I cannot believe it has come to this. I am writing this public letter to warn others of what litton loan will do, so hopefully this does not happen to someone else.
Until I did some recent research, I had no idea I was not alone in that, though you can mail a payment on time, though you have until the 17th as a grace period before you are assessed a late fee, they will not post your payment until they are darn good and ready! A payemnt sent to Houston, TX from Indiana takes 2 weeks to receive! Did anyone realize this?!
Oh yes... This is what they do! Months of this treatment later, it all boils down to my word against theirs. Hindsight is 20/20.. If you are mailing your payments to Litton, send them CERTIFIED MAIL. Document everything! Every transaction, every phone call, every fax, everything! You may need it to prove your innocence. If you are allowing them to electronically receive your payment, they'll charge $9 for the courtesy, but DO keep documentation of that payment!
Here's the kicker; As my payments (made on time or plenty before the grace period) were considered late, as they would not post them in a timely manner... They get to now access another late fee. Usually a hefty one.
What did this ultimately mean? That though every month my payment was made, they would deduct the prior month's late fee off the top, making the current house payment now SHORT. Automatic late fee again. And the cycle continues until you one day receive a letter using the nasty word, "default".
They will take your "partial payment" and put it in a "suspense balance". Very underhanded and uncommonplace of a "mortgage company". I mean, WHO accepts partial payment on a house?
By the way, my original loan was with another company who sold it to Litton. I did not choose Litton Loan.
As our original loan was a 3 year ARM, and Litton bought it with a couple months to go on it, I attempted to refinance with another mortage company that promised they'd help get me "out from under Litton" and into a fixed rate mortgate with affordable payments. Forget it! All info the new mortage company needed from Litton, Litton refused to give up to them.
They were appalled by Litton's tactics and stated they had never dealt with such a company. The broker said "Litton obviously does not want to let go, they're after you to default". That was very scary to hear from someone in the business.
I was under a deadline... Litton payments current, $400 out for an appraisal for the refinance, things were looking bright.
Until Litton put a halt on everything. They knew a timeline was necessary to proceed and refused at every request. They "suddenly" reported the late payments to the credit bureaus, which NOW the new mortgage company was frowning at. Oh, credit score was fine at the intitiation of the deal, but when Litton got wind of what we were trying to do, they made sure to "fix" things for us. New mortgage co. Sympathized and said if I could get a letter from Litton stating all was current and they planned to take it off my credit report, all would be ok with them.
Litton said, "fax us that request in writing", which I did so. The next day I called to check on that fax and was told to "please allow us 24 hours to pull the fax". Did that too. 2nd call to Litton regarding the fax, was rudely told that we'd "just have to wait". Weeks later, by mail, comes a form letter from litton stating that they received our faxed request and to please allow them up to 60 business days to respond.
SIXTY business days?! My appraisal is now worthless and has to be redone if I want to proceed. Mortgage company is now uninterested due to the online information Litton gives as their "12 months of transaction history".. WHO could even make heads or tails out of that? And their refusal in sending a simple letter stating all was current. A mortgage company doesn't even want to LOOK at you after Litton gets done with you! Do you think that's what Litton counts on? You BET!
Anyhow, I am now closing in on my 2nd month of non payment to Litton loan. My payments have skyrocketed every 3 months like clockwork, as the original loan they took over was a 3 yr ARM. I absolutely refuse to give Litton anymore money only to lose my home in October when the payments on a small, simple farmhouse in Indiana, worth approx 65,000 soar to around $1000.00 a month
I have tried all I could think of with the resources available to me, to keep my home that I love so much. We even attempted to contact the credit counselor they advise to you, out of the goodness of their hearts, so we don't have to lose our home. 1 week ago, the counselor told us he was putting a "worksheet" in the mail to us and they would try to rework things so we could keep our home. Nothing!
It makes me SICK that there are companies out there like Litton allowed to be in business, let alone, prosper!
After Googling Litton loan antics, I am blown away at other's stories too. I only wish I'd had this newfound information back in February. Maybe I could of kept my home.
0 comments