Litton Loan Servicing Review
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Litton Loan Servicing is a mortgage servicer of subprime mortgage loans and home equity mortgages. We uncovered two phone numbers, their website, and some of the worst customer complaints alleging untold violations of good customer service principals.
Litton Loan Servicing Website and Phone Contacts
Litton Loan Servicing Website: http://www.littonloan.com
Litton Loan Servicing Phone:
(800) 247-9727
(800) 999-8501
Address: 4828 Loop Central Drive, Houston, TX 77081
Litton Loan Servicing Review
Litton Loan Servicing services subprime and home equity mortgages and they have the one of the worst customer service track records I’ve ever seen. Be sure to read the BBB report and click the link below to read other customer complaints.
If you are facing foreclosure, you need information on just how to deal with these “bad track record” servicing companies to get your loan modification before you call, click the link to learn more, Stop Your Foreclosure Now!.
It appears when I search for complaints against Litton Loan Servicing , there are some of the worst complaints against them. Click here to see all the Litton Loan Servicing complaints listed in Google.
BBB Activity on Litton Loan Servicing
“Based on BBB files, this business has an unsatisfactory rating with the BBB due to unanswered complaint(s). This company currently has 10 pending cases.
The BBB processed a total of 383 complaints about this business in the last 36 months, our standard reporting period. Of the total 383 complaints in the last 36 months, 129 of those were closed in the last 12 months.”
See Comments Below to Add/Read Customer Opinions On Litton Loan Servicing
We would really like to hear your experience with Litton Loan Servicing , so put your comments in the section below.
Thanks!
Author: The Mortgage Insider
Date: August 26, 2008
Tags by Post Company Reviews, Complaints, Mortgage Servicing Companies
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We bought our home in 2002. We put 7K down on our home. Before we could sign the check for our first payment we were sold to Litton. We sent the check to the original company and it was returned. We forwarded the check to Litton, it was returned. Sent another check to Litton, returned. Sent another check to original co…..returned. Both parties saying we owed the other. After several months of this we got a foreclosure letter in the mail.
Seems we now owed almost 5K for foreclosure fees, bogus charges, etc. We did a mod. Paid our first month….no problem. Second month…..Litton sent it back saying if we didn’t pay 2700 in ‘fees’ then the mod was null and void. We sent 2700 Western Union the next day. Weren’t we shocked when a sheriff knocked on our door 2 weeks later with foreclosure papers. We checked Western Union, they told us Litton refused the money and sent it back. It was on hold for us to pick up. We called Litton who told us that it was returned due to being the wrong amount because the amount changes DAILY. yes, daily. And we were some dollars short. But NOW I could resent it but it would be 4700K instead. We tried refinancing and were lucky enough to get a company that would refi but Litton wouldn’t respond to them and they gave up.
We got a lawyer. Our credit (that we had spent 3 years trying to repair after our divorces) was now ruined (again).
We had to file bankruptcy.
A trustee took most our money for 5 years and paid Litton every single month. Amazingly the ‘fees’ dissappeared and our interest rate (the same rate that went up every 3 months regardless causing a payment to go from $375 a month to $650) didn’t change once during that time. Not once. And miraculously as soon as we were discharged of the bankruptcy and Litton was ordered to report us current, they sold our loan to GRP.
GRP has been VERY nice, they actually answer their phones and they even worked with us when my husband lost his job, they didn’t charge us bogus fees and they LOWERED our interest rate and our payment….we didn’t even ASK THEM TO. Our rate is still adjustable but GRP adjusts it fairly and legally.
I can’t tell oyu how many hours I spent on the phone to Litton being rerouted and redirected only to be disconnected before ever speaking to someone. I couldn’t speak to anyone at all because they make you input your loan number before you get an option of doing anything and then if you’re lucky you sit on hold for hours in hopes if speaking to someone only to be disconnected. on the rare times we actually got through to Litton we got a different answer and no one had a clue.
I was in tears daily, my husband and I **** near got divorced, and my kids were almost starving before we got a lawyer.
yeah, our credit is screwed, but we were successfull in our bankruptcy and paying all our bills off. And thank GOD our loan was sold to GRP or we’d be in the same boat again.
I feel for you people, I really do. I wish I had answers for you but I don’t.
We’ve been in our home 7 years and until 18 months ago when we were sold to GRP it was HELL. We couldn’t afford to do anything, maintain, anything, our house because we were sending every spare dime we had to Litton only for them to leave it sitting somewhere while they charged more crazy fees. To this day my marriage has scars from that time.
I will pray for you all. you’re gonna need every prayer.
I wanted to let everyone here know I created a Forum just for you!
I heard that folks wanted a more “social” environment to post their contact info and colloaborate with class action lawsuits and letter campaigns.
You can do that in the Litton Loan Servicing Forum.
Check out all the Forums…Click here.
If you have an ARM loan check your loan Docs…Litton Servicing is doing whatever they want. They do a charge on the wrong date which causes a higher interest and overall is more than what it should be..Check your adjustable info on your note!! Contact the attorney General in Texas, where they are based. Make sure you send all letters certified and DOCUMENT EVERYTHING!!!
They tried almost everything I have read…AND IM STILL CURRENT! We do pay 25 days in the arrears but this company and the people its trained are flat out liars. Document everything. Good Luck everyone!!
Sad to say i have thrown my hands up…I called in today to find out where my modification is and the rep tells me she needs my financials! she has no modification application on file but would be happy to start one today!!! are you kidding me? i asked her if thats the case why do i have a $125.00 appraisal fee on my account? so basically im starting back at square one-and im sure with another appraisal fee if i go through with it. I told them to take their modification and shove it and refund me my $125.00 fee. I was then instructed to go on their sight and send an email of my request… conveniently the email only lets you say a few words, you get an auto response back and im sure thats the last I will hear about that….I am so discouraged! I am in Connecticut so if anyone knows who I could contact, besides a lawyer but someone in the state or similiar to the BBB please let me know…this company is horrible and im tired……
Contact the Conn department of financial institutions. You can find their info online as well and make a complaint, someone from their will contact you within a week to help you. They monitor all banking institutions in your state. They helped me get my modification completed within 2 months and lowered my payment by 200.00. They basically FREEZE ALL FORECLOSURE ACTIVITY when they investigate. If they find Litton to be at fault they will force Litton to fix it immediately. Make sure you go to your Litton account online and print everything on your account. Once you contact your state department of financial instutions, everything on your account will dissapear and they will tell you they are adjusting things. So make copies and save what you can on your computer.
You can also contact the attorney general online and make a complaint. These guys don’t play either.
Good luck
Take care. IRobinson
I really am shaking from reading all the nasty literature about
Litton Loan Servicing. Since I am now in the third month
of Compensatory Auctions, I wonder when I am due for my
turn, that is for “”The Litton Treatment.”
After faxing information to litton loan since oct 2008 i decided to give up, in march a rep told me that they didnt have all my paperwork that i had faxed over 7 times since oct. i call in april to notify them that my payment would be late and the rep asked when was i going to pay the appraisal fee!!! i asked about the fee and she said that they finally rec’d all my paperwork and ordered an appraisal. What i would like to know is that should i have been notified of the appraisal fee, and the different processes taken in a modification? I asked if there were any other fees and the rep said yes but couldnt pin point the amount. i never rec’d a call to say they were moving to step two or to tell me the processes and the fees so im blind right now. i dont want to get to the end of the modification and have enormous fees like ive read on this very blog…should i stop the modification now? i asked to speak with someone and the reps tell me they cannot contact me with the loss mit dept… I am confused and at a loss-any advice would be appreciated
Asia
My Modification was finally processed and finished finally as of March 2009-My payment was lowered by 200.00 a month. I made a payment in march, using the total that one of the reps gave me.
April 1st I got a letter talking about my modification stating they needed more paperwork, I ignored that letter-some stupid person obviously sent that by accident. April 4 I got a letter telling me my modification is complete, and that I didn’t owe a payment until May 1st. (whoo hooo) lol. So concerned it was a trick I called and actually got a nice rep on the phone who could explain all that to me. I asked about the payment I sent in for March. She said since there were doing the modification in March they didn’t expect a payment until the details were complete on the modification. So the Payment for marche they applied it as aprils payment making it so I didn’t owe again
until May 1st.
Here’s the catch- she told me I had a balance that I owed on the modification process and could pay a little extra every month to
cover it. $1600 was the fee’s for Attorney, apprasals etc.
I am not happy about that but what can I do now ?? Absolutely nothing.
I have said this before on here: Contact your STATE DEPARTMENT OF FINANCIAL INSTITUTIONS
They monitor all companies that do loans and banking in your state. Make a complaint with them about Litton. Thats what I did and it worked. I started this Modification in December and its now finally finished. IF YOU WANT TO SAVE YOUR HOME YOU HAVE TO DO THE LEG WORK AND KEEP FIGHTING THEM- Once I contacted my STATE DEPARTMENT OF FINANCIAL INSTITUTIONS- Litton Loan Servicing became a whole differnent company all together..and they DID NOT DRAG THIER FEET ON MY MODIFICATION.
Good Luck and keep fighting !!
Cheers, Inga
Asia, Do not give up! Contact a reputable attorney that specializes in loan modifications. Let your atty act on your behalf. Mine is Coleman and Assoc in Las Vegas. I was about to give up too until I went to them. Now I have hope. You can too! Don’t give up!
I am in tears where do i go? How can we get this company looked into. We have to do something I wish there was a way to get all of together. Get us all together and go to Dateline. I have been trying to work with these people for 2 months now. At least you have a loan modification they are telling me they do not.
I have not lost my job or anything like that. My money is frozen with Stanford. They have a list of people they can call and contact that can tell them they will get all that is owed to them the minute i get my money and they still are going to start foreclosure proceedings. How are these people still up and running who can shut them down and how can we? There must be something and if they print my email please contact me so that we can do something together not only for ourselves but for everyone. i truly believe these people are the people on wall street that is what i have been told and this company is nothing but a debt collector. I think they do not live here i think my calls are going overseas and I think they want the homes to be foreclosed on so they can have them come into our country and move it.
The only thing i know for sure is this company is not right there is something underneath and I believe they need to be exposed.
Lisa
Report these people to the FBI I say this because my money is with Stanford and the people that own this company are 2 of the highest paid people On wallstreet. Google them and you too will see. Lloyd Blankfein and David Viniar of Goldman Sachs they are the owners of this company.
somebody should do something about this company .I also went on forclosure. i had another mortgage company and suddenly was sold to Litton with a higher interesr rate. It’s not fair. people are being help[ed on not to go on forclosure, but what about does of us that went on forclosure. we need help on somebody doing something about this Company
Claudia,
Mortgages get transferred / sold to other companies all the time. Do not connect the act of transfer to a rate increase. That’s not the case. The rate could only legally be increased by the original terms of the mortgage, not the transfer. The mortgage note is not changed after it’s signed. Also don’t assume since the payment went up, it was from a rate increase. Many folks are having to pay more to an escrow adjustment.
Well like everyone else I have been taken by Litton Loan Servicing also. Words cant express the mental, physical and emotional pain this company has left with. I often wondered rather Litton Loan was a subprime lender. My home went into foreclosure causing me to file bankruptcy. After filing backruptcy I reaffirmed my mortgage with Litton Loan from a 8.0 rate to a 5.0 rate. Well after making only three payments I have been notified by Littion Loan that my mortgage payments will be increasing due to escrow. The escrow amount is out of this world. Not to mention Littion Loan was aware of this escrow amount when they offered me the modification but never informed me nor was the info on my modification documents. My payments are going to increase higher than they were before my house went into foreclosure. My financial situation hasnt changed. I am livid because had I known this was going to happen I would have left my mortgage with Littion Loan in the bankruptcy. I just need for someone or something to be done about this company. How can refinance with another company and get from under Littion Loan? Since the bankruptcy and modification its been a struggle but I have been making my payments on time. I dont know how much longer I can maintain.
Contact your bankruptcy attorney and see if it can be amended to add your house ? Check on what you are paying in escrow. Ex. Taxes & Insurance…then check with both to see if they have gone up. If they haven’t gone up you need to contact your “State Department of Financial Institutions” (they monitor all companies who deal in loans and banking institutions in your state) also contact the “Attorney General’s office”. and file a complaint with both. Keep fighting !!
Good Luck !!
Hello Dennis,
I share you anger. My loan although not in any default was sold to Litton and I experienced problems from the very first billing cycle.
Since Litton took over the loan they always pay my Real estate taxes whivh they escrow late and then add all the late fee and interest back to my taxes, which always results in next year amount being larger than the previous one even thou RE taxes actually are lower. As of today , they owe to the city over a year woth of RE taxes. I just informed them via certified letter that I will no longer pay the escrow ,,, just the principal and interest until they pay the city. I wish they all bun in hell, even the people they employ … a bit harsh but if you work for companies like that you are no beter.
Well as you all know Florida has seen some of the worse cases of Predatory Lending tactics. Home values have already declined some +25% and falling. Our home is now worth less than the county tax assessment and the “rebuild value!” Litton will not work anything out, they don’t have the authority to do anything because they do not own the loans they are servicing.
Like many of you, Litton adjusted our escrow “cushion” as well. I think it is $400 more now. We were surprised to learn that we were going to be charged more escrow after our account was sold to Litton. Our insurance went down, and so have the taxes since last year. Litton explained they were allowed to adjust the cushion. I checked the Fed.statute, and it appears they are doing so lawfully.
We are currently looking for an attorney and an audit. There is not much we can do about being with Litton, but hopefully someone will take our case against Quicken Loans. We have recently learned that Quicken Loans deceptively sold us a loan other than the one we thought we were recieving. They also used the introductory interest rate in calculating repayment ability, and they did not consider debt-to-income, or factor the full principle+interest for any amount within the first seven-year period.
To verify this fact, I used a mortgage calculator to determine how much we could borrow based on our (2005) income and debt. The calculator said we would only qualify for $19,000. So I calculated again, leaving out the credit cards and car payments, and it said we would be approved for $106,000. Better? No, Quicken refinanced our original $175,000 5/1 ARM–5.5%, for $193,000 5/1 Negative amortization–3.0% (11.75% APR).
I know, what were we thinking right? Well, Quicken told us the 6.125% rate would be fixed for 30 years, they lied. Not only will it change at 5yrs, it will continue to increase until maturing to 11.75%!!!
They no longer sell these subprime mortgage products on their website. Instead, they now sell these predatory products under their new company name called Rock Financial.
It cost us $18,000 to refinance with Quicken Loans in 2006. We did get just under $3,000 at closing, however wanted to use that money to pay the property tax, but a few days before closing QUicken said they would role the taxes into the refinance and give “us” the cash? We said no, but at that point it was too late to rework the loan they said. Plus we used the money to replace the old carpet upstairs.
We intially contacted Quicken Loans to request a 30yr traditional mortgage. They said if we did a traditional loan they would not be able to take cash at closing. The taxes was a concern, but we refinanced in Dec. and the taxes were not due until April. We could have found the money someone where else. Quicken insisted on another mortgage product that had a fixed rate like a traditional mortgage, but would enable them to give us the 3K we needed too. The loan was supposed to have a 5 or 10 year introductory interest rate, then reset once to the full 6.125% for the remainder of 20-25 years.
The product was called Smart30 I think, or SmartChoice. Whatever, on our loan documents it is called something very different–”Secure Advantage ARM.” But where is the ‘Security’ or the ‘Advantage’ in another Adjustable Rate Mortgage? And where is the loan they originally promised before they pulled the bait-n-switch on us?
Good luck to the rest of you, I know so many millions are suffering from the same predatory lending tactics. God Bless, and may God forgive the rest!
Sincerely, Chris in FL.