Home mortgage question

[Dubyagee]

I had my home financed through SunTrust mortgage and my loan was transferred, sold, or whatever to Litton Loan Servicing LP without any notice.

I am up to date and have never even came close to being late on my payments. I did some research on this Litton loan and have found page after page of complaints up to and including a few class action lawsuits for predatory loan practices and mismanagement of loan arrangements.

I need some advice on a solid mortgage company to refinance my home with to get away from this company. Any advice?


Thanks

[Kuan]

I don't think you have any control over who it's sold to.

[Dee8go]

Yep, once you borrow the money, the lender can sell it to whomever they wish. Ask Howie. He's in the mortgaging business.

[Dubyagee]

I understand they can sell it to whomever they please. I was asking if anyone knows a solid mortgage company I could refi with to get away from this shady one.

[TMAllison]

Originally Posted by Dubyagee

I understand they can sell it to whomever they please. I was asking if anyone knows a solid mortgage company I could refi with to get away from this shady one.

Not a valid reason to refi. That said, a local bank or credit union would be much more likely to keep and service loans they placed.

[sd300td]

Originally Posted by TMAllison

Not a valid reason to refi. That said, a local bank or credit union would be much more likely to keep and service loans they placed.

Agreed.

[rs899]

Maybe I am missing something (I don't know much about mortgages as I never had a "real" one), but why do you really care enough to bother with changing?

As long as you make your payments, what's the diff? You have a contract (which I do know something about) that's not changed other than having been assigned to someone else.

[ImBroke]

Disagreed, about the part about it not being a valid reason. Look at some of the things OCWEN is doing... I'd refi with my Credit union. 100% keep rate.

[Dubyagee]

The company that bought out my loan has a terrible track history and I am leary of dealing with them. I'm going to my credit union and the local Suntrust in the morning to see what my options are.

[Hatterasguy]

Thats what happens, if you refi they will sell your loan as well, possible back to Litton Loan Servicing LP, although that company is probably just servicing your loan now, someone else is holding the note. Loan companies originate loans, than put them together in packages to sell, usualy a 401k or something like that buys the mortgages. Thats why they have to conform to Ginnie Mae, Freddie Mac, or Fannie Mae standards. (I forget which its late and I havn't read up on this in awhile) Chances are your mortgage will be sold several times before its term is up. 401k's buy a lot of them, well at least they used to. Part of the problem with sub prime loans is that no one wants to buy them anymore because of the defualts, hence banks are not originating them.

Just continue making your payments as usual, nothing has changed.

Realtor's get this call all the time, we expect it a few months in.

[Dubyagee]

I understand. For the record, mine is not a sub prime.

[Mistress]

Originally Posted by Dubyagee

I had my home financed through SunTrust mortgage and my loan was transferred, sold, or whatever to Litton Loan Servicing LP without any notice.

I am up to date and have never even came close to being late on my payments. I did some research on this Litton loan and have found page after page of complaints up to and including a few class action lawsuits for predatory loan practices and mismanagement of loan arrangements.

I need some advice on a solid mortgage company to refinance my home with to get away from this company. Any advice?


Thanks

I just re-fied with Howitzer thru a company called Providence Lending in Lansing Mich. p.m. him he can help.

[Knightrider966]

Originally Posted by Dubyagee

The company that bought out my loan has a terrible track history and I am leary of dealing with them. I'm going to my credit union and the local Suntrust in the morning to see what my options are.

Dubyagee, your right on the money, so to speak, with this one! Your going to be paying one way or another for their shoody business practises! A refinance to another mortgage company is a good idea and I would look into your Credit Union, they are a great source of resources for their members!

If a refi has other practical solutions now besides this, I say go for it.

From a homeonwer with a good credit rating who dealt with a predatory lender that tried every trick in the book and some not!

Shove it Novastar! You deserve to be dissolved and bankrupt you greedy SOB's!

[TwitchKitty]

Ask the company for an amortized statement of your balance. It will show every payment and the principal and interest part of each payment. Keep track of what you pay and what you owe. They would have a hard time trying to rip you off. Wait until it pays to refinance. Keep your eyes open.

[Hatterasguy]

Originally Posted by Dubyagee

I understand. For the record, mine is not a sub prime.

I knew that, if it was just sold for the first time that means it must be pretty recent, and subprime has been dead for awhile.