Litton Loan Servicing / Fraud and cheating
I believe that I too have been ripped off by Litton Loan Servicing.
I tried to enter into a Loan Modification in Feb 2008 and although they promised it would only take 3-4 months to do by the end of June 2008 they had barely started and had my home of 8 years scheduled for foreclosure at the end of July 2008. Their "representative" said that if I entered into a forbearance agreement and paid them the $5000.00 "downpayment" they would require as part of the Loan Modification "ahead of time" and agree to a new payment plan they would hold off on the foreclosure.
I had this in writing and I advised them again, in writing, that I had to borrow this money from a family friend and that we were trusting them with our money and home and would only do so relying on their promise of a loan modification.
We entered into this agreement and paid them the "down payment" and one of the revised payments only to then be told by them IN WRITING that we were not eligible for a Loan Modification BECAUSE we were in a payment arrangement! Yes, because we did what they asked us to we were no longer eligible for a loan modification. How is THAT for setting up one of your customers for failure? Sounds like possible FRAUD to me.
When I complained that it sounded like fraud I got an email a week later saying their "legal department" was going to allow them to proceed and that it would take 45 days to process. But less than 1 week later I was told that I could not get a loan modification because there is equity in my home so I am supposed to refinance elsewhere.
There IS NO EQUITY in the home (especially when considering sales costs), and even if there was, who would refinance someone who is in the process of foreclosure?!!!
Today I saw an attorney who claimed that it is not financially worth it for one person to fight this type of issue, and sometimes attorney fees are NOT able to be claimed from the losing party. But if I were to find others in the same (or similar) situation he may be able to do something.
So, I am actively looking for people who have been ripped off by Litton who also have hard documentation (emails, letters, check stubs, etc). I want to find as many people as possible. If we were to all band together and hit this pitiful excuse for a business with several similar lawsuits that may become several different class action suits, we may be able to win... and hopefully put them out of the business they appear to be in (that is, screwing people out of their homes).
I was advised that we generally have 2 - 3 years to file, but I doubt if any of us want to wait that long, nor did we all get ripped off on the same day. I'd like to try to get enough people and HARD EVIDENCE by Spring 2009. We can then meet online and decide on attorneys, etc. I hope we can get this to work and hit this company where they hit us... in the pocketbook.
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