Litton Loans - FAQ |
How is Litton Loans different from other loan and mortgage companies? |
| Most loan and mortgage companies will sell your loan to someone else if you are late paying your mortgage payments, at least if youre late on a regular basis. They arent in the collections business and have no interest in being in the real estate business, so they dont want to call you or foreclose on you. Litton Loans is a mortgage company that will buy subprime mortgages from banks as a sort of lender of the last resort. They are just as interested as the bank in getting your money, not your house, but they are able to work with you. Litton Loans has expertise in credit counseling and in collections. If you are late paying a Litton loan, they will call you more quickly than a regular bank for collections purposes; however, they can also direct you to their in-house credit counselors for help getting your credit problems under control. |
Does Litton have a higher rate of default than other loan companies do? |
| According to Litton Loans, they have a lower rate of default than other loan companies, and have developed expertise in helping customers find alternatives to defaulting on loans. They are more likely to help you get good credit counseling than to simply foreclose on your loan. |
Could having a Litton loan help me improve my credit rating? |
| If you take full advantage of the credit counseling and communicate with your loan counselors whenever youre going to have problems making the mortgage payment, they can indeed improve your credit rating. By learning from your credit counselor and by paying your mortgage on time through the good habits youve learned in counseling, you can improve your credit rating, maybe even to the point of being able to refinance your loan later. |
Why does Litton Loans call me when I |
| Litton Loans specializes in servicing mortgages for homeowners who have credit problems. Because of this, they assume more quickly than other mortgage companies that you are having a serious problem with your mortgage payment, not just a lapse of memory. In addition, Litton Loans has robust in-house collectors, and has the cost of collections built into its cost of doing business. That means they arent losing any time by having a collector call you. |
Will Litton Loans work with me if I have to be late paying my mortgage? |
| Litton Loans will work with you to a point, as long as youll work with Litton Loans. If you want to have flexibility in making one or more payments, you will have to take credit-counseling classes provided by Litton Loans. The upside is that if you learn from their credit counseling, you are less likely to have problems in the future making your payments. Its a net gain. |
I dont live in Texas. Can I still get a Litton loan? |
| Litton Loans makes loans outside Texas now, though their loans are still primarily focused on the South, especially the Gulf Coast region. |
Where can I complain about unfair treatment by Litton Loans? |
| If you have already talked to Litton Loans about your problem with no resolution to your problem, and if you are certain that your problem is a valid one, you have two options. First, you can talk to your consumer affairs department in your state. They will be able to direct you to an appropriate government regulatory agency to help you resolve your problem. If your issue is more in restructuring your loan, you can talk to a lawyer about filing a Chapter 11 bankruptcy to restructure your finances. This will cost you money up front, but may force your creditors to help you restructure your debt. |
Why did my bank sell my loan to Litton Loans? I hate them! |
| Your bank probably sold your loan to Litton Loans because you had a bad credit rating and/or you were habitually missing payments. Banks sell loans, often within months of making them, to several different mortgage agencies, but if your credit is less than prime or your payment history is not the best, the main American mortgage companies like Sally Mae would be unwilling to purchase them. For this reason, your bank may have gone to Litton, a sub-prime lender, to find a customer for your loan. |
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 MICHAEL CHIACCHIO (11/12/2007) |
| lITTON LOAN WAS NOT WILLING TO RESTRUCTURE MY LOAN AND IVE BEEN LATE 1 TIME IN 2 YRS AND THAT WAS THEIR FAULT FOR MISAPPLYING THE PAYMENT MADE FROM THE COMPANY THEY BOUGHT MY LOAN FROM. DONT BELEIVE THEY WILL WORK WITH YOU AND IF THEY HAVE A LOW FORCLOSURE RATE AS THEY CLAIM IT FALL UNDER A PER CAPATA. THEY DONT HAVE THE NUMBER OF PEOPLE A LARGER COMPANY HAS. I WISH MY LOAN NEVER WENT TO THIS HORRIBLE COMPANY AND I WISH I HAD SAY IN IT. IF I KNEW WHAT I KNOW OF THIS COMPANY TODAY I WOULD OF SAID NO WAY. |
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