Date Received: 2023-12-03
Issue: Struggling to pay mortgage
Subissue: An existing modification, forbearance plan, short sale, or other loss mitigation reli
Consumer Complaint: Specialized Loan Servicing is the company : They cancelled my mortgage insurance on the loan that I pay to them on a monthly basis. They did not forewarn me of my policy being cancelled. Then they threaten to triple the rate on my new insurance that they have forced me to acquire as the company I was previously insured by did not meet their requirements for an A.M Best Rating of a B+ or better. Can they do this? I pay my insurance and taxes through my mortgage payment on a monthly basis. The told me that they could do it according to an article 5 that was part of my supposed mortgage through their company. When I requested a copy of Article 5, they said that they couldnt provide it. When I told them that they had purchased my mortgage from another company, so my original policy was the one that they had to follow, their customer service agent told me that they didnt have to. She also refused to provide me with a copy of the home insurance policy with whom they have me presently covered. My previous policy expired on XX/XX/2023. They refused payment but happily accepted my mortgage payment that includes funding for taxes and home owners insurance. Nevertheless, they said on XX/XX/2023 that I could look for an insurance of my own selection but it had to have a B+ rating or better. Well, I have been calling and its not easy to find an insurance company in California with this type of rating who will take me on as a new client. So I called my mortgage company back and asked how long was the grace period that they were allowing me to find a new insurance? The agent told me 30 days on XX/XX/XXXX, but they refused to provide a written confirmation of a 30 day grace period. Anyway when I received their letter on XX/XX/XXXX stating that I needed to look for a new insurance policy or they were going to provide it for me, they refused to help me look for companies with A.B. RATING OF A B+ or better. I asked for their legal department representative and they told me they dont have one. Hmmma company that doesnt have a legal department and refuses to send me a copy of the homeowners insurance policy that they have chosen for me appears questionable at best. I said so if something happens and I need to file for coverage, with whom do I speak? They could not provide a name of a contact person. When I asked for a pay off quote to be sent to my home, that request was also denied.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: FL
Zip: 33558
Submitted Via: Web
Date Sent: 2023-12-03
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-12-01
Issue: Trouble during payment process
Subissue: Payment process
Consumer Complaint: i have XXXX accounts serviced by Specialized loan servicing on XXXX seperate properties. There are XXXX different amounts XXXX for {$590.00} and XXXX for {$490.00}. these XXXX properties are right next door to each other so properties are similiar which XXXX lead the lend to some confusiton. This service lender has handled my accounts for over 5 years with out a problem until the last XXXX months when they applied my payments to the wrong account resulting in XXXX account being overpaid and the other short. for XXXX months i have spent over an hour working through their automated system to get to a live person.For the past XXXX months i get daily messages telling me to call them. Each time after much effort i get them to correct their problem. i send payments from electronic payments from my bank. i verified that the account numbers are reflected on the checks so their should be no problems matching up the payments. Today i tried to reach out to a supervisor. After working through their automated system and speaking with a customer service representative XXXX. i was cut off. over the past XXXX months i have spoke with XXXX, XXXX, and XXXX to name a few without resolving my problem. thank you for intervening and resolving my problem XXXX
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: MD
Zip: 20832
Submitted Via: Web
Date Sent: 2023-12-01
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-12-02
Issue: Struggling to pay mortgage
Subissue: Applying for or obtaining a modification, forbearance plan, short sale, or deed-in-li
Consumer Complaint: SLS Loan XXXX XXXX XXXX XXXX I am reaching out for assistance as my home is in foreclosure. I am diligently trying to sell the house in order to relocate as it has become unaffordable for me on my XXXX income. I have owned this home since 1996 and have struggled in years past to keep up with the payments on my reduced income. Due to XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX I was unable to return to my full time position and had to seek XXXX. My property is currently listed for sale with XXXX XXXX XXXX XXXX XXXX XXXX and is actively being shown, but no offers as of yet. I have asked my servicer for hardship assistance but they will not offer any plans as I have equity in my home. So I am forced to liquidate. Due to the equity I feel the servicer will try to take the house from me through a foreclosure leaving me penniless and homeless. I am just asking for any and all foreclosure proceedings to be halted while I work to get sold. The equity from the property is all I will have to live off of and is needed for me to move forward. I am agreeable to a temporary forbearance of 4-6 months and can remit $ {$1700.00} monthly while the house is being marketed. Please help take action so that I can properly sell the home, payoff my debt and retain equity proceeds needed to find another place to live. It just wouldnt be right to have this equity stripped from me through a foreclosure sale when I am actively trying to resolve.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: UT
Zip: 84020
Submitted Via: Web
Date Sent: 2023-12-02
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-12-01
Issue: Credit monitoring or identity theft protection services
Subissue: Problem with product or service terms changing
Consumer Complaint: got XXXX loan in XX/XX/XXXX ' with XXXX XXXX MORTGAGE, interest rate 9.87 %, INTEREST ONLY FOR 1st YEAR, {$430.00} monthly. they kept loanXX/XX/XXXX ', XX/XX/XXXX ' they sold loan to SPECIALIZED LOAN SERVICES. get notice for XX/XX/XXXX' payment, payment is {$1100.00}!!!! new interest rate 10.12 %, that's only .25 % increase!!!! i called to ask HOW & WHY the EXTREME INCREASE in payment when rate did not go up even a 1 %!!!!!!! got lots of babbling & that was end of phone call!!!!! i tried again, no result!!!!!!!! i called my mortgage agent & he was shocked & advised i file with you so i can get an answer as i feel this is XXXX!!!!!!!!! THANK YOU
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: WA
Zip: 98373
Submitted Via: Web
Date Sent: 2023-12-08
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-11-30
Issue: Closing on a mortgage
Subissue: Trying to communicate with the company to fix an issue with the loan closing
Consumer Complaint: Specialized Loan Servicing contacted me concerning owing on account number XXXX on XXXX of XXXX. The original mortgage of the property at XXXX XXXX XXXX XXXX XXXX, FL XXXX was purchased in XXXX finance form XXXXXXXX XXXX and the mortgage was split in two, one, a 30 year mortgage for 85 % of the property price ; and the other an equity line for the remaining 15 % of the purchased price. In XXXX because of the great recession the property when into foreclosure, after five years in foreclosure, the property mortgage was modified. At this time I ask foreclosure lawyer what was to happen with equity line or second mortgage. I was told not to worry about it any longer. Since the original property purchased date in XXXX to XXXX there was no letter, email, phone calls, or any other type of communication, nor any bill on second mortgage. I and my son, XXXX XXXX, were listed on the property as owners. I decided to sell the property in XX/XX/XXXX, a month after the property was put on the market a letter arrived from Specialized Loan Servicing asking for full payment of second mortgage plus late fees and interest. I was not even aware the second mortgage still existed or the it was sold to Specialized Loan Servicing. They requested a payment of {$120000.00}. I received an offer on the property in early XX/XX/XXXX XXXX weeks after receiving the letter from Specialized Lon Servicing, I tried contacting the Loan provider but they wouldn't discuss anything with me, and hung up the phone. Since we were closing soon, amount was paid at closing but I truly feel there is a gray area of error with this Bank/Loan servicing entity. They were very hush, hush and I feel abused by the system. I like a deep investigation ... and will not settle with the institution side of the story, I need facts and documents to be shown ... Banks and other financial institutions have every mean to hide the truth. Thank you
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NV
Zip: 891XX
Submitted Via: Web
Date Sent: 2023-11-30
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-11-30
Issue: Struggling to pay mortgage
Subissue: An existing modification, forbearance plan, short sale, or other loss mitigation reli
Consumer Complaint: Violation of dual tracking by XXXX and XXXX XXXX XXXX XXXX XXXX must be replaced as requested. I emailed documents for loan modification and received email dated XX/XX/XXXX review was completed. However as of XX/XX/XXXX I have received no other documents and no other documents for loan modification have been requested. On XX/XX/XXXX I received default notice attached that is dual tracking. Dual tracking if prohibit by law as CFPB states the following information. Dual tracking occurs when a lender receives a loss mitigation application from a defaulting borrower, but proceeds with both foreclosure and loss mitigation options. Dual tracking is prohibited by federal law under Title X ( the Consumer Financial Protection Act of XXXX ) of the Dodd-Frank Act. Letter date XX/XX/XXXX loan modification was completed, and no further information has been provided as of XX/XX/XXXX. Notice of default to dated XX/XX/XXXX is violation of dual tracking that is prohibited. I have made multiple attempts to remove single point of contact. XXXX XXXX IS NOT AVAILABLE WHEN I CALLED IN, I HAVE BEEN TOLD SLS NO RECORDS WHEN SHE WILL RETURN TO WORK. I CAN NOT TALK TO XXXX XXXX XXXX XXXX AND HAVE NOT NEITHER SHE HAS RETURNED MY PHONE CALL. I DEMAND CFPB AND SLS TO CHANGE XXXX XXXX XXXX XXXX Its just an excuse to cease and desist is the reason which was filed on in XXXX. I have received many calls since than
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CA
Zip: XXXXX
Submitted Via: Web
Date Sent: 2023-11-30
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-11-29
Issue: Trouble during payment process
Subissue: Escrow, taxes, or insurance
Consumer Complaint: When our original homeowners insurance jacked or premium up from XXXX to XXXX, I began shopping for a new policy. However, SLS simply paid out the increase and then re-estimated our escrow account and increased our monthly payment by {$300.00}, a 17 % monthly payment increase. At no time did they verify if we had accepted such a ridiculous premium increase. They did not act as an agent or a fiduciary of the borrower and simply forced us through the escrow to pay such a massive increase. After I eventually found a reasonable provider with a premium that was lower than the original {$1400.00}, we submitted a request to cancel the escrow account. SLS refused siting the homeowners policy. The date of the refusal was AFTER my new provider had actually submitted the new declaration page. XXXX XXXX informed us of the regular difficulty they have working with SLS. I had paid our new insurance directly, I had informed SLS I was paying it directly, yet SLS simply turned around and paid out the entire premium out of the escrow account. SLS has been notified that XXXX XXXX will only accept payment from the client, yet continues to be obstructionist in cancelling the escrow account. First, the CFPB needs to materially review the regulations around escrow accounts. Second, the CFPB needs to materially review rules around servicing transfer. The borrowers have no say in these transfers even though the borrowers are the most impacted
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: PA
Zip: 159XX
Submitted Via: Web
Date Sent: 2023-11-29
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-11-29
Issue: Attempts to collect debt not owed
Subissue: Debt was paid
Consumer Complaint: Specialized Loan Servicing is attempting to collect a debt that is already canceled. Under UCC 3-601 ( a ) The obligation of a party to pay the instrument is discharged as stated in this Article or by an act or agreement with the party which would discharge an obligation to pay money under a simple contract. ( b ) Discharge of the obligation of a party is not effective against a person acquiring rights of a holder in due course of the instrument without notice of the discharge. I have legally discharged this debt and provided notice to Specialized Loan Servicing of my doing so. Legally I am not bound to performance as it has been meant under this simple contract. Furthermore if Specialized Loan Servicing is refusing to accept the payment then the debt is automatically discharged. 3-604. DISCHARGE BY CANCELLATION OR RENUNCIATION. Primary tabs ( a ) A person entitled to enforce an instrument, with or without consideration, may discharge the obligation of a party to pay the instrument ( i ) by an intentional voluntary act, such as surrender of the instrument to the party, destruction, mutilation, or cancellation of the instrument, cancellation or striking out of the party 's signature, or the addition of words to the instrument indicating discharge, or ( ii ) by agreeing not to sue or otherwise renouncing rights against the party by a signed record. ( b ) Cancellation or striking out of an indorsement pursuant to subsection ( a ) does not affect the status and rights of a party derived from the indorsement. ( c ) As used in this section, " signed, '' with respect to a record that is not a writing, includes the attachment to or logical association with the record of an electronic symbol, sound, or process to or with the record with the present intent to adopt or accept the record. Specialized Loan Servicing has provided me no value for my financial asset that they are profiting from. The proceeds from my collateral is being used to pay investors and shareholders which should include me as I am the only holder in due course. If Specialized Loan Servicing has evidence as to me truly being indebted I ask they provide it. Not the simple contract but the official bank ledger that would show the debit from the account of Specialized Loan Servicing to me as a credit. This would prove that I am indebted otherwise Specialized Loan Servicing has defrauded me into believing that loaned me something of value and they did not instead they have profited from the exchange of my security,
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CA
Zip: 94513
Submitted Via: Web
Date Sent: 2023-11-29
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-11-29
Issue: Struggling to pay mortgage
Subissue: Trying to communicate with the company to fix an issue related to modification, forbe
Consumer Complaint: Specialized Loan Servicing has failed to provide their banking ledger as requested to validate the who is truly indebted to whom in this credit arrangement. There was a simple contract in place in which was canceled per the IRS publication any discharged or canceled debt can not be collected or acted upon. Specialized Loan Servicing has threaten to foreclose on my home for an alleged debt that they have not verified. Specialized Loan Servicing received my note which is a financial asset that has been used to gain profits with none of the proceeds benefiting me even with me being the registered owner of the securities. Because this note is backed by the full and faith in credit of the united states it is impossible for it to be defaulted therefore Specialized Loan Servicing has given me no value or consideration for this credit agreement they have only gained and now trying to illegal foreclose on my home with no proof of me being indebted besides a simple contract that has already been discharged dollar for dollar. If I am indebted to Specialized Loan Servicing I am requesting the book entry ledger NOT the contract. If you are unable to provide such records then no debt actually exist and this attempt to force performance is highly illegal. 3-604. DISCHARGE BY CANCELLATION OR RENUNCIATION. Primary tabs ( a ) A person entitled to enforce an instrument, with or without consideration, may discharge the obligation of a party to pay the instrument ( i ) by an intentional voluntary act, such as surrender of the instrument to the party, destruction, mutilation, or cancellation of the instrument, cancellation or striking out of the party 's signature, or the addition of words to the instrument indicating discharge, or ( ii ) by agreeing not to sue or otherwise renouncing rights against the party by a signed record. ( b ) Cancellation or striking out of an indorsement pursuant to subsection ( a ) does not affect the status and rights of a party derived from the indorsement. ( c ) As used in this section, " signed, '' with respect to a record that is not a writing, includes the attachment to or logical association with the record of an electronic symbol, sound, or process to or with the record with the present intent to adopt or accept the record. 3-603. TENDER OF PAYMENT. Primary tabs ( a ) If tender of payment of an obligation to pay an instrument is made to a person entitled to enforce the instrument, the effect of tender is governed by principles of law applicable to tender of payment under a simple contract. ( b ) If tender of payment of an obligation to pay an instrument is made to a person entitled to enforce the instrument and the tender is refused, there is discharge, to the extent of the amount of the tender, of the obligation of an indorser or accommodation party having a right of recourse with respect to the obligation to which the tender relates. ( c ) If tender of payment of an amount due on an instrument is made to a person entitled to enforce the instrument, the obligation of the obligor to pay interest after the due date on the amount tendered is discharged. If presentment is required with respect to an instrument and the obligor is able and ready to pay on the due date at every place of payment stated in the instrument, the obligor is deemed to have made tender of payment on the due date to the person entitled to enforce the instrument. 3-601. DISCHARGE AND EFFECT OF DISCHARGE. Primary tabs ( a ) The obligation of a party to pay the instrument is discharged as stated in this Article or by an act or agreement with the party which would discharge an obligation to pay money under a simple contract. ( b ) Discharge of the obligation of a party is not effective against a person acquiring rights of a holder in due course of the instrument without notice of the discharge.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CA
Zip: 94513
Submitted Via: Web
Date Sent: 2023-11-29
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-11-29
Issue: Trouble during payment process
Subissue: Interest rate
Consumer Complaint: GOT HELOC LOAN IN XX/XX/23 ', INTEREST RATE 9.87 %, INTEREST ONLY PAYMENT FOR 1st YEAR, {$430.00} MONTHLY. THEY SOLD LOAN TO SPECIALIIZED LOAN SERVICING IN XX/XX/23 ', THEY SENT PAYMENT COUPON STAING PAYMENT NOW {$1100.00} MONTHLY!!!! I CALLED, THEY SAID APR RATE NOW 10.12 % BUT I SAID IT'S NOT EVEN 1 % INCREASE SO CAN'T BE THAT MUCH INCREASE, IT'S OVER DOUBLE!!!!?!??! ANYWAY NO RESOLVE WHEN I CALLED!!!!! CAN YOU HELP ME??
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: WA
Zip: 98373
Submitted Via: Web
Date Sent: 2023-11-29
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A