- Report: #338963
Complaint Review: Litton Loan - Houston Texas
-
Author Confirmed
Why?
Litton Loan
Po Box 47387 Houston, 77210 Texas, U.S.A.
Web:
N/A
Categories:
Business Rating:
(0)
Tell us has your experience with this business or person been good?
Litton Loan Poor doesn't describe it Houston Texas
My problems and issues with Litton Loan servicing are more than than the space provided could ever allow.
Litton Loan Servicing has shown to be the premier predatory lender in the country and I only wish I had an option to whom my original mortgage was sold to. Litton owns 80% of a loan my wife and I share. Our payment is now over 1200.00 monthly on an original amount of 687.09. 1200.00 for a 104000 loan is nothing short of predatory. I began sepaking with Litton about a possible modification of our loan because we had never been late on the inital amount and were horribly misinformed about the details of our loan agreement, lesson learned. We found out that we had an adjustable rate mortgage of this fashion the month it was set to incerase. Once we saw the increasing amount, we contacted Litton to inquire about options to ensure that the loan remained in good standing. In December of 2007 we faxed in all of the required documents to Litton Loan Servicing's "Loss Mitigation Department" for review.
As of today, June 10th, 2008 we have not heard a resolution. In Februrary we signed on to a repayment program and I believe because we have paid them 1200 a month, it's their plan to never consider the initial adjustment we were told about. When we faxed the information in, we were told that there is no one we could speak with, no one who could contact us, and not even someone who could verify reciept of the fax. Call after call to check has gone unconfirmed and the only information that we are given is that the modification is "pending". 7 months to review a document is extreme but what is more bizzare is that there isn't a way to speak with someone regarding your loan, your financial future or a way to possible resolve the matter. This experience has simply been a nightmare, we are paying to have someone rent our home right now to the tune of almost 300.00 a month. All of this has been explained to Litton Loan Servicing and those who are apparently sitting on the solution appear to be unreachable, ghosts or non existent.
I hope and pray that I someday receive a clas action lawsuit regarding the likes of this predatory lending. I pray that someway the actions of this company are brought to the attention of those who see the negative impact Litton Loan Servicing is continually having on the economy as a whole.
To have predatory lending is one thing, to force someone to remain in a position that is predatory is worse in my opinion. When someone can't receive correspondence about something this vital to the lives of their families, well that's just downright criminal and unlawful.
Regards,
Christian
Owings Mills, Maryland
U.S.A.
Litton Loan Servicing has shown to be the premier predatory lender in the country and I only wish I had an option to whom my original mortgage was sold to. Litton owns 80% of a loan my wife and I share. Our payment is now over 1200.00 monthly on an original amount of 687.09. 1200.00 for a 104000 loan is nothing short of predatory. I began sepaking with Litton about a possible modification of our loan because we had never been late on the inital amount and were horribly misinformed about the details of our loan agreement, lesson learned. We found out that we had an adjustable rate mortgage of this fashion the month it was set to incerase. Once we saw the increasing amount, we contacted Litton to inquire about options to ensure that the loan remained in good standing. In December of 2007 we faxed in all of the required documents to Litton Loan Servicing's "Loss Mitigation Department" for review.
As of today, June 10th, 2008 we have not heard a resolution. In Februrary we signed on to a repayment program and I believe because we have paid them 1200 a month, it's their plan to never consider the initial adjustment we were told about. When we faxed the information in, we were told that there is no one we could speak with, no one who could contact us, and not even someone who could verify reciept of the fax. Call after call to check has gone unconfirmed and the only information that we are given is that the modification is "pending". 7 months to review a document is extreme but what is more bizzare is that there isn't a way to speak with someone regarding your loan, your financial future or a way to possible resolve the matter. This experience has simply been a nightmare, we are paying to have someone rent our home right now to the tune of almost 300.00 a month. All of this has been explained to Litton Loan Servicing and those who are apparently sitting on the solution appear to be unreachable, ghosts or non existent.
I hope and pray that I someday receive a clas action lawsuit regarding the likes of this predatory lending. I pray that someway the actions of this company are brought to the attention of those who see the negative impact Litton Loan Servicing is continually having on the economy as a whole.
To have predatory lending is one thing, to force someone to remain in a position that is predatory is worse in my opinion. When someone can't receive correspondence about something this vital to the lives of their families, well that's just downright criminal and unlawful.
Regards,
Christian
Owings Mills, Maryland
U.S.A.
2 Updates & Rebuttals
Cristina
Bristow,Virginia,
U.S.A.
Sorry, this is your fault
#2Consumer Suggestion
Wed, July 16, 2008
I'm very sorry to hear of your news.....BUT, how could you not have read the mortgage papers that you signed at your closing? If you signed up for an adjustable rate mortgage, they would notify you to this and you, would have accepted it, upon signing. Sorry, this is not the banks fault. It is completely your fault. I bought my first house at the age of 22. Of course, I didn't know what I was doing at first, but I researched various mortgages, fixed, ARMS, etc. I chose an 5-year ARM because I knew that I would't be staying there long. I knew that if I didn't re-finance or sell the house within 5 years, that the rates would be changing every month. Please do your research BEFORE you sign mortgage paperwork!!!
Iamdeemack
Lancaster,Pennsylvania,
U.S.A.
Same problem here.
#3Consumer Comment
Wed, July 16, 2008
Just wanted to let you know, you described our situation with Litton almost identically. However, we are going to end up losing our home to foreclosure. If anyone knows where we can get help please let me know. What is a class action suit? I am so confused. We faxed all of our info to Litton for a modification and it was approved. We mailed the modified amount and then 3 months later they took it back stating they we had failed to send a paper in that was needed. We started the whole process over again 45 days ago. I called them today to hear them say they never recieved the info again and I know that they did. We are now 2 months behind soon to be 3. Please help with info if you can. Thanks, ready to give up in PA
