Litton Loan / Scam and cheating
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 speaking with Litton about a possible modification of our loan because we had never been late on the initial 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 increase. 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 Service's 'Loss Mitigation Department' for review.
As of today, June 10th, 2008 we have not heard a resolution. In February 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 receipt 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 class 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.
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