DO NOT WORK WITH LITTON LOAN... - Posted by JR

Posted by Tom(MI) on June 14, 2006 at 15:12:03:

This is nothing new. Why are you getting yourself so upset. This is something you will have to deal with in my experiences. Just go on to the next one.

DO NOT WORK WITH LITTON LOAN… - Posted by JR

Posted by JR on June 14, 2006 at 14:11:07:

Well, I was trying to negotiate a short sale for a client of mine, but due to Litton Loan Services incompetence it failed. Basically, I started the process in January of this year. Fast forward to last week…I got the account rep, Diane Kilgore, on the phone for the second time in 6 months. That’s right, she never returned a single telephone call until then. With the sheriff’s sale scheduled for June 21, I was pressing to try and find something out for my client. Ms. Kilgore told me that they never received the offer and package I had sent in more than once and asked me why I hadn’t called to confirm she’d received it (sigh…my head did not explode to my surprise).

After explaining that she never called me back for the entire year, she told me to fax over the package, again, and she’d walk it over to the proper people and immediately call me back with an answer. That was Thursday June 8, 2006. After several messages requesting her to call me back, she finally called me back this afternoon, June 13, 2006, to tell me that the offer was too low and not to counter because they couldn’t do it anyway because they needed 30-40 days to process it. She mentioned that the offer was too low because they don’t take into account the condition of the property when looking at an offer (apparently they’re all very, very stupid people).

FYI, the property sustained about $15,000-20,000 in damage in an April hail storm and the ARV comps in the neighborhood, which is saturated with FSBO and listed properties (8 on that street within 1/2 block), is $55,000-60,000 in excellent condition. They are taking it to sale for $82,000 (balance of $79,000 plus penalties) and will not get anywhere near there. Comps for similar properties in good condition as REOs is maybe $35,000. I offered $36,500 as my starting point. It needed $5,000 in updates/repairs prior to the hail, so figuring that in my offer was actually probably higher than all of you experienced short sales people would offer (my first), but I was just trying to help out someone I know and save their credit.

To shorten an otherwise lenghty story, I was politely (seriously) trying to ask Ms. Kilgore a few questions so I could give my client a good explanation as to why the sale failed and also so I could learn from this experience, but she repeatedly cut me off mid-sentence, raised her voice and told me that they did not care about the condition of the property, they couldn’t do it etc. I told her, “I’m only trying to ask you a few questions so I can explain this to my client, so there’s no need to be rude,” and she replied, “I returned your call (CLICK)!” Yes, she hung up on me! What a lack of professionalism, competence and courtesy! So, in conclusion, please DO NOT use, refer business to, or deal with Litton Loan Services. Businesses and people like that do not deserve patronage…yours, mine, or anyone’s.

PS-I’m filing a BBB complaint about this woman and also writing a letter to the corporate office. Is there any other action I can or should take? Also, I was polite and kept my cool for the entire conversation and I do understand that short sales don’t always work. Although I’m disappointed I wasn’t able to help my client, I’m not upset that the sale didn’t go through, but rather at the way this person handled the situation and treated myself and my client.

Easy as Pie and Chips… - Posted by JT-IN

Posted by JT-IN on June 15, 2006 at 01:35:08:

JR:

I just completed a short sale with Litton Loan Servicing, and they were great to deal with… We got the deal approved within 30 to 40 days from initial contact, and closed it about 5 weeks later… I actually requested an extension for closing, which I diddn’t actually need, but thought that I would delay the closing if they would allow me… as a convenience to me… and they granted the extension without as much as a whimper… Also told me if I needed more time, just let them know… I was actually surprised.

I must tell you that I called and called them… everytime that I faxed something to them, I would wait the 48 hrs that they say it takes for the paperwork to arrive in the proper area, and by the 49th hour, I was on the horn… I ended up refaxing almost every document that I sent them, at least twice, and several times more than twice… I made sure that they did their job, and eventually they did… not exactly efficiently, but they did it, after we identified items that had fallen through the cracks…

So maybe your wheel wasn’t squeaky enough… as you are surely familiar with the saying “squeaky wheel get’s the grease (oil)”… You have to ride herd on any short sale… to the point of making a pest of yourself, almost…

JT-IN

don’t get so worked up dude - Posted by Rob Ricker

Posted by Rob Ricker on June 14, 2006 at 22:39:27:

it’s just business, and most short sales end up getting turned down and/or neglected …just like yours. Litton is actually easy to work with on the origination side (mortgage brokering) so I can’t help but continue to use those folks in that capacity. They’re losing their shirts on a loan, so let them lose it the way they want.

re: - Posted by lukeNC

Posted by lukeNC on June 14, 2006 at 15:28:57:

If my offer is declined…all is say is “thanks, have a good day and bye”

on to the next deal…dont get worked up over it, they dont care, neither should you.

Re: DO NOT WORK WITH LITTON LOAN… - Posted by Max-Va

Posted by Max-Va on June 14, 2006 at 15:12:06:

JR what was your positition in this deal? You say your client, What is that? Are you an agent, or the buyer?