Litton Loan / Illegally Misapplied Principal Funds
Litton Loan bought my mortgage from SunTrust, and every payment they have handled since the transfer of the loan has been illegal. My additional payments to principle has been deferred to "suspense" accounts illegally maintained by Litton Loan as insurance against future missed payments. By law, the terms of my loan may not be changed due to the sale of a loan. Any payments marked for additional principle are supposed to be applied to the principle of the loan. My wife and I cannot refinance to a lower rate due to these dishonest practices.
Class action lawsuits take forever to resolve. What are we supposed to do in the meantime? I urge everyone whose financial lending institution has sold their loan to Litton Loan to file a complaint with the Better Business Bureau and the American Banking Association. These lending institutions are aware of the dishonest business practices of Litton Loan, and they are just as culpable for doing business with a dishonest company as Litton Loan is for breaking the law.
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