Upside Down Mortgage

Loan Modification Litton Loan

Actual loan modifications!

 A church deacon, Truman McGill, came to me about modification possibilities after he had already lost his foreclosure hearing and had a sale date 3 weeks away.  His servicer was Litton Loan Servicing and they amazingly agreed to stop the sale process once they received a complete modification request with all the supporting documents.  Litton won’t hold things up for clients that make half-hearted attempts but this client was motivated and Litton proved sincere.  He ended up shaving over 30% off his mortgage payment and was reset to “current” without any makeup payments.  Please visit www.illinoismortgagemods.com to review even more actual loan mods delivered through us.  Truman actually lives in Florida (Our Attorney is licensed in Illinois and Florida) but for details on a couple of local mods continue reading below.

A West Chicago man that lost his foreclosure hearing and had a sale date scheduled is still in his home after not making a payment for 24 months!  His lender is Countrywide and once I got his file into the loss mitigation department they cancelled the sale date.  There are now working on qualifying him for the Making Home Affordable program and he is likely to keep his home.  He is capable of making payments going forward but can’t make up the 24 months past due.  I have been able to help clients avoid upfront forbearance payments on all my loan modifications so 24 months without a payment is really 24 months without a payment! 

The MHA program is the first real loan modification program that is making worthwhile modifications whereby homeowners come out of it with a payment they can afford.  These modifications are proving to have a much lower re-default rate than previous half-hearted efforts that amounted to not much more than forbearance plans.  Those stingy initial loss mitigation efforts resulted in such high re-default rates that the notion of continuing to modify mortgages at all became in serious doubt.  Thankfully, the MHA program came along with a balanced view of lender, investor and finally HOMEOWNER interest in mind. 

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Source - Actual loan modifications!

Litton Loan Modification Case Study

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