Litton Loan Servicing / Sub-Prime Loan
I have a sub-prime loan that is scheduled to adjust every six months. I have never been late on my mortgage and my credit is good. I received a letter from Popular Mortgage stating that my monthly mortgage payment will be increasing on 11/1/08 and if there would be a problem with the increase I need to contact Popular. I immediately called Popular and explained to them that because of the economy I could not afford an increase at this time and I submitted all the required documentation to get a loan modification. Popular sold the loan to Litton Loan Servicing LP and I began the process again I submitted all the paper work and Litton Loan Servicing LP sent me the following letter:Dear Mortgagor(s):
Litton Loan Servicing LP (“Litton”) has reviewed your request for a loan modification, and we are unable to approve your request because of the following reason(s):
Your financial data indicates that you do not have sufficient income to support the modified payment and other obligations, if your financial data has changed since the submission of your financial information, please contact us. Litton is continuing with its servicing efforts to protect the rights and interests of its investor. If foreclosure action has begun, it will continue and may result in a deficiency judgment and/or a negative credit rating.
Should you have questions, please contact our Loss Mitigation Department at [protected] or visit our website at www.littonloan.com.
Loss Mitigation Department
Litton Loan Servicing states I do not have sufficient income to support a loan modification which would lower my payments instead they raised my monthly payment almost $200.00 dollars. I complained to the Better Business Bureau and this arrogant company did not even respond to the Better Business Bureau as you can plainly see from the letter I received Complaint ID#: [protected]
Business Name: Popular Mortgage Services, Inc
BBB has made several attempts to contact the business regarding the above referenced complaint. We regret to inform you that we have not received a response from the company.
BBB develops and maintains Reliability Reports on companies in our service area. This information is available to the public and is frequently used by potential customers. In the case of your complaint, the company's failure to promptly give attention to the matter will be reflected in the report we give to consumers about them.
With any complaint, you have the option of pursuing the matter legally.
To pursue your complaint, please contact: Camden County Consumer Protection/Weights & Measures, DiPiero Center, Blackwood, NJ, 08012, phone:[protected]
If the company has contacted you in the interim, please notify BBB immediately.
BBB Complaint Department
I cannot afford the increase in my mortgage payments and it is just a matter of time before I am delinquent and loose my home to foreclosure. I believe it is unfair that the banks get Billions from the government and the homeowner gets absolutely no help. If you can help, please I need it now.
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