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Litton Modification

This is a discussion on Litton Modification within the Home Mortgage forums, part of our Mortgage Chat category; I have a Arm loan with Litton at 5.85% that will adjust Oct 31 to 7% something. My home ...






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Old September 25th, 2008, 01:17 PM   #1
Joel Fraser
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Join Date: May 2008
Posts: 907
Default Litton Modification

I have a Arm loan with Litton at 5.85% that will adjust Oct 31 to 7% something. My home would now appraise for around 450.000.00 my loan is 620.000.00 with a payment of 3,074.17.Im in construction work has slowed to say the least. Besides being injured in an accident.In order to keep my home i need to get my payment in the 1600 to 1800 range is this possible ? They have told me my interest rate 5.85 % is to low for a modification. Can I get the principle reduced ?Iv been talking to Litton since Aug and have not gotten past the call center, I sent a registered letter to their loan modification dept ( all the financial stuff ) Sept 15 and have not heard from them.How do I proceed ?
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