I feel completely ignorant about this! I work in the automotive industry (meaning I know all about conrtacts, secondary lending, etc) and I still signed up with this company! I have read every comment and complaint on this subject and have had all the same experiences. The notary showing up late and rushing us through, the diffence in rate (explained away), the PPP never disclosed unitll several days after I signed, all the papers, changing the fixed rate from three years to two... And you know the rest of the story.
My question is... Has anyone been "bought" While attempting to pay my loan payment on the web, I was told to call an 800 number. After making the payment over the phone, the rep casually asked if I received the letter stating that my loan had been bought? No, and why was this happening? She said it was common (which I'm aware of) but our original agreement with Vaughn at the Sarasota office was that in two years we would refi at a lower rate. (At first it was three years fixed, the day before closing it became two) The PPP wasn't told to us untill I was contacted as part of a survey. Ha ha. Of course by then it was too late to react.
Now I am stuck with a two year fixed, PPP before three, which means one year at adjustable rate. The company that "bought" us it Litton Loan Servicing, and they said the original agreement still applied and they were not going to make any changes to the agreement. That could be good or bad depending on how you look at it. I realize I am committed now (UGH!) and feel stupid, ignorant, used, abused, deceived, etc. They have closed all Florida offices, all telephone numbers I have tried are disconnected, no one answers, or they are fax numbers.
Because of the hold-up (which I now know was by design) I now have a late payment on my credit report from the old mortgage (they also sent me the checks with someone else's name on them-also a privacy act violation). This will make it hard to get a better rate in three and this late payment even made my car insurance go up. Is there any way to make this situation better? Is there anything about Litton I should know about? Is it probable they closed my loan (April of this year) knowing they were closing all the offices (meaning the lawsuits had already started and they knew they were pulling out)? I now have a mortgage twice what I started with, with twice the payment, no equity, I'm afraid of losing my home, and no solution to fix the situation. I'm not even sure what to do about escrow. I'm glad I didn't get the chance to set it up with Ameriquest, and now I'm not sure I want to with Litton. Thanks, Ameriquest. With everything else I have to worry about, it's nice to know there's more...
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