I'll try to make this short and sweet, leaving out exact dates and dollar amounts, which are only important to us, the lender and our lawyers.
Before I begin, I must state that we have never even made one single payment late.
About April last year my loan was bought by Litton Loan from Master Financial. There were problems immediately. Litton says that we owe them a payment for the month prior to them buying our loan. That payment was sent to Master Financial. We have proved to them time and again that this was a mistake, their mistake. We have even done so with a conference call between my wife, Master and Litton.
They assure us that the problem will be solved. Yet we still receive numeruous letters stating they intend to foreclose. They continue to accept my monthly payments, however they show that we still owe the original payment, plus an abundace of late fees. Since they have bought the loan they have reported me to the credit co.'s as being 30,60 & 90 day lates. As you can imagine they have single handedly affected my credit in a negative way.
And as if this nightmare wasn't enough. When it came time for them to pay my escrowed insurance premium, they forgot. I received a letter from my insurance co. Stating they cancelled my policy. We immediately contacted Litton. I believe their exact words were uh, I don't know what happened, we must have forgot. At that time they did send the payment Fed-Ex overnight.
In our latest correspondence with them they admit that they see the error and will correct my credit issues as well as my payment past due A.S.A.P. The bottom line is that because of their negligence, I cannot refinance my house at a much lower rate and most importantly get as far away from Litton as possible. Not to mention the other luxuries of having good credit that I can't enjoy.
In my searches for people with similar problems, I've come across numerous sites and stories dedicated to fraudulent practices by Litton Loan. However, in most cases I've found that the main difference is that they were late on several occasions or were in default in some way, and Litton had used questionable methods in getting what they wanted.in our case, we've done nothing wrong.
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