• Report: #390398

Complaint Review: Litton Loan Services

  • Submitted: Wed, November 12, 2008
  • Updated: Wed, November 12, 2008

  • Reported By:Cheyenne Wyoming
Litton Loan Services
www.Littonloanservice.com Houston, Texas U.S.A.
  • Phone:
  • Web:
  • Category: Loans

Litton Loan Services Interest only loan that was UNKNOWN TO ME. Houston Texas

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We bought a nice cabin in California, that were able to put $70,000 down and the seller carried the balance of about $271,000. When it was time we had a very high interest loan from Chase 8.8% and several months later Litton bought the loan.
Not until I reviewed a statement did I notice our high payment 2150.00 for a 8.8 "interest only" loan. I had "assumed" this was a 30 year fixed since the payment was so high. In addition to that was the fact my rate was going up to 9.2 and the payment was going up accordingly. When I called them on it I found out my rate was tied to some European rate, not the US rates which at the time were going down.
I was refused every sort of modification until I stopped making payments and then they offered the same rate of 8.8 but the payments were magically $200.00 less than I was paying for 3 years.
I'm walking from this loan. I had $70,000 equity into the property and made payments for almost 4 years, only to find it was interest only with no help in ever actually owning the property.

Devastated
Cheyenne, Wyoming
U.S.A.

This report was posted on Ripoff Report on 11/12/2008 08:02 AM and is a permanent record located here: http://www.ripoffreport.com/r/Litton-Loan-Services/Houston-Texas/Litton-Loan-Services-Interest-only-loan-that-was-UNKNOWN-TO-ME-Houston-Texas-390398. 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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