• Report: #290829

Complaint Review: LITTON LOAN SERVICE

  • Submitted: Tue, December 11, 2007
  • Updated: Wed, December 12, 2007

  • Reported By:TAMPA Florida
LITTON LOAN SERVICE
4828 LOOP CENTRAL DRIVE HOUSTON,, Texas U.S.A.

LITTON LOAN SERVICE My mortage has gone up, three times since they bought my loan for what reason, it's either pay or lose it. HOUSTON, Texas

*Consumer Suggestion: Answers to find out.

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Since litton bought my load, three times my mortage has been raised, with them always saying my escrow account was in arrear's. I found that to be odd. My prior company stated i was over payed and even sent me a check with a refund at the end of the year.From the very moment they took over my loan they raised it. Amost two years and they keep raising the amount I have to pay. Its funny how two prior companys that had my load never gave me a problem now with litton it keeps going up and up i have always payed what they asked but when does it stop when i lose my home Im a victim but i dont want to lose my home because of there tricks to rip people off.

John72863
TAMPA, Florida
U.S.A.

This report was posted on Ripoff Report on 12/11/2007 10:28 PM and is a permanent record located here: http://www.ripoffreport.com/r/LITTON-LOAN-SERVICE/HOUSTON-Texas-77018/LITTON-LOAN-SERVICE-My-mortage-has-gone-up-three-times-since-they-bought-my-loan-for-what-290829. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Suggestion

Answers to find out.

AUTHOR: Nikki - (U.S.A.)

You can easily figure out if you underpaid for your taxes. Find out when your mortgage company paid your taxes. Remember, taxes are paid in arrears, so whatever the mortgage company pays in Nov or Dec of 2007 is for Jan - Dec, 2007. Look at your tax bill for 2007. Then add up all the money that went into escrow for your taxes and see if you paid enough. Mortgage companies also like to have 2-3 extra months worth of escrow payments in reserve.

Did your actual mortgage payment go up, or did the payment go up because of the yearly increase in taxes? Your payments will usually go up every year if you escrow for taxes.

Do you escrow for insurance? If so, as we all know, insurance dramatically increased in Florida. Did your mortgage company use up the escrow to pay the insurance bill, then not have enough have enough money left to pay the taxes?

Are you homesteaded? If so, then your old mortgage company paid your taxes the first year based on the prior owner's assessment. Then, the following year, your home was re-assessed for tax purposes by the property appraiser's office. Then your yearly cap goes from there. This can be the reason you were reimbursed for your taxes the first year, but then they went up.

Do you have an ARM mortgage that re-adjusted and re-adjusts every 6 months? You did not say how long you have had your current mortgage, so I was unable to figure out if this could be the case. That could be the reason for the increased payment.

One or all of these reasons could be why your payment went up, as well as your confusion regarding the taxes. If you were unaware that any of these instances can happen, speak with someone you know who has had their home a few years.
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