After researching online and reading this site for several days now, after learning just over the last couple of weeks or so of Litton's theft of our money, and soon our home, I decided it's time to jump into the conversation.
After closing in Feb. '04, mortgage #1 of our 80/20 split mortgage was sold to Countrywide by April. May saw mortgage #2 sold to Wilshire Credit Corp.
By May '06, we had been (what I would now call) steered to foreclosure and into Chapter 13. Between the two events, foreclosure and us seeking the protection of bankruptcy, Litton assumed the loan. I distinctly remember saying at the time "who buys a loan in foreclosure?" I Googled Litton and saw the horror stories of "late payments"/lies, but because of the bankruptcy, we figured "well, we're stuck with these people, better watch our a$$es and hope we can get away from them after the discharge in 3 years.
For a year and half now, we've paid our mortgage payments each month - without acknowledgment from Litton. Our rate has adjusted twice so far this year after the ARM kicked in in March. We kept doing what we needed to do to keep our home, or so we thought!
On Nov. 14th, I got a notice from my homeowner's insurance that we were due a pretty significant refund. Litton had paid our year's premium right out from under us. Our insurance has been on auto-pay from our bank since the first premium was paid back in '04 and we have a no escrow loan. I knew immediately that something was wrong with this picture. Countrywide had tried numerous times to "force" us on the insurance thing and claimed in the bankrupty nearly $1300 for an escrow that didn't exsist. Litton's been caught red handed. Thankfully, my agent has kept some of the faxes she sent as requested proof.
So, some Googling and digging has revealed to me the deception known as mortgage servicing fraud. The numbers don't lie. After reviewing my statements from the inception of the loans, virtually everything we've paid has gone up in "fees" and "suspense accounts". Wilshire has been charging us month after month for "property inspections" and "BPOS fees" whatever that means! We've made no progress. None. Our credit was, IS, ruined at the moment. Our only way out is to convert to Chapter 7. We're not leaving without a fight though. And by that I mean they can have the house, we can't stomach giving them another red cent, we've got a lawyer and a voice. We'll be sure to use both.
The past few days have been an emotional rollarcoaster. The sheer magnitude of this nightmare on the American people is enough to overwhelm me and it's happening to me as I type this. We were never going to be "allowed" to succeed. Our life for the past 4 years has been built on lies. As a woman of faith, I look forward to what life has in store for me, a whole new adventure! Yet, to look back, and to even look at the haunting disturbances around me, I cringe and I cry. I sincerely hope to be Litton's last victim. I will shout from rooftops if the opportunity arises. Newspapers, radio, TV, blogs, emails, I will utilize whatever I can to spread the word about what is REALLY going on in "sub-prime" loans.
They blame it on the ARM's. ARM's SCHWARMS! Our rate didn't adjust until this year, yet Countrywide and Litton were raping our equity from DAY ONE.
They say "sub-prime" as if they mean "sub-class" I am a mother, wife, adoptive mother, foster mother, board member of my church, board member of a local non-profit, and someone who did EVERYTHING to clean my credit (after college credit debt ruined me the first time around) and keep it clean. But I was never going to be "allowed" to succeed. Just like no person ever "deserves" to be raped or victimized, neither do "sub-prime" borrowers deserve to be raped and victimized by a freakin' number (credit score) that has no way of computing a person's real character or intentions.
I resent the implication that because I didn't have the same amount of financial literacy as those that remained safe from this crime, that that somehow justifies that it happened to me. Just like sexual rape, one of the best weapons an abuser has is the fear of scrutiny in the victim. For months my husband and I felt so SHAMEFUL about our situation that we didn't even tell our families and closest friends what was happening with the foreclosure and the Chapter 13. We felt like financial idiots for falling behind, that it really was our own fault for not always paying on time. Now, we know it wasn't our fault, we'd been set up to fail this game. So now we own it. Yep, we're bankrupt. And I'm going to tell everyone who will listen.
Litton, silence was golden for you. That ends today.
Look into MORTGAGE SERVICING FRAUD people. It has a name...what has happened to everyone here has a name.
Sauk Rapids, Minnesota