Experience with Litton Loan Mortgage

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.

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.

thanks

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

Hi Malena,

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.

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.

Hi Malena,

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.

Welcome Malena,

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.

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.

Hi im trying to find out who owns this peice of property and some info on how I can uptain it?? It located at 953 Pacific st brooklyn new york 11238

Hi Miss Pastore.

Welcome to the forum.

To find out who is the owner of a property you can do a title search or inquire it in the county recorder's office. Hope this helps.

Best of luck.
Larry

I've heard mixed reviews of Litton Loan, but that there have been complaints about bad business practices.

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http://www.mortgage-lender-reviews.com

Everyone who reads this should go to Consumer Affairs and Ripoff.com and pull up all the complaints on Littion and send copies to Obama administration. Also, flood there emails letting them know how unfairly people have been treated under this company. They are bad...bad news and need to be exposed!

Here's what I've found "ripoffreport.com/reports/0/081/RipOff0081323.htm"

[Link deactivated as per forum rules. Thanks.]

I have been stuck with litton loan since 1997 and they have no consideration for any of their clients. I at one time got behind on my payments by 2 months due to the fact I had been out of work for over 8 months due to back surgery. They would not consider giving any assistance in helping me to make up my payments a little at a time but wanted full restitution. Luckily I was able to get a loan from a family member to get my payment up to date. Lately though I have started having problems with them not posting my payments in a timely manner. I use the Western Union Speed Pay option by phone which is supposed to post in a quick manner to the account. I make a payment on the 8th and it still isn't posted by the 15th so now I am charged with a late fee of $22 dollars and this is happening more often than not these days. When I call I get a lame duck on the other end who says well you can fax a complaint form and it will be submitted to the proper personnel. Which then means it gets trashed because I still end up having to pay a late fee even though my payment was made on time.

Hi jo,

It's quite surprising that though you are making the payments, they are not getting registered with them. I would suggest you to contact them personally and resolve the issue. Moreover, you can also fax the complaint form and check out if they can help you.

Thanks