• Report: #54072

Complaint Review: Litton Loan Servicing

  • Submitted: Wed, April 23, 2003
  • Updated: Fri, December 03, 2004

  • Reported By:Avon Park Florida
Litton Loan Servicing
4828 Loop Central Drive Houston, Texas U.S.A.

Litton Loan Servicing Foreclosure victimized many consumers Houston Texas

*Consumer Comment: Attn Ron

*REBUTTAL Individual responds: Thank you

*Consumer Suggestion: ALSO....

*Consumer Suggestion: i understand

*Consumer Comment: I just found out that CharterOne Mortgage just sold ourloan to Litton.

*Consumer Comment: I just found out that CharterOne Mortgage just sold ourloan to Litton.

*Consumer Comment: I just found out that CharterOne Mortgage just sold ourloan to Litton.

*Consumer Comment: Ripped off by Litton, a few months behind Here we go again

*Consumer Comment: Ripped off by Litton, a few months behind, sent payment for entire past due amount, they returned it telling me they were foreclosing.

*Consumer Comment: Bless your heart Sub-prime lenders prey on the less advantage

*Consumer Suggestion: Human...yes IF YOU DONT MEET YOUR FINANCIAL OBLIGATIONS, IN THIS COUNTRY OR ANY OTHER, THERE ARE CONSEQUENCES!!!

*Consumer Suggestion: Human...yes IF YOU DONT MEET YOUR FINANCIAL OBLIGATIONS, IN THIS COUNTRY OR ANY OTHER, THERE ARE CONSEQUENCES!!!

*Consumer Suggestion: Human...yes IF YOU DONT MEET YOUR FINANCIAL OBLIGATIONS, IN THIS COUNTRY OR ANY OTHER, THERE ARE CONSEQUENCES!!!

*Consumer Suggestion: Human...yes IF YOU DONT MEET YOUR FINANCIAL OBLIGATIONS, IN THIS COUNTRY OR ANY OTHER, THERE ARE CONSEQUENCES!!!

*REBUTTAL Individual responds: however there are HUMANS out there that deserve to be serviced by someone other than a subprime lender

*REBUTTAL Individual responds: however there are HUMANS out there that deserve to be serviced by someone other than a subprime lender

*REBUTTAL Individual responds: however there are HUMANS out there that deserve to be serviced by someone other than a subprime lender

*REBUTTAL Individual responds: however there are HUMANS out there that deserve to be serviced by someone other than a subprime lender

*Consumer Suggestion: As someone involved in the finance business, particulalrly the buying of mortgages, I must defend the industry as a whole.

*REBUTTAL Individual responds: Very Near Foreclosure

*Consumer Comment: Litton Loan and their So-called attorneys/collection agencies

*REBUTTAL Individual responds: LITTON FORECLOSURES

*Author of original report: I only had two hours to drive 2 hours to pay the stupid attorney

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If you have a mortgage with Litton Loan Servicing out of Houston Texas....you need to be aware of their shaded practices of foreclosure. You think Fairbanks Capital is bad ..Litton is just a bad. Forced place insurance was placed on my daughters home. She faxed on numerous occasions proof of insurance.

They went back for three years. Mailed mortgage payments in only to have returned saying that it was in foreclosure for not having made the full payment. Insurance department credited her account back for the forced placed insurance, however it was 5 weeks after foreclosure proceedings had begun. Now they want $2500 down and 1201.63 a month for 21 months to reinstate mortgage. Her original payment was $404. No accounting as to where the $25,000 will go only that if she wants to keep her house she must pay.

I know they are others out there with the same problem. This company has its own website for attorneys that can logged in to system, see who is in default, and file necessary foreclosure papers. Article on Larry Litton in Clayton states that this servicer wants foreclosures. They have set up a two way communication with attorneys, which feeds directly into Litton Loan servicing center. Now when the loan becomes a certain number of days delinquent, it automatically enters the web site.

Attorneys doing business with Litton Log onto the web site daily for new loans that have been assigned to them. ITS A MORTGAGE COMPANY DREAM. So if you have your payments sent back to you...They foreclose.Lets get the ball rolling and stop these predatory lenders from continuing this practice.

MH
Central, Florida
U.S.A.

This report was posted on Ripoff Report on 04/23/2003 09:26 AM and is a permanent record located here: http://www.ripoffreport.com/r/Litton-Loan-Servicing/Houston-Texas-77081/Litton-Loan-Servicing-Foreclosure-victimized-many-consumers-Houston-Texas-54072. 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 Comment

Attn Ron

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

You were very kind in your response to the poor souls that Litton was going to take their home.
However...There are plenty of boards that you could use your expertise. Why not try them.
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#2 REBUTTAL Individual responds

Thank you

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

Ron,

Thank you for the suggestions. I know we will find a way out of this situation.
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#3 Consumer Suggestion

ALSO....

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

Also, Preston, make sure that you abide by the covenants of the CH 13 proceedings. The lenders will wait, and have no choice but to do so.

Relief will be provided, and the creditors kept at bay. However, under the terms of the 13 proceedings, you will still be expected to keep paying on any seured assets or those where a lender has a security interest.

Should you fail to make the payments as directed by the Fed BK Judge, your case will be dismissed (INTERPRETATION: You did not take responsibiltiy for paying when we gave you some levity), and your case will be terminated. If terminated, the creditors will swarm down on you so quick you won't know what hit you.

Again, best of luck, and abide by the courts rules or the wrath will most certainly come, and your BK will have been in vain.
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#4 Consumer Suggestion

i understand

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

I understand your apprehensions. However, Litton, like many of the firms I purchase marginally or non-performing mortgage assets from are simply a servicing agent with collection expertise. These companies do not exist to take away peoples homes but are aspecialty agency that exist for the sheer purpose of getting under-performing mortgage notes to perform. Believe me when I say there is nothing that Litton wants more than to have cooperation with you in attempting to make your note perform and come into good standing.

It would be my recommendation to get extremely proactive in pursuing the refinance of your home or to get current on the arrears. I will also say that there are many "hard money" lenders out there who will loan 65-70% LTV (loan to value ratio) for long risk or somewhat risky borrowers. I happen to know a few who work like this:

Suppose you have a good deal of equity in your home yet are unable to obtain a conventional loan. At this point, without willing lenders to originate another loan, hard money lenders will provide an opportunity for homeowners to save thier home. Bear in mind that many homeowners are in dire risk of losing a home that they have invested thier hearts and souls in.

The hard money lender will refinance the home and reoriginate the loan, enabling the homeowner to keep thier asset. HOWEVER, the lender will loan 65%, but keep the acquired equity by loaning 100% against the asset.

Simply put, using round numbers, someone owes 50,000 on a home with an appraisal price of 100,000. The lender will give 65,000 yet 100,000 will be the amount of the new note, usually at between 8-10% APR. In effect, the slate is clean but the equity is history. The homeowner keeps thier home but starts all over again.

Also keep in mind that these hard money folks will foreclose quicker than other lenders vecause of the past credit history and long risk associated with the loan.

If you have a decent history, education, and income to debt ratio, Beneficial Mortgage and HFC will usually construct a refinance under close to conventional terms and allow you to save your acquired equity. Household is also a lender who will more than likely refinance you.

I am certain that if you call one of these lenders they will work with. Regardless of thier rates and terms, should you perform for a year, you will show good performance and, after a year under the terms of the new refinance, you will then qualify to refi again at a better rate and find level ground which you are pleased with.

I wish you the best, hope your wife finds gainful employment rapidly, and that you do not fall victim to a foreclosure.

And, for the record, I provide a service and prefer to have non-performers work with me to find a solution. Unfortunately, oftentimes they do not want the options I provide and fight the inevitable. They either disagree with my solution options or feel they are unfair, at which point I will consider them a charge-off, potential candidate for foreclosure, or just plain unrealistic and act accordingly.

Given the opprotunity, I think you might find these entities would rather find a mutually amicable compromise to than to foreclose.
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#5 Consumer Comment

I just found out that CharterOne Mortgage just sold ourloan to Litton.

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

The responses here make me feel really NERVOUS. To the response from Ron in KC, not all people that fall behind on their mortgage payments do it out of spite or indifference. Sometimes there are really legitimate reasons why someone falls behind. My wife was laid off from her job March 2002(she had just come off of maternity leave) and my income was reduced, due to the direct impact of 911 on the Telecom Industry. None of these circumstances were contributable to us. I reached out to CharterOne (numerous times) and asked to refi my house. They never called us back to complete an application. After deleting our savings to try to keep on top of the bills and my wife having difficulties trying to obtain employment (yes Ron, she has a college degree) it left me no choice but to file Ch13. I just hope and pray that we do not fall into this trap with Litton and can apply for refi with a company that has a good reputation. If someone knows a good company that will take a chance on a refi for us please do not hesitate to send it.
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#6 Consumer Comment

I just found out that CharterOne Mortgage just sold ourloan to Litton.

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

The responses here make me feel really NERVOUS. To the response from Ron in KC, not all people that fall behind on their mortgage payments do it out of spite or indifference. Sometimes there are really legitimate reasons why someone falls behind. My wife was laid off from her job March 2002(she had just come off of maternity leave) and my income was reduced, due to the direct impact of 911 on the Telecom Industry. None of these circumstances were contributable to us. I reached out to CharterOne (numerous times) and asked to refi my house. They never called us back to complete an application. After deleting our savings to try to keep on top of the bills and my wife having difficulties trying to obtain employment (yes Ron, she has a college degree) it left me no choice but to file Ch13. I just hope and pray that we do not fall into this trap with Litton and can apply for refi with a company that has a good reputation. If someone knows a good company that will take a chance on a refi for us please do not hesitate to send it.
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#7 Consumer Comment

I just found out that CharterOne Mortgage just sold ourloan to Litton.

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

The responses here make me feel really NERVOUS. To the response from Ron in KC, not all people that fall behind on their mortgage payments do it out of spite or indifference. Sometimes there are really legitimate reasons why someone falls behind. My wife was laid off from her job March 2002(she had just come off of maternity leave) and my income was reduced, due to the direct impact of 911 on the Telecom Industry. None of these circumstances were contributable to us. I reached out to CharterOne (numerous times) and asked to refi my house. They never called us back to complete an application. After deleting our savings to try to keep on top of the bills and my wife having difficulties trying to obtain employment (yes Ron, she has a college degree) it left me no choice but to file Ch13. I just hope and pray that we do not fall into this trap with Litton and can apply for refi with a company that has a good reputation. If someone knows a good company that will take a chance on a refi for us please do not hesitate to send it.
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#8 Consumer Comment

Ripped off by Litton, a few months behind Here we go again

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

Cassandra you wrote;" They told me there were late fees and lawyer fees but when I tried to argue this, I couldn't get anyone to break all these fees down. I didn't realize until I read the other woman's comments that they're probably added monthly late fees on as well since the bankruptcy office doesn't send the payment immediately. This has been very hard on us and I really need help if anyone had any suggestions."

First you need to write a RESPA letter, (Real Estate Settlement Procedures Act) which can be found at the FDIC web site. The purpose of this letter is to request an accounting of your account, suggest you demand that it be a forensic audit.

Cassandra you mentioned maybe the BK trustee did not make your payments timely and that may be why Litton has added undisclosed fees. There is protection from the courts in this instance and the trustee has the duty and fiduciary responsibility to make your monthly payments.

Based on some past victim's problems, Litton and other servicers tend to hold those fees, late and legal until after the BK, then Litton resocks it to you. The RESPA letter will allow you a chance to dispute these charges and Litton is required to answer that request within a 60 day period. That does not mean they will comply and try to force you back into a foreclosure.

You have a lot of work cut out for you but one thing you must do is get your contracts out and read them, then go to the clerks office (county or municipal) and see who owns your note. Look in particular if Litton has been assigned as a servicer.

Also on the original paperwork presuming that Litton threatened you with foreclosure and you chose to resolve it with BK 13, did the foreclosure notice indicate who owned your note? Some accounts are in trusts, (REMIC, mortgaged-backed securities).

If able you definitely need a good attorney, one experienced in contract and real-estate law and with an accounting background.

Noticed you are from Ohio also contact your state attorney general, governor and local papers and TV, get them involved. Do some searches on Litton Loan and join into some of the groups and open forums out there. These groups and sites besides RipOff Reports can give much ammunition and information on how to fight them.

Please do not despair or give up, you are not alone in this fight, little by little we are chipping away at them. There are currently 2 class action lawsuits against Litton Loan, one in TN and the other in CT. Check out some of the other postings here at RipOff to get that information and send them your notarized and signed statement.

Good luck and God Bless.
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#9 Consumer Comment

Ripped off by Litton, a few months behind, sent payment for entire past due amount, they returned it telling me they were foreclosing.

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

I think I have been ripped off by Litton as well, but I don't know what to do about it. I fell a few months behind with my mortgage and when I tried to send a payment for the entire past due amount, they returned it and refused to take any payments telling me it was going into foreclosure.

I had to file for chapter 13 bankruptcy to keep my house (this was almost two years ago) and now I'm having $1700. per month taken out of my paycheck for an $800.00 per month mortgage for the next five years. They told me there were late fees and lawyer fees but when I tried to argue this, I couldn't get anyone to break all these fees down. I didn't realize until I read the other woman's comments that they're probably added monthly late fees on as well since the bankruptcy office doesn't send the payment immediately. This has been very hard on us and I really need help if anyone had any suggestions.
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#10 Consumer Comment

Bless your heart Sub-prime lenders prey on the less advantage

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

I agree with you totally...Sub-prime lenders prey on the less advantage. My daughter had a conventional loan... From a local bank And then the money store chimed in because of the equity she had. Then it was sold to quess who Litton Loan. If you are a responsible lender and and only one can assume you are There is not of lot of deadbeats out there.The American Dream for a family is owning a home. There are people that are trying to save their homes and not paying the outrageous payments on rent.
I am sorry that you have been dealt an unfortunate situation with your mortgages. However there are alot of poor souls that could use your expertise.
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#11 Consumer Suggestion

Human...yes IF YOU DONT MEET YOUR FINANCIAL OBLIGATIONS, IN THIS COUNTRY OR ANY OTHER, THERE ARE CONSEQUENCES!!!

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

I thank you for your response to my rebuttal, and appreciate the spirit from whence it came. However, human or not, the wheels of America's economic machinery continue to spin despite cancer, hard times, hurricanes (insurance anyone?), and various other unforseeable detours.

Real Estate, from my standpoint, is nothing more than assetts. I would love to pay 50,000 for a mortgage, tying up dollars needed for my childrens college funds, our OWN house payment, health insurance, only to say "Gee honey, what a shame. I can't make the bills because someone in Florida has cancer." Or perhaps "Someone in Coffeeville Oklahoma lost thier job, so I'm afraid we can't finish the orthodontic treatment we started for our daughter". Maybe I should tell the orthodontist "Someone cannot afford to pay the note on thier house that I now hold. I'm going to take a loss.....how about if you do the treatment for free and cut ME a break, like I am doing for someone else?" Result? Crooked teeth.

Reality has a cold hard way of hitting us smack in the face on an almost daily basis. Are all folks out there deadbeats? NO. Are there a lot of irresponsible or, for sake of argument, unfortunate folks out there? Resoundingly-YES.

Foreclosure is the reality that occurs when you don't pay your mortgage. Try missing 6 months of car payments and see what happens. A tow truck will show up in the middle of the night and whisk it away. GM, Ford, Chrysler.... it does not matter. Whoever financed that car is going to come and collect thier delinquent assett. And if you needed that car to get to your cancer treatment, that would not prompt them to return the car on the following night like a tooth fairy.

I don't have that luxury. I'm in a position where my assett does not have wheels. So, I suppose I just gotta figure that MY 50,000 investment is a wash because poor Johnny fell on tough times. Hogwash.

I am not a servicer, yet I deal with and purchase assetts from quite a few. However, let me explain what Sub-Prime means. It means that, because of a lousy credit rating and poor pay history, a loan was granted with the understanding that since you are what we refer to as a risk, you are going to pay an inflated rate. It works like that with cars, and it works like that with houses. Refinance a home today with a 700+ credit score and you will get a 30 year fixed rate in the 5's. Refinance today with lousy credit and you'll be a high-risk, therefore allowing a Sub-Prime lender to take a long shot risk lending to you and you will pay a premium rate. Default, and your'e paper goes off to a servicer (translated COLLECTION AGENT)!

And let me also explain that this country is filled with folks who should have probably never been allowed to own a house. I know of regular working couples who make little more than minimum wage and make thier mortgage payments religously. I carry the paper for Hispanics who cannot even speak the language yet are like paymasters when it comes to a roof over thier heads. Because of this fact, they can refinance at a good rate, and can qualify for another home when they feel so inclined. Heck, lenders will line up for thier business. However, IF YOU DONT MEET YOUR FINANCIAL OBLIGATIONS, IN THIS COUNTRY OR ANY OTHER, THERE ARE CONSEQUENCES!!!

I do not endorse n**i-style collection tactics. I believe in compassion and empathy to some extent. I raise 2 kids, am a devoted and loving husband, attend church regularly, and am a soccer coach. I give to charity, but neither I or any other investor/servicer/bank/realtor is in business to grant free house titles.

Perhaps, as you would suggest, anyone who cannot pay thier mortgage should be able to call the House Fairy and get fee simple title for free? Perhaps, as you would suggest, there should be a clause at the bottom of every mortgage note saying "And should life present financial difficulties, or disease, or disastrous weather, than I can have the balance of my mortgage wiped clean and stiff the lender for the difference".

Boy.....wouldn't THAT create a housing boom?!?
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#12 Consumer Suggestion

Human...yes IF YOU DONT MEET YOUR FINANCIAL OBLIGATIONS, IN THIS COUNTRY OR ANY OTHER, THERE ARE CONSEQUENCES!!!

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

I thank you for your response to my rebuttal, and appreciate the spirit from whence it came. However, human or not, the wheels of America's economic machinery continue to spin despite cancer, hard times, hurricanes (insurance anyone?), and various other unforseeable detours.

Real Estate, from my standpoint, is nothing more than assetts. I would love to pay 50,000 for a mortgage, tying up dollars needed for my childrens college funds, our OWN house payment, health insurance, only to say "Gee honey, what a shame. I can't make the bills because someone in Florida has cancer." Or perhaps "Someone in Coffeeville Oklahoma lost thier job, so I'm afraid we can't finish the orthodontic treatment we started for our daughter". Maybe I should tell the orthodontist "Someone cannot afford to pay the note on thier house that I now hold. I'm going to take a loss.....how about if you do the treatment for free and cut ME a break, like I am doing for someone else?" Result? Crooked teeth.

Reality has a cold hard way of hitting us smack in the face on an almost daily basis. Are all folks out there deadbeats? NO. Are there a lot of irresponsible or, for sake of argument, unfortunate folks out there? Resoundingly-YES.

Foreclosure is the reality that occurs when you don't pay your mortgage. Try missing 6 months of car payments and see what happens. A tow truck will show up in the middle of the night and whisk it away. GM, Ford, Chrysler.... it does not matter. Whoever financed that car is going to come and collect thier delinquent assett. And if you needed that car to get to your cancer treatment, that would not prompt them to return the car on the following night like a tooth fairy.

I don't have that luxury. I'm in a position where my assett does not have wheels. So, I suppose I just gotta figure that MY 50,000 investment is a wash because poor Johnny fell on tough times. Hogwash.

I am not a servicer, yet I deal with and purchase assetts from quite a few. However, let me explain what Sub-Prime means. It means that, because of a lousy credit rating and poor pay history, a loan was granted with the understanding that since you are what we refer to as a risk, you are going to pay an inflated rate. It works like that with cars, and it works like that with houses. Refinance a home today with a 700+ credit score and you will get a 30 year fixed rate in the 5's. Refinance today with lousy credit and you'll be a high-risk, therefore allowing a Sub-Prime lender to take a long shot risk lending to you and you will pay a premium rate. Default, and your'e paper goes off to a servicer (translated COLLECTION AGENT)!

And let me also explain that this country is filled with folks who should have probably never been allowed to own a house. I know of regular working couples who make little more than minimum wage and make thier mortgage payments religously. I carry the paper for Hispanics who cannot even speak the language yet are like paymasters when it comes to a roof over thier heads. Because of this fact, they can refinance at a good rate, and can qualify for another home when they feel so inclined. Heck, lenders will line up for thier business. However, IF YOU DONT MEET YOUR FINANCIAL OBLIGATIONS, IN THIS COUNTRY OR ANY OTHER, THERE ARE CONSEQUENCES!!!

I do not endorse n**i-style collection tactics. I believe in compassion and empathy to some extent. I raise 2 kids, am a devoted and loving husband, attend church regularly, and am a soccer coach. I give to charity, but neither I or any other investor/servicer/bank/realtor is in business to grant free house titles.

Perhaps, as you would suggest, anyone who cannot pay thier mortgage should be able to call the House Fairy and get fee simple title for free? Perhaps, as you would suggest, there should be a clause at the bottom of every mortgage note saying "And should life present financial difficulties, or disease, or disastrous weather, than I can have the balance of my mortgage wiped clean and stiff the lender for the difference".

Boy.....wouldn't THAT create a housing boom?!?
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#13 Consumer Suggestion

Human...yes IF YOU DONT MEET YOUR FINANCIAL OBLIGATIONS, IN THIS COUNTRY OR ANY OTHER, THERE ARE CONSEQUENCES!!!

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

I thank you for your response to my rebuttal, and appreciate the spirit from whence it came. However, human or not, the wheels of America's economic machinery continue to spin despite cancer, hard times, hurricanes (insurance anyone?), and various other unforseeable detours.

Real Estate, from my standpoint, is nothing more than assetts. I would love to pay 50,000 for a mortgage, tying up dollars needed for my childrens college funds, our OWN house payment, health insurance, only to say "Gee honey, what a shame. I can't make the bills because someone in Florida has cancer." Or perhaps "Someone in Coffeeville Oklahoma lost thier job, so I'm afraid we can't finish the orthodontic treatment we started for our daughter". Maybe I should tell the orthodontist "Someone cannot afford to pay the note on thier house that I now hold. I'm going to take a loss.....how about if you do the treatment for free and cut ME a break, like I am doing for someone else?" Result? Crooked teeth.

Reality has a cold hard way of hitting us smack in the face on an almost daily basis. Are all folks out there deadbeats? NO. Are there a lot of irresponsible or, for sake of argument, unfortunate folks out there? Resoundingly-YES.

Foreclosure is the reality that occurs when you don't pay your mortgage. Try missing 6 months of car payments and see what happens. A tow truck will show up in the middle of the night and whisk it away. GM, Ford, Chrysler.... it does not matter. Whoever financed that car is going to come and collect thier delinquent assett. And if you needed that car to get to your cancer treatment, that would not prompt them to return the car on the following night like a tooth fairy.

I don't have that luxury. I'm in a position where my assett does not have wheels. So, I suppose I just gotta figure that MY 50,000 investment is a wash because poor Johnny fell on tough times. Hogwash.

I am not a servicer, yet I deal with and purchase assetts from quite a few. However, let me explain what Sub-Prime means. It means that, because of a lousy credit rating and poor pay history, a loan was granted with the understanding that since you are what we refer to as a risk, you are going to pay an inflated rate. It works like that with cars, and it works like that with houses. Refinance a home today with a 700+ credit score and you will get a 30 year fixed rate in the 5's. Refinance today with lousy credit and you'll be a high-risk, therefore allowing a Sub-Prime lender to take a long shot risk lending to you and you will pay a premium rate. Default, and your'e paper goes off to a servicer (translated COLLECTION AGENT)!

And let me also explain that this country is filled with folks who should have probably never been allowed to own a house. I know of regular working couples who make little more than minimum wage and make thier mortgage payments religously. I carry the paper for Hispanics who cannot even speak the language yet are like paymasters when it comes to a roof over thier heads. Because of this fact, they can refinance at a good rate, and can qualify for another home when they feel so inclined. Heck, lenders will line up for thier business. However, IF YOU DONT MEET YOUR FINANCIAL OBLIGATIONS, IN THIS COUNTRY OR ANY OTHER, THERE ARE CONSEQUENCES!!!

I do not endorse n**i-style collection tactics. I believe in compassion and empathy to some extent. I raise 2 kids, am a devoted and loving husband, attend church regularly, and am a soccer coach. I give to charity, but neither I or any other investor/servicer/bank/realtor is in business to grant free house titles.

Perhaps, as you would suggest, anyone who cannot pay thier mortgage should be able to call the House Fairy and get fee simple title for free? Perhaps, as you would suggest, there should be a clause at the bottom of every mortgage note saying "And should life present financial difficulties, or disease, or disastrous weather, than I can have the balance of my mortgage wiped clean and stiff the lender for the difference".

Boy.....wouldn't THAT create a housing boom?!?
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#14 Consumer Suggestion

Human...yes IF YOU DONT MEET YOUR FINANCIAL OBLIGATIONS, IN THIS COUNTRY OR ANY OTHER, THERE ARE CONSEQUENCES!!!

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

I thank you for your response to my rebuttal, and appreciate the spirit from whence it came. However, human or not, the wheels of America's economic machinery continue to spin despite cancer, hard times, hurricanes (insurance anyone?), and various other unforseeable detours.

Real Estate, from my standpoint, is nothing more than assetts. I would love to pay 50,000 for a mortgage, tying up dollars needed for my childrens college funds, our OWN house payment, health insurance, only to say "Gee honey, what a shame. I can't make the bills because someone in Florida has cancer." Or perhaps "Someone in Coffeeville Oklahoma lost thier job, so I'm afraid we can't finish the orthodontic treatment we started for our daughter". Maybe I should tell the orthodontist "Someone cannot afford to pay the note on thier house that I now hold. I'm going to take a loss.....how about if you do the treatment for free and cut ME a break, like I am doing for someone else?" Result? Crooked teeth.

Reality has a cold hard way of hitting us smack in the face on an almost daily basis. Are all folks out there deadbeats? NO. Are there a lot of irresponsible or, for sake of argument, unfortunate folks out there? Resoundingly-YES.

Foreclosure is the reality that occurs when you don't pay your mortgage. Try missing 6 months of car payments and see what happens. A tow truck will show up in the middle of the night and whisk it away. GM, Ford, Chrysler.... it does not matter. Whoever financed that car is going to come and collect thier delinquent assett. And if you needed that car to get to your cancer treatment, that would not prompt them to return the car on the following night like a tooth fairy.

I don't have that luxury. I'm in a position where my assett does not have wheels. So, I suppose I just gotta figure that MY 50,000 investment is a wash because poor Johnny fell on tough times. Hogwash.

I am not a servicer, yet I deal with and purchase assetts from quite a few. However, let me explain what Sub-Prime means. It means that, because of a lousy credit rating and poor pay history, a loan was granted with the understanding that since you are what we refer to as a risk, you are going to pay an inflated rate. It works like that with cars, and it works like that with houses. Refinance a home today with a 700+ credit score and you will get a 30 year fixed rate in the 5's. Refinance today with lousy credit and you'll be a high-risk, therefore allowing a Sub-Prime lender to take a long shot risk lending to you and you will pay a premium rate. Default, and your'e paper goes off to a servicer (translated COLLECTION AGENT)!

And let me also explain that this country is filled with folks who should have probably never been allowed to own a house. I know of regular working couples who make little more than minimum wage and make thier mortgage payments religously. I carry the paper for Hispanics who cannot even speak the language yet are like paymasters when it comes to a roof over thier heads. Because of this fact, they can refinance at a good rate, and can qualify for another home when they feel so inclined. Heck, lenders will line up for thier business. However, IF YOU DONT MEET YOUR FINANCIAL OBLIGATIONS, IN THIS COUNTRY OR ANY OTHER, THERE ARE CONSEQUENCES!!!

I do not endorse n**i-style collection tactics. I believe in compassion and empathy to some extent. I raise 2 kids, am a devoted and loving husband, attend church regularly, and am a soccer coach. I give to charity, but neither I or any other investor/servicer/bank/realtor is in business to grant free house titles.

Perhaps, as you would suggest, anyone who cannot pay thier mortgage should be able to call the House Fairy and get fee simple title for free? Perhaps, as you would suggest, there should be a clause at the bottom of every mortgage note saying "And should life present financial difficulties, or disease, or disastrous weather, than I can have the balance of my mortgage wiped clean and stiff the lender for the difference".

Boy.....wouldn't THAT create a housing boom?!?
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#15 REBUTTAL Individual responds

however there are HUMANS out there that deserve to be serviced by someone other than a subprime lender

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

I want to thank you for your response..Somebody needs to make money now and then.. However, you need to research the predatory lending practices.
My daughters home was foreclosed on for forced placed insurance ie. Making the monthly payment which then accerlated to double and triple the amount. No acccounting as to where the funds were going. And you think that everyone that has responded is a deadbeat and does not pay their bills....I beg to differ. You are in your busness to make money, however there are HUMANS out there that deserve to be serviced by someone other than a subprime lender. You think about that...To add another comment.. The storms that have gone through Florida have left many without income.. Yeah right The Bushes have sturck again promsing lost wages etc. So how are we to pay our mortgages with no money?? How about the couple that has insurance and the sole breadwinner has cancer and is dying. Tough right?? So they miss a chemotherapy for their mortgage and they are sold to a subprime lender??
You need to look yourself in the mirror and hope hard times do not fall on you.
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#16 REBUTTAL Individual responds

however there are HUMANS out there that deserve to be serviced by someone other than a subprime lender

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

I want to thank you for your response..Somebody needs to make money now and then.. However, you need to research the predatory lending practices.
My daughters home was foreclosed on for forced placed insurance ie. Making the monthly payment which then accerlated to double and triple the amount. No acccounting as to where the funds were going. And you think that everyone that has responded is a deadbeat and does not pay their bills....I beg to differ. You are in your busness to make money, however there are HUMANS out there that deserve to be serviced by someone other than a subprime lender. You think about that...To add another comment.. The storms that have gone through Florida have left many without income.. Yeah right The Bushes have sturck again promsing lost wages etc. So how are we to pay our mortgages with no money?? How about the couple that has insurance and the sole breadwinner has cancer and is dying. Tough right?? So they miss a chemotherapy for their mortgage and they are sold to a subprime lender??
You need to look yourself in the mirror and hope hard times do not fall on you.
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#17 REBUTTAL Individual responds

however there are HUMANS out there that deserve to be serviced by someone other than a subprime lender

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

I want to thank you for your response..Somebody needs to make money now and then.. However, you need to research the predatory lending practices.
My daughters home was foreclosed on for forced placed insurance ie. Making the monthly payment which then accerlated to double and triple the amount. No acccounting as to where the funds were going. And you think that everyone that has responded is a deadbeat and does not pay their bills....I beg to differ. You are in your busness to make money, however there are HUMANS out there that deserve to be serviced by someone other than a subprime lender. You think about that...To add another comment.. The storms that have gone through Florida have left many without income.. Yeah right The Bushes have sturck again promsing lost wages etc. So how are we to pay our mortgages with no money?? How about the couple that has insurance and the sole breadwinner has cancer and is dying. Tough right?? So they miss a chemotherapy for their mortgage and they are sold to a subprime lender??
You need to look yourself in the mirror and hope hard times do not fall on you.
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#18 REBUTTAL Individual responds

however there are HUMANS out there that deserve to be serviced by someone other than a subprime lender

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

I want to thank you for your response..Somebody needs to make money now and then.. However, you need to research the predatory lending practices.
My daughters home was foreclosed on for forced placed insurance ie. Making the monthly payment which then accerlated to double and triple the amount. No acccounting as to where the funds were going. And you think that everyone that has responded is a deadbeat and does not pay their bills....I beg to differ. You are in your busness to make money, however there are HUMANS out there that deserve to be serviced by someone other than a subprime lender. You think about that...To add another comment.. The storms that have gone through Florida have left many without income.. Yeah right The Bushes have sturck again promsing lost wages etc. So how are we to pay our mortgages with no money?? How about the couple that has insurance and the sole breadwinner has cancer and is dying. Tough right?? So they miss a chemotherapy for their mortgage and they are sold to a subprime lender??
You need to look yourself in the mirror and hope hard times do not fall on you.
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#19 Consumer Suggestion

As someone involved in the finance business, particulalrly the buying of mortgages, I must defend the industry as a whole.

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

Litton, Fairbanks, and other companies this site rails about are doing a tough gig. You talk of greed and n**i style tactics, but what your site fails to mention is that these companies specialize in SUB PRIME, MARGINALLY PERFORMING, and NON-PERFORMING loans.

I have bought numerous assetts in the non-performing catagory where the owners had put on new siding, new roofs, thermal windows, and HAVE NOT made a mortgage payment in 3 years. In fact, the aspect of my job which I hate the most is having to hunt down deadbeat owners who refuse to accept the fact that they are going to lose thier home because they are absolutely irresponsible and seriously delinquent.

You also fail to mention that there are oodles of mortgages out there where, regardless of full payment or not, are a loss to the servicers. When you cannot find a delinquent owner who took out a 50k mortgage on a property which, due to neglect and blight, could not be sold for 20k,, it is a loss any way you slice it.

The servicing industry/collections game is not a fun one. Servicers deal with hang-ups, nasty people, and grudge ridden deadbeats as a course of business.

And, just to give an example: I just purchased a non-performing loan that has an unpaid balance of 36,000. A payment has not been made for 2 1/2 years, yet there is a renter in there who pays 400 per month like clockwork. The debtor pockets the money and stiffs the mortgage company.

I skip-traced and found the owner living in a newer house with a mercedes in the driveway. I told him to either pay the balance in full, sign a deed in lieu of foreclosure and convey the property to me as the note holder, or i would foreclose. he won't even return my calls now and hides behind his closed door.

albeit many of the complaints on this site are legitimate, i am the first to state that i will get immense pleasure out of foreclosing on this guy just mentioned. I will garnish his wages, lien everything i can, and will be relentless in trying to take every penny i can get my hands on. WHY? Because I gave him an out, and he decided to just ignore me, make me pay thousands in legal expenses, and wait for a year to get the assett i paid hard cash for while he collects income from it.

when employees at "THE RIP OFF REPORT" get stiffed for forty grand, or when they have ignorant, nasty, irresponsible jerks make them out to be bad guys when it is them actually at fault, then they can cast dispersion. Sure, when you service 400,000 mortgages there are going to be snafus. However, for a guy like me who buys 10 at a time and can knock on doors because i am in the same city as the original borrower, i can state as fact that most of these sub-prime non-performing loans went to jerks who never SHOULD have been allowed the loan or the home, and I am happy to displace them and get a responsible family in there who can honor the payment obligation.
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#20 REBUTTAL Individual responds

Very Near Foreclosure

AUTHOR: Wesley And Shelley - (U.S.A.)

Hi
My hubby and i had our loan transferred over to litton loan servicing in Houston Tx 3 yrs ago, first of all we got notified 3 months after sending our payments for our mortgage to Greentree that they will be but havent sent our payments back to us that litton loan bought our mortgage from them, we got a letter from litton stating we are going into foreclosure due to non-payment on our mortgage which we had no idea we were bought out, come last year 2003 my hubby and i work offshore and due to me having a lawsuit, they fired my hubby in hopes of me stopping the lawsuit, they blackballed him from the gulf making it impossible to get work and with what i made offshore was enough to pay the bills and some extra but not enough to make the mort payments, we contacted litton telling them to please help us they told me to fill out a hardship form which was mailed to us two weeks later, after we filled it out and sent them the appropriate paperwork needed we never heard back from them, we called everyday for 2 weeks leaving our name and number and still no contact.then in Aug 03 i broke my foot i am still off work but in Sept 03 my hubby got a one month job in Nigeria, i contacted litton they said we were behind 15000 at that time, i told them i can give them a lump sum of 7000. for sept a Mr. Hinch informed me it would go towards the backed up mortg pmts, to find out in Nov 03 we had to declare bankrupcy, and our backed up pmts went from 15000 to 26000. i asked litton where did my 7000. go?? they said towards backed up fees late pmts, lawyer fees etc. i was lied to by Mr. Hinch when he told me they would go towards backed up mort pmts he lied, then he said they could re-finance us once caught up another lie to find out litton doesnt do that. i called litton now July 04 and asked them where did the extra 11000. come from on the balance owing? they said late pmts, fees, lawyers, but if i gave 7000. that should be at the least 19000.00, since the bankrupcy i found out when i do send a pmt it goes to the bankrupcy dept, which is held there for 2 weeks before they cash the cashiers check, making us have late fees every month, now Aug 04 we are supposed to go to foreclosure by the 14th of this month they asked me to fill out another hardship and see if they can re-write the loan to a lower interest rate, im still waiting, and foung out the woman i was to contact at litton is non-existant. We dont want to lose our home but we dont have any alturnative. in tx i found out the mort companys have more rights then the human person. so they can keep getting away with lieing to people and ignore calls and continue to get homes, only thing with our home it needs so much work inside and out they will not benefit no gain from taking it, our sons room is full of fist holes he punched and its very run down. but we are willing to clean it all up only if we keep it. is there anyone out there that can give us legal advice to save our home??? if so email us at WVixen@aol.com i have 6 cats and love them all, i have no where to keep them if we lose our home, they are my babies. PLEASE SOMEONE HELP US?

[DELETED]
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#21 Consumer Comment

Litton Loan and their So-called attorneys/collection agencies

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

First of all I would like to thank Mary H for her conviction to tell her daughter's story about a family home.

Everyone listen up Litton could care less about the memories and feelings that make a house a HOME. All they care about is greed and more greed.

This is for Richard can thank you enough to let the world know that we are all fighting back and that these law firms especially those in New
York State had better watch their backs and books, cause Spitzer is a New Yorker and he listens.

Next we have the update there is another law firm putting together a class action. If interested [place your comments below and be sure to put your contact information so Rip-off Report can contact you.]

Richard be advised that there are some class actions started, also there are many support groups out there. I visit daily a [DELETED]
that's name is what we all wish to do, [DELETED].

Please visit us and take a look at the Mother of All Class Action lawsuits ever.

Thank you for standing up and expressing your first amendment, Freedom of Speech.

God be with you in all you do!
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#22 REBUTTAL Individual responds

LITTON FORECLOSURES

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

IN NEW YORK, LITTON HAS A PARTNER IN CRIME THAT IS THE LAW OFFICES OF CARUS & MINNIELLO,PC OF 115 EILEEN WAY, P.O. BOX 9021 SYOSSET NY 11791, 516-364-4500, THEY PUT YOU IN FORCLOSURE AT THE 90TH DAY AND CARUS, CHARGES YOU 4,000.OO PLUS THE BACK PAYMENTS TO REINSTATE YOUR MORTGAGE THIS HAPPENED 4 TIMES TO ME. ATTORNEY QUICKLY SETS UP A FILE SENTS A LISPENDENCE TO YOU COUNTY AND CLAIMS HIS EXPENCES AR LIGIT, HOWEVER HE WILL NEVER SUPPLY YOU WITH A WITTEN BREAK DOWN. CROOK # 2-- STATE ATTORNEY GENERALS OFFICE SHOULD BE BROUGHT IN ON THIS AS WELL AS A CLASS ACTION SUIT TO BOTH LITTIN AND CARUS.
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#23 Author of original report

I only had two hours to drive 2 hours to pay the stupid attorney

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

After two attorneys and no luck...I decided to call Litton Loan President and CEO. Got a real nice lady...She did however refer me to one of the officers. It was to late to stop the foreclosure.

My daughter lost the house that I grew up in because of Litton's failure to document anything. On a 40M mortgage they wanted 25M to reinstate.

However, after contacting the President office, they finally said that they would reinstate for 9,600. Big difference. I only had two hours to drive 2 hours to pay the stupid attorney. Ran out of time and energy. Litton needs to be stopped. Ban together and join a class action lawsuit pending bigclassaction.
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