Date Received: 2021-04-15
Issue: Trouble during payment process
Subissue:
Consumer Complaint: Specialized loan servicing is currently holding {$34000.00} in escrow when my annual combined tax and insurance are {$16000.00}. I have been attempting to get a review and a refund for months. The automated phone system is circular -- it just starts you back at the beginning every time it says its connecting you to the escrow department. And the people who answer the online message submissions outright refuse to help. Even worse, the system does not allow you to respond to their responses ... you have to start all over again.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: LA
Zip: 70118
Submitted Via: Web
Date Sent: 2021-04-15
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-04-14
Issue: Trouble during payment process
Subissue:
Consumer Complaint: XXXX XXXX : XXXX XXXX LOAN ( XXXX ) ~SLS LOAN ( XXXX ) RE : FRAUDULENT XXXX XXXX/XXXX XXXX/SPECIALIZED LOAN SERVICING INVESTORS HOME RETENTION GUIDELINES I contracted a 30 year mortgage loan of {$540000.00} with XXXX XXXX in XXXX guaranteed by the United States Government agency , Fannie Mae/XXXX XXXX to purchase a house in New XXXX , NY XXXX. In XXXX, XXXX XXXX secretly sold my mortgage to a private Investors, XXXX without informing me ; until XXXX when I came to find out from Court Documents from XXXX XXXX. I protested then, and was informed by XXXX XXXX that it would not affect me adversely and was the usual practice in the industry. XXXX XXXX elected to keep the role of Loan Servicer, after selling my loan to XXXX Investors. The borrower discovered recently that XXXX XXXX unilaterally sold my loan to XXXX Investors so as to remove the US Government agency, FANNIE MAE/XXXX XXXX guarantee that protect me against hostile predatory practices, without informing the borrower, and benefit from the CARES ACT and other provisions to alleviate the sufferings of Americans due to the Pandemic. The borrower would have elected to refinance the loan from another lender with the cover of the US government guarantee through Fannie MaeXXXX XXXX and benefit from the CARES Act ( para. 7 of Exhibit ) In XX/XX/XXXX, XXXX XXXX transferred the loan servicing, to Specialized Loan Servicing ( SLS ). XXXX XXXX also transferred my application for loan modification to SLS. SLS approved a strange retention program, which added a new balloon loan of {$380000.00} to the existing mortgage ( bringing the total loan to {>= $1,000,000} compared to the original loan of {$540000.00} ; and recall {$520000.00} had already been paid by the borrower towards the repayment of the mortgage ) as a condition for signing and extending the loan repayment from 30 years to 40 years. The borrower could not sign the so called approved retention program ; without the removal of the additional loan of {$380000.00}. In view of this anomaly, the borrower raised a petition to CFPB in XXXX, XXXX. In the response to CFPB dated XXXX XXXX, XXXX ( see Exhibit attached ), paragraph 7, SLS stated that : 1 ) The Cares Act and other applicable United States Acts to protect consumers are not applicable to this loan, because it is no longer owned or guaranteed by a government entity- Fannie Mae/XXXX XXXX . It is now governed by the Investors Guidelines-XXXX XXXX XXXX, XXXX XXXX, as Trustee for XXXX XXXX XXXX XXXX XXXX XXXX, XXXX XXXX. XXXX XXXX The XXXX Investors guidelines have their tailor made modification that does not consider income or expenses in the review process unknown to the borrower. Meanwhile the borrower was made to submit their documentation on income and expenses in the loan modification application.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NY
Zip: 10801
Submitted Via: Web
Date Sent: 2021-04-26
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-04-14
Issue: Trouble during payment process
Subissue:
Consumer Complaint: XXXX XXXX : XXXX XXXX LOAN ( XXXX ) ~SLS LOAN ( XXXX XXXX RE : FRAUDULENT WELLS FARGO/HSBC INVESTORS/SPECIALIZED LOAN SERVICING INVESTORS HOME RETENTION GUIDELINES I contracted a 30 year mortgage loan of {$540000.00} with XXXX XXXX XXXX XXXX guaranteed by the United States Government agency , XXXX XXXX XXXX to purchase a house in New XXXX XXXX NY XXXX. In XXXX, XXXX XXXX secretly sold my mortgage to a private Investors, XXXX without informing me ; until XXXX when I came to find out from Court Documents from XXXX XXXX. I protested then, and was informed by XXXX XXXX that it would not affect me adversely and was the usual practice in the industry. XXXX XXXX elected to keep the role of Loan Servicer, after selling my loan to XXXX Investors. The borrower discovered recently that XXXX XXXX unilaterally sold my loan to XXXX Investors so as to remove the US Government agency, XXXX XXXX XXXX guarantee that protect me against hostile predatory practices, without informing the borrower, and benefit from the CARES ACT and other provisions to alleviate the sufferings of Americans due to the Pandemic. The borrower would have elected to refinance the loan from another lender with the cover of the US government guarantee through XXXX XXXX XXXX and benefit from the CARES Act ( para. 7 of Exhibit ) In XX/XX/XXXX, XXXX XXXX transferred the loan servicing, to Specialized Loan Servicing ( SLS ). XXXX XXXX also transferred my application for loan modification to SLS. SLS approved a strange retention program, which added a new balloon loan of {$380000.00} to the existing mortgage ( bringing the total loan to {>= $1,000,000} compared to the original loan of {$540000.00} ; and recall {$520000.00} had already been paid by the borrower towards the repayment of the mortgage ) as a condition for signing and extending the loan repayment from 30 years to 40 years. The borrower could not sign the so called approved retention program ; without the removal of the additional loan of {$380000.00}. In view of this anomaly, the borrower raised a petition to CFPB in XXXX, XXXX. In the response to CFPB dated XXXX XXXX, XXXX ( see Exhibit attached ), paragraph 7, SLS stated that : 1 ) The Cares Act and other applicable United States Acts to protect consumers are not applicable to this loan, because it is no longer owned or guaranteed by a government entity- XXXX XXXX XXXX XXXX It is now governed by the Investors Guidelines-XXXX XXXX XXXX, XXXX XXXX, as Trustee for XXXX XXXX XXXX XXXX XXXX XXXX, XXXX XXXX. 2 ) The XXXX Investors guidelines have their tailor made modification that does not consider income or expenses in the review process unknown to the borrower. Meanwhile the borrower was made to submit their documentation on income and expenses in the loan modification application.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NY
Zip: 10801
Submitted Via: Web
Date Sent: 2021-04-14
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-04-13
Issue: Incorrect information on your report
Subissue: Account information incorrect
Consumer Complaint: My mother XXXX XXXX and I, XXXX XXXX were on a loan that was done in XXXX. My mother filed bankruptcy in XXXX and the first loan which was XXXX XXXX XXXX and second loan which was Specialized Loan Servicing were discharged. XXXX XXXX, which eventually took over the loan for XXXX XXXX XXXX in XXXX, started a Notice of Default in XXXX and did not foreclose on the home. They transferred the loan to the second mortgage company which was Specialized Loan XXXX in XX/XX/XXXX. Specialized Loan Servicing then gave another Notice of Default in XXXX. The home was sold at auction in XXXX, XXXX for {$200000.00}. Both companies turned down cash offers in XXXX and XXXX for over {$230000.00} to come to this conclusion. There negligence in responding with counter offers after 30 days was a reason some buyers rescinded other offers also. After researching and hiring a private investigative XXXX, they found fraudulent items and all of this led to a wrongful foreclosure. Also on my XXXX Tax Return, it showed Specialized Loan Servicing 's 1098 showed my Outstanding Principal Balance is {$0.00}. My credit history was outstanding with scores that ranged from XXXX and higher and it should be back near those same scores.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NV
Zip: 89134
Submitted Via: Web
Date Sent: 2021-04-14
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-04-13
Issue: Trouble during payment process
Subissue:
Consumer Complaint: This issue has been going on for over 5 months. The account was never setup on escrow and taxes were paid directly to the county. However, CMC sent out taxes and forced my account to have escrow claiming I needed to pay the back taxes ( which was already paid ) in addition to the new taxes that needed to be paid for the year. My monthly principal and interest is less than $ XXXX but they were forcing me to pay close to $ XXXX. They stated that I couldn't close the account from escrow until the account was brought to a positive amount, forcing me to make a payment even though I sent them proof of payment in XX/XX/2020. I have called back multiple times ( XXXX, XXXX, multiple calls in XXXX, XXXX, multiple calls in XXXX ) and this issue is still not resolved. Aside from being hung up on, provided false promises with supervisors calling me back, and misinformation, they have NOT refunded my money ( payment of {$2600.00} pay # XXXX on XXXX ) that they stated would be needed to just close out the escrow account. Also, they stated that they sent money to pay taxes on my property, but when I paid it for the 2020 year, it did not show that there was a credit balance. They are a fraudulent company and have been holding my cash hostage during COVID times.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: KS
Zip: 67207
Submitted Via: Web
Date Sent: 2021-04-13
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-04-13
Issue: Incorrect information on your report
Subissue: Information is missing that should be on the report
Consumer Complaint: In the process of buying and selling a home. The new lender pulled our credit report and found the mortgage was reported as a charge off. Credit report looks like we defaulted. The mortgage company stated that credit reporting on our account was turned off and they do not know why. The last phone conversation I had with the mortgage company on XXXX, I was told they used the same code on our account as they would for a charge off. We need the correct information on our credit report so we can buy and sell. The mortgage company has been unable to explain what and how this happened and how it will be resolved. They have been clear that all payments are being made and our account is in good standing.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CT
Zip: 06484
Submitted Via: Web
Date Sent: 2021-04-13
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-04-12
Issue: Closing on a mortgage
Subissue:
Consumer Complaint: This is a formal complaint against Specialized Loan Servicing ( SLS ) and XXXX XXXX. When I purchased my new home, I was convinced to buy a paid in full mortgage insurance premium. I knew the full 10 years of the policy would not elapse before the policy was cancelled and decided a refund for the unused portion would be fine. Since the purchase, I have brought my equity up and the mortgage insurance is no longer needed. I paid {$10000.00} for the 10 year policy and it was in effect for only 1 year and 4 months before cancelled. I refinanced through a different company and paid the original loan in full so it met the 80 % requirement for cancellation. The loan servicing company and insurance company are now telling me that it is a non-refundable INSURANCE policy. I have received the paperwork that I signed when I originated the policy, and it states that the policy is refundable with 30 days notice. I originally contacted them XX/XX/2020. My loan Number with SLS was XXXX and my insurance policy with XXXX is # XXXX. I have contacted them numerous times via letter and calls and they still refuse to uphold the cancellation policy in their terms. I am attaching the letter of correspondence that SLS has provided to me in their response and the original paperwork that I signed to setup the insurance policy.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: AZ
Zip: 85024
Submitted Via: Web
Date Sent: 2021-04-12
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-04-12
Issue: Trouble during payment process
Subissue:
Consumer Complaint: XXXX XXXX Specialized Loan Servicing loan # XXXX I pay the Homeowners Insurance ( XXXX XXXX ) myself. I have supplied proof of policy and payment. The mortgage servicer refuses to refund amount impounded to escrow for insurance. All the Best, XXXX
Company Response:
State: AZ
Zip: 85304
Submitted Via: Web
Date Sent: 2021-04-12
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-04-11
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: I am working now and need to apply for a loan modification. I just want to modify my loan, improve my credit, remove all the fees, and start making payments again with fees removed and late payments applied to the back of the loan. I am making $ XXXX so I can afford to make the payments again. This all started when my loan got transferred from XXXX XXXX XXXXo XXXX XXXX XXXX and snowballed ever since. Now it's with Specialized Loan Servicing in foreclosed status. History Company Dates XXXX XXXX XXXX Mortgage XX/XX/XXXX XX/XX/XXXX XXXX XXXX XXXX XX/XX/XXXX - XX/XX/XXXX ( Never Honored XXXX XXXX Forbearance Modification - Applied multiple times with no luck. Got further and further behind ) Specialized Loan Servicing XX/XX/XXXX - Present ( Never Honored any Forbearance Modification - Applied multiple times with no luck. Got further and further behind ) In addition, SLS has broken many debt collection practices. A copy of the voicemail is attached below. XXXX at XXXX
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: MO
Zip: 63366
Submitted Via: Web
Date Sent: 2021-04-11
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-04-11
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: This is my second complaint filing with the Specialized Loan Servicing. I have been dealing with them for a year now since the pandemic began to try and get my loan modified. I own a small business, a bakery, that has suffered from the pandemic and was in need of mortgage relief. I sought a forbearance early on, was denied, and then finally received one. After additional requests I received a forbearance for 12 months. I have sought to modify for my loan repeatedly for months. I have sent document after document, spent hours on the phone, been yelled out, lied to and hung up on. I have received the same letter requesting the same documentation. I have sent the same documents over and over. Even though I have repeatedly said I can get help paying my mortgage so that I can keep my home, my modification was denied twice because I missed the " parameters of the program '' by 1 %. I begged to speak with someone who could help, make decisions about my case. Every letter that was sent to me included the name of someone and a teller number, but I was never permitted to actually speak to that person. There is never a direct line or extension number. While I have been transferred I nearly always am hung up on when I am transferred. Following my last complaint to CFPB, I received the explanation of why I was denied the modification, and then received the exact same forms to apply again. The letter to this regulating body included the name of another " teller '' and included the number to " XXXX XXXX '' should I have any questions. The " XXXX XXXX '' number goes to voicemail automatically. A human being never picks up. I left a voicemail BEGGING for a callback. I never received one, even though the voicemail promises a callback within 48 hours. I continue to struggle to speak to a human being that can make any definitive decisions regarding my mortgage, which will no longer be in forbearance as of XX/XX/XXXX. I am again filling out a modification request. i am including documentation that I can get monthly help. If I COULD JUST SPEAK to someone when I fill out this application, I'm sure I can qualify for a modification given THAT IC AN GET HELP PAYING MY MORTGAGE. I don't understand how this is not preferable than my foreclosing.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: MD
Zip: 21702
Submitted Via: Web
Date Sent: 2021-04-11
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A