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In Defense of Litton Loan

By
Real Estate Agent with Meridian, Idaho

I've read an awful lot of blog posts and comments about Litton Loan.  The prevailing attitude is that they are hard to work with, mean and incompetent.  I just want to go on the record as saying that has not been my experience.

I just completed a short sale in Boise where Litton held both the 1st and the 2nd.  We did lose our first buyer because the process took a little too long, although that buyer backed out in less than 60 days.  I've also learned a few things to speed up the process since.

At any rate, from the time we got our second offer to the day we closed escrow was 41 days.  Litton took a loan reduction of more than $65,000 on a $180,000 loan balance.  The people I dealt with at Litton were professional and communicative throughout the process.

I've also been helping a friend/ client in Caldwell with a loan modification.  Litton has the second.  My friend has just accepted an agreement with Litton whereby Litton will reduce their principle amount by 25% and carry it at 5% fixed for 30 years.  A second at less than prevailing rates for a first lien.

So if your experiences with Litton have been less than productive, keep working at it.  They want to do business that makes sense and they will work with you to get a deal done.

If you are a homeowner in the Boise-Nampa-Caldwell area who might need help on either a loan modification or a short sale, call me at (208) 455-2499 or visit my web site at www.idahomortgagerelief.com.  I'll answer questions and give you options.  I don't charge for a consultation and I don't charge for helping with a loan mod.

If you are an agent in the Boise-Nampa-Caldwell area who doesn't want the hassles of going through the short sale process but have a client who needs one, call me.  We can work out a referral arrangement so that your client gets the help they need and you still get paid.

Show All Comments Sort:
Regina P. Brown
MBA Broker Consultants - Carlsbad, CA
M.B.A., Broker, Instructor

Steve, based on my experience, Litton has been one of the few lenders who are actually cooperating to work with borrowers/sellers.  Wish more banks would follow their lead!

Feb 07, 2009 07:42 AM
Steve Norris
Meridian, Idaho - Meridian, ID
Silvercreek Realty Group

@Regina - Agreed.  BT, the same folks I'm working with on the mod that Litton has the second on - We're still trying to get Countrywide to work with us.  We haven't gotten them to agree to less than a 9% interest rate.  Meanwhile, the homeowner (who never had a slow pay until their loan reset) gets further behind and Countrywide has a non-performing asset.  Go figure.

Feb 07, 2009 09:53 AM