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I’ve always been a fan of Litton Loan Servicing in their commitment to helping homeowners that need mortgage help through mortgage loan modification. By far, Litton has been the most aggressive servicer in writing down principal balances for clients that are underwater on their homes, and they have been fully committed to providing excellent customer service to borrowers; typically low hold times and prompt responses on mortgage loan modification and loan workout requests.
Why is this important to you? Well, a loan modification can help you lower your interest rate, your monthly mortgage payment, and even possibly your loan balance, as shown through the loan modification agreement below. Regardless of which lender you have, if your loan was originated any time during the last 10 years, you most likely are paying too much for your mortgage. You do not necessarily have to be late on your mortgage to qualify, and a loan modification will not hurt your credit history. If you are experiencing financial hardship, then a mortgage loan modification will help you save your home!
Litton Loan Servicing now participates in Making Home Affordable, which is great news for borrowers that currently have mortgages with Litton. Under the Home Affordable Modification Program, which is the Obama Administration’s Loan Modification Program, homeowners can achieve interest rates as low as 2% on 30 year and 40 year fixed mortgages.
Of all of the servicers, Litton responds most favorably to attorney assisted loan modification requests. ModificationZoom’s contract attorneys are intimately familiar with working with Litton to get the very best loan modifications for homeowners, and will guarantee a succesful, aggressive loan modification.
Here is a Loan Modification Agreement from Litton. The client’s interest rate was reduced from a 7.375% I/O (Interest Only) Loan to 4.68% Fixed, and the client’s loan balance was reduced from $688,000 to $380,391. This is a principal balance reduction of over $300,000; over $300,000 of her debt was completely forgiven! The old payment on her loan was $4,888, and she was only making interest payments. Her payment is now $3,583, saving her $1,305 every month, and no longer I/O!
If your mortgage is among the 370,000 mortgages currently held by Litton Loan Servicing, ModificationZoom can definitely help you get the very best results on a mortgage loan modification. Regardless of who your lender is, we can help you get a loan modification! Apply for help by completing the “quick-qual” application to the right, and a loss mitigation specialist will connect with you!
Adding HAMP to Litton’s already impressive in house loan modification programs is a step in the right direction! Here’s the original Press Release from Business Wire detailing Litton Loan Servicing now participating in Home Affordable Modification Program (HAMP):
HOUSTON–(BUSINESS WIRE)–Litton Loan Servicing is pleased to announce it has signed the agreement with the U.S. Department of the Treasury to participate in the Home Affordable Modification Program (HAMP). Since March, Litton has offered more than 38,000 modifications to struggling homeowners using terms in accordance with the broad principles of HAMP, and has built infrastructure to fully implement the program.
Litton has been a pioneer in the mortgage servicing industry by providing innovative foreclosure avoidance solutions to homeowners for more than 20 years. The company has been, and continues to be, a proponent of thoughtful and practical loan modifications that provide affordability to homeowners.
“Our company has used modifications as the primary method of helping homeowners avoid foreclosure. In the 12 months prior to the announcement of the Home Affordable Modification program, we modified more than 44,000 loans, representing about 10% of our loan portfolio. As the details of the federal program emerged, we continued to modify loans, and by adopting this program, we will continue to make every effort to keep homeowners in their homes,” said Larry B. Litton, Jr., Litton’s president and CEO.
Litton customers who are having difficulty making their mortgage payments are encouraged to call (800) 247-9727 or visit www.littonloan.com to determine if they are eligible for a modification or other loan workout solution. Homeowners who are interested in learning more about the Home Affordable Modification program may find details at www.makinghomeaffordable.gov.
Houston-based Litton Loan Servicing LP is a mortgage servicing company specializing in loss mitigation and default management for residential loans. Since its inception in 1988, Litton’s primary objective is to help customers avoid foreclosure and preserve homeownership. Currently Litton services approximately 370,000 mortgage loans across the country. For more information, please visit www.littonloan.com.
If you are in need of a loan modification to help prevent and avoid foreclosure, get a guarantee. Do not trust your financial future in the lender that put you in a bad loan in the first place. For a referral to the very best Loan Modification Attorney in your area, complete the ModificationZoom “quick-qual” application to the right, and a loss mitigation specialist will contact you shortly.
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I have found Litton to be the opposite of anything written here. Our first attempt at a modification did nothing but raise our mortgage payment, and even though we didn’t officially agree to this modification and indicated via a formal letter that this monthly payment was cause for concern, they cashed our “required to continue with processing your modification contribution check” of over $3,000.00 anyway and finalized the modification. Our second attempt, which began in January 2009, proceeded with the first set of documents required being “misplaced”, the second set was received and we pre-qualified for HAMP, but, your guess is as good as mine where we stand now. Have YOU ever tried to call and talk to someone with any authority at Litton? Well, it’s been roughly 6 months and I still can’t reach anybody. We receive a lot of form letters requesting the same information over and over again, but I’m done killing trees to satisfy their needs. Consumers are not as ignorant as Litton thinks, they just need to be made aware of exactly who and what they are dealing with. It would appear they are not following their HAMP agreement with Fannie Mae either, at least as far as we are concerned. Only time and a few more letters will tell.
Hi Palmbo — When I read your letter it’s like I’m reading my own problems. Have you received any news from them since this posting??
Litton Loan is owned by Goldman Sachs, one of the most powerful finacial institutions in the world. We made our
pre-trail modification payments and they still auctioned our house with no prior warning. We need some large organization to file a class action suit! Also Litton Loan was given 1.1 billion in TARP funds.
I now have to leave my home of 23 years in two weeks!
avondsm7220@yahoo.com
Palumbo,
I’m very much sorry to hear that your experience with Litton has been so vexing and frustrating. I’d be happy to e-mail you phone numbers for a couple of key Litton contacts, if you think that will help your case, or someone here can take a look over the package that you submitted, and we can provide some free loan modification advice / guidance to help you get your loan modification. We have a very easy time getting loan modifications from Litton, and, as stated in the post, they respond very well to Attorneys. You may want to consider hiring a local attorney, or having us put you in touch with a reputable Loss Mitigation Attorney.
I personally have negotiated modifications with Litton for free for a number of homeowners that couldn’t afford to hire an attorney, so YES, I have dealt with Litton reps personally on the phone. Persevere, don’t throw in the towel, and let me know how I can help.
Please e-mail me with those Litton contact phone numbers. Thank you.
Trying since 11/2008 for a modification. Wondering if you had any luck with contact phone numbers??
Lisa, everyone seems to be getting the best results by contacting the executive resolution team directly.
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OMG how much are those criminals paying you to put that crap up here. They are the most arrogant donkeys i have ever worked with. Actually cant even say work with because they wont work with me.I dont understand how there stockholders and investers could allow these idiots to take care of there investments. They would rather sell my house at a sherriff sale for a 200k loss than to lower my interest rate from 8.5 to 4.5 so i could afford to stay in my home. They think a 1 yr modification droping my payment 30 dollars a month for 1 yr is a great deal for me. They are not serious or they wouldn’t insult me with this retarded offer. I’m having financial hardship because of the economy and my business has had 150k loss in sales during the last 2 yrs. It will eventually recover but they could care less. Taking 30 a month off isnt enough to make any difference but 3-4 hundred would make it so i could afford to stay and make payment on time again.
Gary,
I wish Litton was paying me for good PR! My experience has been that Litton is very easy to work with, and based upon 97%+ success rate of our attorneys in working with Litton and getting very aggressive loan modifications (see the above completed mod, for example), its my personal belief that they respond well to professional loan modification requests.
This does not in any way discount your efforts, and there are always bad apples / negotiators at each and every lender’s loss mitigation department. If you truly would like help, feel free to email me at justin@modificationzoom.com.
I have to agree with others. Litton is inconsistent from one day to another, gets documents, denies they have them. Doesn’t ask for items, then declares late into the game “Oh we need this, we need that” when you have IN WRITING what they said they “needed”.
I have been getting a BIG RUNAROUND from Litton for months. They don’t even ACKNOWLEDGE payments made to them! They basically try to be as invasive as possible, going well beyond the SCOPE of what is needed. For example, you send them your copy of your tax return, along with a form for them to GET the tax return from the IRS AND THEN? Then they claim that because the COPY wasn’t signed, they can’t use THAT. WHY?
You’ll get the SIGNED copy from the IRS. NOW they say they need a bank statement? BEFORE THEY SAID THEY NEEDED TO SEE THE MONEY GOING INTO THE BANK, SO THEY GOT A PRINTOUT FROM THE BANK SHOWING THAT.
They want the statement to dick people around, period. Next month it will be some other thing they ask for.
Cynthia,
I’m beginning to have a good deal more sympathy for homeowners that are getting the run around from Litton. It’s been our experience that they are good to work with, and we typically do not have problems in dealing with them.
The signed form that they are asking for is a 4506(t), which allows them to request a copy of your tax returns from the IRS. The reason why they need this document is to establish that the tax returns you have submitted are not fraudulent. I understand that it makes absolutely no sense to ask for a copy of your tax returns when they are going to get a copy from the IRS at a later date anyways, however, this simply is Litton’s process.
Ultimately, the truth of the matter is you are dealing with the run-around (most likely) of an overworked negotiator responsible for hammering out hundreds of modifications per day; If he/she can find a small reason to shelve your file rather than have to go through the entire process of approving or declining it, the sad truth is most likely they will.
I can’t urge this enough: be persistent, always be polite, and provide the “necessary” documentation, as many times as necessary. Eventually you will build a good rapport with your negotiator, and amazingly enough, they will devote more attention to your file, and suddenly you will no longer find yourself being asked for superfluous documentation.
All in all, regardless of your lender, take a look at the time involved and weigh it against the benefit. Ok, it may (pardon my language) piss you off to be involved in the loss mitigation process for a total of 6 hours over a 2 month duration, however, if you are saving over $1,000 / month, every single month, and you are able to keep your home and avoid foreclosure, it’s definitely worth the time spent working with someone (your lender’s negotiator) that you despise.
Look at it as a $2,000 dollar an hour job if you have to (assuming you stay in the house a year+)! ($1,000 / month savings x 12 months / 6 hours of work)
Fight the good fight, and best of luck to you. If you need additional help, contact me directly at 202-580-0637.
Justin
Look up Litton Loan on any search engine, check the thousands of FTC filings, and just experience them yourself…really. AMERICANS ARE NO FOOLS. Stop trying to use polite rhetoric to tame the ugly truth.
Plain and simple google Litton Loan Services and all that comes up are complaints and the word scam. I contact an Attorney and he told me to keep my money because “Litton is the worst of the worst”.
Mike
I think I’m beginning to revise my previous opinion of Litton; there have been a number of cases where homeowners have contacted us after attempting to work with Litton on their own, and the extent to which they have been mistreated is horrific. Will be updating this post soon.
You must be writing this only positive crap about Litton in the Internet because you are either sadly misguided or on thier payroll. Don’t do this and speak the truth. Americans are not stupid and your credibility will vanish and no one will trust you.
Litton gave me and my family a false hope just to get more money out of us while collecting Obama’s stimulus package. Exploiting vulnerable families and the federal government in the worst economy of decades is unjust and punishable.
Litton Loan is the worst of the worst in the business. all you have to do is Google it.
I GOT THROUGH, YOUR RIGHT THE THUGS (LITTON)DID GIVE ME A BATTLE ,BUT IN THE LONG RUN I GOT A MOD FROM A HIGH 10.25% DOWN TO 4.6% I PUT MY FAITH IN GOD NOT LITTON GOD IS GOOD.
We have been trying to deal with Litton for 2 yrs now, although they have been extending our sale date every 30 days since july 09. we still are trying to get them to agree to lower our interest rate of 11.1% to something manageable. If anyone has a number of someone at Litton that has a heart and will listen, could you please email it to me. we have tried as many as 4 or 5 modification companies as a go between, but each one comes back saying that Litton will not modify. We are DESPERATE.
ALOHA & GOD BLESS,
MARK & GWEN
Hi Desperate,
CALL THE EXECUTIVE RESOLUTION TEAM, do NOT deal with the customer service people, because they don’t know WHAT they are talking about , at least 50% of the time….and ya never know which 50% you’re dealing with. There is a guy there named George, who does TRY to help, but he can’t help that much.
I’d call the ERT at Litton to try to get an answer. I’d also STRONGLY suggest that you go DIRECTLY to the MAKING HOME AFFORDABE. GOV
website, DOWNLOAD THE OFFICIAL REQUEST FOR A HAMP MODIFICATION AND FAX THAT TO LITTON, along with the rest of the docs, if you go there you will find EVERYTHING needed to start the ball rolling. Just make SURE that Litton DISCLOSES FULLY ALL UPCOMING ESCROW PAYMENTS, so you, unlike me, GET TO MAKE AN INFORMED DECISION ABOUT IF WHAT YOU END UP OWING EVEN MAKES SENSE TO STAY, I’m so frustrated trying to get them to just make the screwed up modification I got work. They certainly COULD, if they wanted to, make it work, but they hardly seem to want to do more than get me to just pay, pay, pay, way, way, way more than this place is worth. If I’d had any idea that the mod they offered me FAILED to make the taxes current, I certainly WOULD NOT have signed it, until we figured that piece of it out in a way that I could manage.
Hi Justin, and Everyone.
Well here is my update. I have been ESCREWED over by Litton Loan Servicing.
Here is what happened.
11/19/09 they draft and send me a FINAL modification. I ASSume, this brings everything, like my unpaid taxes, insurance, and mortgage, CURRENT. I see an escrow shortage of 843.42, has been disclosed and is included in the new modified and far more affordable payment of 933.91/month. It does NOT offer me the 2% for the life of the loan I had been TOLD I’d get, it adjusts from 2% for the first five years, up to FIVE percent, which is just below what the original mortgage was at 6.5 for life.
Fine, not as good as what was alluded to, BUT better than it was and I’m happy to see they did STOP including my child support payments, which they did NOT tell me I was NOT obliged to include.
NOW comes the interesting part. Within DAYS of signing and notarizing this new deal with me, Litton Loan Servicing goes and PAYS OVER SIX GRAND IN DELINQUENT TAXES, which they now ESCREW me with, and it keeps going, as I see they actually anticipate over an EIGHT GRAND ESCROW shortage. I am shell shocked. I feel like walking. My house is in need of repairs, the high costs of living here, didn’t leave me with much to do much with.
Meanwhile, a home built by the same builder, that looks a lot like mine, EXCEPT, it has: a two car heated garage, a wrap around porch with a big deck out back, and has recently been given NEW FLOORS, NEW KITCHEN UPDATES, and some new wallboard, is assessed by the town at OVER 300k, mine is assessed at just over 200k– fine well that MUCH NICER place, sold for, get this 179,000 recently after sitting EMPTY most of the year. I doubt mine would even get 160,000, it needs updating and some repairs, I haven’t had ANYTHING much left to maintain things with. Meanwhile, I agree to EVEN PAY MORE for this place, 195,000! just so I can keep it, and have an AFFORDABLE place to live, well so much for that. I’m ready to walk and declare bankrupcy if Litton won’t fix the problem modification in some reasonably mutually agreeable way, rather than try to ESCREW me over. They can cut their losses and sell it for whatever they can. I can rent with an option a big four bedroom duplex for LESS than the 933/month AND have income from the rental! So… what am I even waiting for, LITTON IS NOT TRYING TO HELP ME OUT WITH THAT MESS OF A MODIFICATION.
I have a Litton Mortgage in Virginia. They have given me the same ‘service’ as what I have read on hundreds of complaints. They offered a trial modification and I made payments on time. they SENT MY PAYMENTS BACK – saying it my trial modification was not approved – After getting the approval letter! then, after sending payments back, they said I was in default for not paying as agreed in the trial modification. Every payment was on time. They even lost one, and for 6 months it is ‘lost’ not credited to my account nor returned.
I have been around and around with them for years, and I have been forced to go through Chapter 13 proceedings to keep my house. Litton says I owe Way more than I actually do, I am amking regular monthly payments while bankruptcy proceedings progress. The only reason I chose this path was to keep my house and buy some time to try and get out from under Litton’s talons. All my other bills are manageable, and I feel this is my only option.
IF you have any information to ‘join forces’ against Litton, please reply and point me in the right direction. I am a single mom, just holding it together, but the stress alone from this company is giving me health problems, causing strife with family and job. I just want to be done with them, and have them pay for how they have misreated thousands of other families.
Litton tried to rob my mother and while she was on the phone for over 2 hours telling them they were wrong to ask her to pay what they were asking,she had a spell and died of a heart attack.Litton Loan is murderers and theives and may continue to rob people here on earth but they all will still stand before the Almighty on Judgment day and give an account before they all are cast ALIVE into the Lake of Fire.Litton Loan, God Almighty will have the last word with you all,and this will be one thing you wont buy yourselves out of.Amen.
Pamela D be sure while you are in your bankruptcy that you get your BK Attorney to get a payment history months before your discharge.Litton Loan will build late charges against you even while in bankruptcy.Go through the payment history and you will see where your Trustee (i.e.if you have a Trustee paying your mortgage note for you?)on your payment history every month will be itemized by a number, and you will see where Litton Loan will receive the payments on time but will post them after the due date and grace period date and will demant thousands upon thousands when you are discharged and not under the protection of the Automatic Stay any longer.Litton will also force place insurance charges on you during bankruptcy,even though you show them proof you have it.Be sure to tell your BK Attorney these possibilities of what Litton could secretly be doing to you.