Foreclosure in 46062>Question Details

Alzbaz5, Home Buyer in 46062

I have been in my home for over 6 years. I am a single mother of one that has been desperately working with Litton Loan, a servicing co. that your

Asked by Alzbaz5, 46062 Mon Jan 11, 2010

bank works through for some type of Loan Modification or Home Affordability program that will fit my current needs. It is my desire to stay in my home. Should I present the Loan Modification paperwork directly to your office?

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3
Mallorie Wilson’s answer
There are options. In my experience, the lender required the owner to file for a loan modification. This paperwork can seem tedious but could prove well worth it, especially with your wishes to stay in the home. I'm unaware of your current status with the bank but let's say you're currently behind on payments. I had a client, who was behind and unable to pay the past due amounts; therefore, the lender tacked that past due amount onto the loan balance and adjusted the payments to a more affordable amount for my client.

If you'd like to stay in the property, this would be your best option. Have you been communicating directly with the loss and mitigation department? If so, they should have a fax number to send this paperwork directly to the lender. Let me know if I can be of assistance to you.

Mallorie Wilson
Associate Broker
Century 21 Diversified
0 votes Thank Flag Link Tue Feb 26, 2013
You might consider visiting a HUD Counselor. What they are obligated to do for FREE. Review all your paperwork and provide you with a RECOMMENDATION. They typically offer two recommendations. One is a loan "reorganization" some call it a Loan Modification, basically if the lender changes the terms of your loan and it's sensible and works for you that is what they suggest and provide a letter on your behalf to your lender. This provides some credibility and it's free for you.
The other suggestion is that if they determine that you cannot afford the property then their second RECOMMENDATION would be that of a short sale. Here is a link to their site. Good Luck!

http://www.Hud.gov

Hannah Fliegel
415-999-9348

Another link may help, this is a FREE 1 hour video for other options
0 votes Thank Flag Link Tue Jan 12, 2010
You may wish to make a phone call and ask your question directly to the company--There may not be anyone from that particular company looking/frequenting this Q&A--since you need an answer call or e-mail the company directly--if there is a local office stop in with your documentation.

Anna
0 votes Thank Flag Link Mon Jan 11, 2010
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