Countrywide and Litton Loan Modification

[Joel Fraser]

This site has been very helpful and reassuring. I am not alone. My hell started in May of 2007 when I called to refinance my 80/15/5 loan which was sold to Countrywide (Countrywide Home Loans) and another mortgager (avelo) 2 mos. after closing. Both Avelo and Countrywide could not help me with refinancing and offered no other solutions to lower my payment. Fast forward to a year later...Now I am partially unemployed cannot afford the 13% interest on 41,000 (400+), and 8% on 220,000(2000+). Litton replaced Avelo. I have spoken to my lenders in the past, especially Countrywide and they refused to provide any help because I was unemployed. My debt to income was too high. On sept 18, I opened a letter from litton and they offered a Loan Modification. My total owed was $44,231 monthly payments of $458 plus past due amounts. With Litton loan Modification : 7%, new loan balance of $30,927.07; monthly payments of $209.39 new payments beginning on 11/1/08. Litton waived/reduced or ate $13305. I was in tears. So, there is Hope. Then i called Countrywide. CW took my financial information over the phone and bearly qualified me for a loan Modification. Days before, i spoke to a Male representative that was unfriendly and heartless. A negotiator was assigned by the end of the week. he should be contacting me on Oct. 1st. I feel hope afterall. That is how I discovered this site searching for "how to write a hardship letter". With all the information from this site, I signed, notorized and mailed Littons documents. Litton asked for $104 as the iniatial payment that I sent via western union quick collect. Now I am waiting for Littons approval of the Loan Modification that I did not request but happy to have received.Today,I called both mortgager ...Litton says it could take 30 -90 days for loan mod approval. CW automated system said my loan mod is in review and do not call back until Oct 15. The automated system also said they have temporarily suspended foreclosure procedures. Following the advice of Cat , I sent hardship letters via email to Litton and CW. I hope to expedite the loan mod process. I also joined NACA and gave 995 hope another try with better results. I plan on sending QWR to CW. I will keep you posted.