Sunday, August 2, 2009

Totalling Reasons for DENIED Loan Modifications

The following were reasons for loan modification denial at the desk of Litton Loan Servicing secret loss mitigation tally sheet:

  1. income too low
  2. income too high
  3. no job
  4. bankruptcy pending
  5. high income
  6. vacated the proeperty
  7. covenant violation on mortgage
  8. borrower calld too often
  9. couldn't reach borrower
  10. income too low
  11. no job
  12. borrower friend of Angelo
  13. borrower not friend of Angelo

At this point it remains unknown if the reasons for denial of loan modification are able to be rebutted or if they are final reasons. Interestingly, the reasons for loan mod denial at Litton Loan are varied and this is only a sample of reasons. We will investigate this on a future post about reasons for denial of loan modification by examing the loan mods that were in fact approed at Litton Loan Servicing.