SunTrust Sold my Mortgage to Litton Loan Services...

[Hanover]

Today I received a letter that SunTrust is gping to transfer my Mortgage to Litton Loan Servicing LP on May 1st. I've had this mortgage for a little over a year now. They say it has nothing to do with any dissatisfaction with my account....which makes sense since I've made my payments on time all year long.

So tonight I open up the web browser to do some homework on Litton...and now it's 3am and I doubt I'm going to get much sleep tonight. I feel like I'm about to enter a nightmare.

The problem is, my credit is bad and so in order to get a regular (not sub-prime) mortgage, I was stuck with a pretty high Private Mortage Insurance rate in the hopes of refinancing within the next year after my score goes up high enough.

Right now, I am having to give up quite a bit to save money as it is, and if Litton starts with their "sitting on payments to create late charges" scam or "adding unnecessary insurance to my loan" scam, it's not going to be very long before I'm in over my head.

So what I need to know is, is Litton really as bad as all these reports on the internet claim to be?

I have a back-up plan for refinancing (my parents), but I'd hate to burden them until I know that Litton is really the scam artists that everyone says they are.

[schwefls]

Hanover:

Hi and welcome to the forum, I am a Litton customer and all I can say is so long as you make your payments within the 1st week of the month, keep an eye on your escrow balance and keep your homeowners in place all should be fine. My problems with them were created solely by a temporary loss in employment. In the end after a good long fight they did hear my screams for help and modify me.

[Hanover]

I was trying to get SunTrust to lower my PMI based on my timely payment history, unfortuntely (and despite what my loan officer told me), they simply told me that they don't do that.

Do you think Litton would 'modify' my loan to do that? I'm paying $500 a month for PMI ann I really need to get some of that back so I can apply it towards the principal of the loan as well as pay off some other debt.

Originally Posted by schwefls

Hanover:

Hi and welcome to the forum, I am a Litton customer and all I can say is so long as you make your payments within the 1st week of the month, keep an eye on your escrow balance and keep your homeowners in place all should be fine. My problems with them were created solely by a temporary loss in employment. In the end after a good long fight they did hear my screams for help and modify me.

[schwefls]

Hanover:

I would love to help you out on that, unfortunately my expertise is not in that area. I am sure someone will be stopping by with some more information on that for you. I can tell you that modifications with Litton are extremely difficult and must be the result of a hardship. I am not sure if you would fit that criteria.

[Moe Bedard]

I think they would modify your loan and you should call the PMI company and let them know whats going on and see if they can help you with a loan modification. Remember that they will not care about other debts. They are #1 in their mind and feel that you will do whatever to keep your home as opposed to credit cards etc.

If you can afford your home and just not your loan, then you may be eligible. But if you cant afford your mortgage because of other debt, then they will deny you and tell you to get rid of that other debt.

I know this may not be what you want to hear, but its what your up against. Not impossible odds, just common "contract sense" odds that are in the writers of the contracts favor.