Litton Loan

Litton Loan Servicing LP represents a credit service company, dealing with both mortgage and loan services. The company specializes in default management and loss mitigation for residential loans. Litton Loans were started by Larry B. Litton in the 1980s, when there were problems in the real estate market in Texas. Litton initiated an innovatory approach to mortgage loan servicing, which is recognized as a national model. Since its initiation, the company has been abided by its main goal of maintaining homeownership keeping a great number of clients facing foreclosure in their homes every year. The company modifies approximately 1,000 loans a month. These are subprime loans issued to those having credit problems. Therefore, they cost less than the loans issued to people with good credit.

Litton Loans merged with a collections bureau and credit default management company C-BASS in 1996. Curing the default issues without foreclosing on homes, Litton was more attractive than the majority of mortgage companies. It carries out support services and structured counseling to its customers and assists them treat their credit problems and come out of default.

One of the principal goals of the company is "to enable families to maintain homeownership." It has been working to prevent foreclosures and treat problem loans by ensuring offender customers with a complete range of support services and structured counseling. In the past, Litton loans were limited to Texas homeowners, at present they are active throughout the United States.

If you pay your mortgage payments late, at least on a regular basis, most mortgage and loan companies will sell your loan. As they are not interested in the real estate business and are not in the collections business, they do not want foreclose on you or call you. As a lender of the last resort, Litton Loans buys subprime mortgages from banks and is able to work with you, despite the fact that it is interested in getting your money, not your house; it has a vast expertise in collections and credit counseling. For collections purposes, Litton loans may call you more quickly than an ordinary bank, if you are late paying; they can also provide you with their credit counselors, help you manage your credit problems and have them under control.