Luckily, I refinanced my loan and no longer have Litton Loan Servicing. I would like to tell of my experiences, though.
First, let it be known that my wife and I obtained a mortgage through a bank initially. The mortgage was then sold to Litton Loan. We were first time homebuyers with good credit. We never missed a payment during the 2 years we had this mortgage. I have read the claims that Litton only services mortgages that are non-performing and this simply is not true.
We never received a payment booklet from Litton Loan. They would mail an invoice every month. They would call us every day, usually the day following our receipt of the invoice, asking us if the payment was made, and if so when it was made. These phone calls would continue every day until our payment was posted with them. At first, I thought this odd that it took so long for themtoreceive a payment. Then I called my bank after speaking to Litton on the phone and discovered that my check to them had cleared my bank. When I questioned the CSR from Litton the next day (when they called again) she said that they would call until my payment posted to their account, which could take a few more days. This was very annoying to me. I asked if they could send the invoice sooner, so maybe I wouldn't have to get their calls, but she said if they sent the invoice earlier then they would begin calling sooner, too. Seems they were worried about getting their money, even though we were always on time. Then she suggested if I didn't want to get the phone calls that I could pay every month via a check over the phone. I don't really like to do that, but as I REALLY didn't like the calls, I asked what that would involve. When she explained that there was a $10.00 fee for EACH PAYMENT I understood what was going on; basically I would pay an extra fee every month to not be harassed by Litton Loan.
The company also tried to "force pay" insurance with us. They claimed that we hadn't obtained homeowner's insurance when in fact we had a full paid policy and had provided proof of such when we obtained our mortgage. Even after providing them with proof they claimed we never sent it. Only after several phone calls and faxes did they finally admit to receiving the information.
At one point in time, they called and told me that they hadn't received the payment and needed an immediate payment over the phone to avoid late charges.By this time, we were aware of Litton's games. We called our bank and found that the check had cleared SEVERAL DAYS prior. When I called back the company the CSR said that according to their records we'd NOT paid and if we didn't pay immediatly we risked a late charge. We told them we'd take that risk, especially since we had proof that they'd been paid.
When we originally secured the mortgage we were told that the rate was locked for two years. Additionally, we would be charged a prepayment penalty if we paid the loan off before the 2nd anniversary of the loan. About 2 months prior to the 2nd anniversary Litton sent a notice that our rate would increase substantially after the anniversary date. We shopped around and secured a loan at substantially less than what we originally received. On the day of the closing, Litton was unable to provide an exact payoff amount. They claimed that the computer system "just went down". Miraculously this occured right after I said that my closing was in one hour. I needed to know if the payment I had sent in was received by them. We ended up overpaying them by over $1000.00. The overpaid money took over 2 months to be refunded to us, despite several phone calls to the company.
In all of the dealings with this company we have found the company to be rude and obnoxious. They blatantly lied to us several times, contradicted themselves and used foul language. Hold times of 30 minutes were the norm; one morning I spent 4 hours on the phone with 3 reps, with approximately 85% of that time on hold. Their reps have hung up on my wife and I several times; and requests to speak to supervisors were rejected.
It seems to me that this company is like a predator. They try to do anything to make an extra fee, and would love to foreclose on someone's property at the first opportunity. While I'm sure that there are those people out there that are deadbeats, this company treats EVERYONE like they are deadbeats even if there is no cause to do so. Litton Loan, at best, walks a fine line between unethical practices and blatantly criminal practices. Before securing any loan, check to see if your loan can be sold to this company, or one like it. If this is the case, MOVE ON. If you find out too late and Litton now services your loan, do yourself a favor and find ANY POSSIBLE WAY to refinance your debt... You'll be a lot happier in the long run.
Scott
hamden, Connecticut
U.S.A.
Sorry, allowing you to give a competitors name would instigate others to just file against their competition, to only come back later to suggest their company your comments on this policy are welcome!
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