My cousin had a very bad experience with Litton. The company brought his mortgage from Countrywide and sent him a letter that is meant for foreclosure. Then it sent him payment coupons. He called up thrice but there was no response from the other end.
Posted: Wed Jan 24, 2007 3:50 am Post subject: RE: experience at litton loan services
Welcome Mollie.
I have something to share with you about Litton Loan. I got this information from consumersaffairs.com .
South Star Lending sold a loan in April 2006 to Litton Loan. The company Litton Loan put a false late charge on the customer which brought down his credit score to around middle of 500. When he took out the loan, his score was in mid 600's and he was expecting it to be around mid 700. He cannot refinance and thinks he may lose his home. The customer also has 3 children and is in a horrible situation.
The customer has two sources of income and tried hard to make timely payments. He is about to lose his home and his family life is already in disturbance.
I personally feel such things should be stopped. Customers go through a lot of mental stress and it's not fair for lower income people who can't pay out and get through such problems.
Posted: Wed Jan 24, 2007 1:22 pm Post subject: Experience with Litton Loan Mortgage
I am so glad someone have had dealings with Litton, we have (Florida) we first started out with OWNIT Mortgage then we were introduced to Litton Loan Servicing they were going to be handling the loan, boy what a nightmare, personnel does not communicate with each other, we send payments (not posted) then we wire via Western Union (not given credit) finally we reeived a summons for foreclosure, we went thru a so called "Fresh Start Program" pay them $1200 and all they could arrange with Litton was a forbearance which made the monthly payment higher than the mortg pmts, we lost the $1200 , then one day I decided to write thema pleading letter and finally now we her from the with a "Loan Modification" we had to send $750 as down payment and our new monthky is going to be $2631.00 (includes escrow of $446) and now I need to send $600 and the new effective date for first pmt under Loan Modification is due on 2/1/2007. We have been arguing with them since June 2006 until now. I am not sure whether to believe that we are actually under a loan modification or not. Will see after 2/1/2007. Will post results. Right after we got the mort with OWN IT our middle score was 584 ( we are paying 7 and 7.5% we have an 80/20 our FICO went down to 514
Let me share some thing I have heard about them. Some customers have sued them for deceptive business practices in its loan servicing techniques and have filed class action complaint against them. All those who had any dealing with this company say that it is a dreadful company. They should be stopped from ruining lives of poor people.
Posted: Wed Jan 24, 2007 1:49 pm Post subject: Litton Loan Experience
Wow! I guest we better get rid of them asap I always thought there was something wrong as we would get different people and all of them never knew what the previous person had done or said. How long do you think we should wait now that they have given us a loan modification and hopefully they will do their job right (posting) I will definetely will be on top of it but can this forum give me some ideas of companies that have good reputation? Also we need to bring our FICO up since they messed us up by not posting pmts and reporting us delinquent to the credit bureau. Thanks for the inout.
I have doubts if they will actually complete the modification by the time they have specified it will be completed. You should wait for another week before thinking of taking your next step.
It seems that the company has been charging you for some reason or the other. What surprises me is that your monthly payments in forbearance were higher than the usual ones.
First forbearance and then a loan modification – believe me I am skeptical as to whether they are at all trying to help you out with the payments. May be after some days you’ll find them saying that you'll have to take some other step to pay off your loan.
I think you should file complaint with the Federal Trade Commission or take help from an attorney and get rid of this loan as soon as possible. _________________ Procrastination is the enemy of your financial sucess
It's difficult to name companies until and unless one is completely aware of their services and even if one knows about their services, it's tough to bring out if they at all commit frauds. It can only be done when people like you share your experiences with the community.
molliehuber
