would be $2,176.39 which is $192.26 higher the previous “Trial Loan Modification” payment of $1,984.13 and my new loan amount would be $288,996.00, which is $3,996.00 more than my original loan amount. What made it absurd is that they have verified my gross income as $3,493.71 and after taxes and insurance, my net income is $2,314.51 you can see, if I paid this new amount of $2,176.39, I would be left with $138.12 to pay my monthly bills: water, sewer, gas, PG&E, telephone, cable…etc, food and gasoline, insurance. I am sure that you see the impossibility of that. At their suggestion I reapplied for the HAMP modification and as of today I was once again turned down, I think I qualified but my lender did not want to reduce my loan to make it work. They once again said that they are looking at it to see if they can offer me an in house loan modification. Litton had destroyed my credit and says I am behind even though I made all payments on time. I am now behind on my payments, my saving is drained from making the huge trial payment they gave me, and I really don\’t know what to do next. I have all documents, emails and letters from the last 2 1/2 years. My payment will adjust on July 1,2011 to 1,836.26 and again on Jan. 1, 2012 which I don\’t believe is what my loan documents say.
Archive for April, 2011
default sent 9 mos. ago, husband continues to apply loan mod, we never get. I the spouse did not sign note, also had separate property warranty deed
For 7 months I put in all the requested paperwork. The first time they just closed the file. The second time around, I gave them all the required paperwork again, they did not postpone my sale date and they did not give me the opportunity to qualify for the HAMP. And I did Qualify for the program. I was not given any chance and I was not even a chance for a modification before I lost my house.
I tried loan modification, but couldn\’t get anywhere, so we left the property a year ago, It has been up for auction, but they have postponed it 3 times
I was laid off July 2010. I Fedexed a complete loan modification application (Hampa) & financial package to Chase Sept 13, 2010. I was given verbal approval Oct 2010 but never received formal documents. Then I was told I w/not qualify for a loan mod while unemployed but instead h/b approved for an unemployment deferral. However never received loan docs & chase collections continued to harass. Was passed around repeatedly & no one seemed to know abt the status of my request. After 15+ calls to chase, I received formal loan mod approval on my 2nd mortgage in March 2011, followed by a formal loan mod declination on my 1st mortgage in April 2011. As a seasoned commercial banker / lender, I believe that Chase has acted will \”willful negligence & misrepresentation\”. Chase\’s recent declination letter states that my only options are \”a short-sell or a 1st DT Foreclosure\”. I think not- I am in process of filing a formal complaint with the Comptroller of the Currency and the CA State Attorney General\’s Office.
Misleading statements, fabrications, misrepresentations,
multiple payment statements.
This is a Reverse Mortgage to my Mother Gladys A. Call. I am the executor of the estate. The loan amount is $544000 and my mother was suffering from Dimentia at the time of signing. Wells Fargo paid off the original Reverse mortgage of $185,000 and gave her $70,000. The house never appraised for anything close to $544000. I think this is a scam by Wells Fargo to steal money from FHA and from my Mother. My Mother passed away 1/13/2010 and I am the executor of the estate.