Loss Mitigation Help Resource

Litton Loan Loss Mitigation

People across country are facing foreclosure due to the stressful financial conditions now a days. However keeping up with the government's loss mitigation plans Litton Loan is offering assistance to help people avoid foreclosure. Litton has several loss mitigation options including:
Loan Modification / Mortgage Modification
Short Sale

Litton Loss mitigation Department:
Doing it Yourself:
Login to your account on Litton website
Complete the Financial Information Form
Sit back and wait, you will hear from the Litton's Loss Mitigation Department if & when your application is approved.

Well as you can imagine this will take. I dont have any personal experience with it in case you want to know how much time it will take.

Contact Litton Loan Servicing Loss Mitigation Department
However you can contact the Litton's Loss Mitigation Department yourself. Here are the contact details:

Phone: (800) 999-8501 (Discuss your current financial situation)
Monday: 8 a.m. to 7 p.m.
Tuesday to Thursday: 8 a.m. to 8 p.m.
Friday: 9 a.m. to 5 p.m.
Saturday: 8 a.m. to 12 p.m.
(All CST)
~ :) Yup strange timings.

Additional Help:
You can find many attorneys or real estate agents who will make you believe that the only right option is to come running to them in return for 'paid' help. But be a better judge of the situation. In fact HUD has authorized several no-profit organizations across country for counseling people under financial distress. You can call them at (800) 569-4287

You can also contact HOPE NOW Alliance. It is a nationwide collaboration among mortgage servicers and nonprofit counseling organizations to help homeowners avoid foreclosure. Litton Loan's Loss Mitigation Department is a member of the Hope Now Alliance.
Call (888) 995-HOPE to speak to a HOPE NOW housing counselor or visit www.hopenow.com.

Loss Mitigation Options:
Know more about the various loss mitigation options being talked about now a days for avoiding foreclosure:
Loan Modification
Mortgage Modification
Short Sale
Partial Claim
Deed in Lieu

Let me know your experiences with Litton Loss Mitigation Department or any view you may have....

Commercial Loss Mitigation

Loss Mitigation Workout BookCommercial Loss Mitigation is designed to bring relief to the businesses struggling to pay back the loan on their commercial properties. With a large number of small to medium businesses finding it difficult to fulfill their obligations, the commercial lenders started to re negotiate the loan terms.

Commercial Loss Mitigation program only covers the commerial real estate loans. The types of property loans covered are:

1. Properties for providing Health & Meidical Care services

2. Apartment Building Loans: Loans on profit generating residential properties

3. Retail Property Loans: Loans on properties for retail stores

4. Hospitality Loans: Loans on properties for Hospitality and Food Service

5. Other Commerial Loan Programs: Loans on Industrial Properties, Educational and other Non Profit

Re-Loan Modification - Is it Possible to Modify the Same Loan for Second Time?

Whether I can Apply for a Re-Loan Modifcation on the Same Loan? This is a common question people ask after not being able to get a better deal first time around.

If your first loan modification application has been approved and done then there is little chance of receiving a modification for a second time. There are a few lenders which allow for a second time loan modification, but these are few and far between.

Once you mortgage has been modified you may also not qualify for a loan modification through Home Affordable program. This is one of the first rules established with the program. It is for this reason alone that when you apply for a loan modification you should get it right the first time.

Loan modifications consist of a lot of paper work. Lenders want to review your financial situation to determine where the loss of income came from, will it be permanent and will you be able to pay the mortgage once the loan is modified. If you are not comfortable with managing paperwork, like many of us are not, it is advisable to seek a qualified help especially if you are not sure to make it right yourself.

Chase Home Affordable Refinance

Chase Home Affordable Refinance Program

Chase Home Affordable Refinance Program is reserved for homeowners who have not been able to make current payments on their home loan. Homeowners can also qualify for this Refinance Program if they are unable to make payments in property value and the amount owed is not over 125% of the total value of the house. (This is considering market value). Some of the questions that a bank representative might ask a consumer to see if they qualify for this loan is when the last time the homeowner made a recent payment. They may also ask how many units are available in the home and whether the home is guaranteed by Freddie Mac or Fannie Mae. Homeowners can save money with the Chase Home Affordable Refinance Program.

What to Expect?
Generally a Home Affordable Loan refinance is processed like a regular refinance. Once you contact the Chase Loss Mitigation department it should take 30 to 45 days depending on how busy or overworked those guys are. If you do not qualify for the program, and there can be various reasons behind that, you can consider the other foreclosure prevention programs like the Home Affordable Loan Modification Program.

Just hiring a loss mitigation specialist or a loan mod attorney cannot be an option. There have been many cases of people having spent thousands and getting nothing out of it. There can be NO option to learn about the process yourself. Contact the concerned officials at Chase and learn about how to proceed with the Chase Home Affordable program. The if you need you can contact a FHA certified Loan Mod assistant at 888-995-HOPE

Property Disposition Options

Short Sale and Property Disposition Options

These options are reserved for those who are unable to catch up on their mortgage payments or cannot keep their home. For whatever reason, the short sale can be used in order to avoid a foreclosure. Foreclosures can stay on a person's credit score up to 7 years which can cause a lot of damage. The Mortgage modification loan will make sure that there are other options available such as being able to do a deed-in-lieu of foreclosure. The property disposition program is reserved for those who owe more on their home than for what it is worth. It will allow the homeowner to control the timing needed before the homeowner has to move out. The short sale must be granted under the Home Affordable Foreclosure Alternatives, also known as HAFA. A consumer can get at least $3000 in financial assistance when trying to sell their home. If the homeowner does not meet these deadlines, the bank may still consider doing a regular short sale.

For those who are interested in this type of property disposition program, the homeowner will need to submit a request using a short sale information packet. (Banks have this information and they might mail the information or fax if requested). In order to qualify, homeowners must be facing hardship of some kind that would allow them to fall behind in their payments.

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