Date Received: 2020-05-03
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: Hello, I spoke to my loan Servicer, CMC Funding ( Specialized Loan Servicing ) yesterday XX/XX/2020 regarding forbearance on my mortgage. I was laid off from a XXXX XXXX due to COVID19. I researched my loan and it is a XXXX XXXX loan. My servicer is insisting that at the end of the forbearance period all missed payments will be due and need to be paid ALL AT ONCE IN A LUMP SUM. ( Theyve been telling me this for the last month and I wanted to know if they were aware of what was announced this past week regarding XXXX XXXX ) They did mention 30 days prior to end of forbearance period they will reach out and discuss options after the forbearance period. However, it can not be determined at this time what those options will be. Nor can they guarantee another option will be available so basically be prepared to have to pay the full amount of missed payments. I shared with the representative what I read about XXXX XXXX and the Cares Act. He was not familiar with any recent special instructions regarding XXXX XXXX loans and Even said he would check out the XXXX XXXX website after we spoke. A friend of mine has a XXXX XXXX loan with XXXX XXXX. They granted her a forbearance and immediately disclosed at the end of the forbearance her payments will automatically be deferred to the end of the 30 yr loan. I wish I could know the plan now as well, before using the forbearance. I have good credit and I do not want to tarnish it, having to come up with all three months at once stresses me out. I am trying to be proactive and make what savings I have last until my work in the XXXX resumes. I wanted to inform you this servicer May not know all the details regarding XXXX XXXX loans and hopefully you can reach out to them and make some clarification for them. Thank you, XXXX XXXX XXXX XXXX XXXX
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NV
Zip: 89084
Submitted Via: Web
Date Sent: 2020-05-03
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-05-03
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: Due to the corona virus i am now able to pay XXXX mortgage today is XX/XX/2020. My interest rate is almost 8 % 7.92 % I am definitely a mortgage prisioner I do believe if i could get some HELP with very high rate that i would be able to not struggle so muchand could easier be able to get back on track. My home was once inforclousure. And it was extremely stress fut at that time i was abe to do the loam modifications BUT. XXXX XXXX company did not give any help with the high rate. This was my mother 's home he passed away in XXXXi have been struggling ever since. Please I could obtain some assistance with this rate.i am XXXXyears old and recently had XXXX XXXX XXXX XX/XX/2020 an am currently undergoing XXXX therapy. I was not able to work due to the XXXX and now with the corona virus i again missed some work ue to my XXXX XXXX XXXX
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NY
Zip: 11706
Submitted Via: Web
Date Sent: 2020-05-03
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-05-02
Issue: Trouble during payment process
Subissue:
Consumer Complaint: On XX/XX/XXXX I received a letter from the mortgage company claiming that my 'Condominium Unit Owner 's Policy expired ' and they 'do not have evidence that you have obtained new coverage. ' Because of this, they 'plan to buy insurance for your property. You must pay us for any period during which the insurance we buy is in effect but you do not have insurance. ' ( full letter attached ) I was shocked and scared for about 5 minutes before I checked my policy, which is valid from XX/XX/XXXX to XX/XX/XXXX. I presume the reason the letter arrived is that my mortgage was sold and CMC did not have their name on my policy. After I had my insurance company add them they sent another letter XX/XX/XXXX stating 'the condo coverage we ordered on your behalf has been cancelled. Please make certain that you or your insurance agent or carrier provide ( s ) us proof of acceptable insurance on a timely, annual basis. ' ( full letter attached ) I believe the wording in these letter is unnecessarily threatening, and blames me for not providing them updated insurance information because my mortgage was sold, when I have absolutely no control over these transfers. Furthermore, having to contact the insurance company to add them, wait for a reply, then submit the documents to the mortgage company wasted about 20 minutes of my time.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CO
Zip: 80301
Submitted Via: Web
Date Sent: 2020-05-02
Company Response to Consumer: Closed with explanation
Timely Response: No
Consumer Disputed: N/A
Date Received: 2020-05-01
Issue: Closing on a mortgage
Subissue:
Consumer Complaint: XXXX XXXX XXXX has been requested to provide the following : 1 ) An accounting of the funds paid to them at payoff of the XXXX. The payoff occurred on or about XX/XX/XXXX. 2 ) Escrow disclosure statements for the past 4 years, XXXX, XXXX, XXXX, XXXX and XXXX. 3 ) Form XXXX for the past 4 years, XXXX, XXXX, XXXX, XXXX and XXXX. 4 ) A complete loan history summary from XXXX to current indicating all charges and payments on the account and indicating the date of the charge, complete description of the nature of the charge and month applicable, etc. and 5 ) Provide the date of the payoff of the loan and indicate how the amount was calculated.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CA
Zip: 92227
Submitted Via: Web
Date Sent: 2020-05-01
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-05-01
Issue: Trouble during payment process
Subissue:
Consumer Complaint: On XX/XX/XXXX, I sent a letter to the Department of the Treasury 's Office of Thrift Supervision to request its assistance with ongoing problems that I have been having with my mortgage company, Specialized Loan Servicing. The company has created an escrow account in my name and is charging me for hazard insurance, which I currently and have always had. I have owned my home for 17 years and have always maintained a hazard insurance policy for my home. I absolutely do not need ( nor do I want ) Specialized Loan Servicing to provide me with a policy. I have repeatedly told them that I have a policy, but the company simply ignores me. It has added approximately {$150.00} per month to my mortgage payment, which is an amount that I absolutely refuse to pay because I maintain my own policy which is currently paid in full for the XXXX term. I contacted the Office of Thrift Supervision ( OTS ) on XX/XX/XXXX, to check the status of its progress with my complaint. OTS states that to date, it has no record of my complaint. The representative with whom I spoke suggested that the CFPB might be a better agency with which to file my complaint and suggested that I resend my letter to CFPB, so I have attached a copy of my original letter along with the documentation that was originally submitted with the letter. In the past, Specialized Loan Servicing ( SLS ) also erroneously ( and I now believe deliberately ) claimed that my property taxes were delinquent and threatened to create an escrow account for my taxes. Again, there is absolutely no issue with my property taxes, so I have included the property tax issue in my complaint. In my letter, I requested that Specialized Loan Servicing be censured and penalized for faulty record keeping. However, yesterday XXXX XX/XX/XXXX XXXX, I discovered information that leads me to believe that Specialized Loan Servicing should also be investigated for fraudulent business practices. A friend, who owns multiple rental properties, informed me that I could review my mortgage company 's business rating through a simple internet search. I was unaware that it was possible to obtain such information. I was appalled by the information that I discovered. A quick internet search uncovered numerous online complaints from individuals like me who were experiencing problems, such as mine, with Specialized Loan Servicing. There were complaints from other individuals who had also been forced by SLS to purchase hazard insurance, when they already had their own policies. There were others whose mortgage payments never posted to their accounts, so they were forced to make multiple additional payments simply to be able to access their accounts and hopefully receive assistance from SLS representatives to correct what they knew to be mistakes. There will still others who had been forced into foreclosure by SLS due to processing mistakes that the homeowners claim that SLS made. Like me, many of these individuals did not chose SLS as their mortgage lender, but rather had mortgages that had been sold to SLS by XXXX XXXX Bank. I recall the XXXX XXXX scandal from just a few years ago. Much of what I read about the XXXX XXXX fiasco sounds eerily similar to the online complaints from SLS customers that I recently discovered. I visited the XXXX website and discovered that the XXXX given Specialized Loan Servicing a rating of either F or NR for " No Rating '' because the XXXX refused to rate Specialized Loan Servicing. To date, XXXX has received more than 600 complaints from homeowners regarding their problems with SLS. I do not understand how such a company can be allowed to operate. For this reason, I implore you to not only assist me in resolving my complaint, but to also investigate SLS 's business practices. I have included copies of internet searches and the XXXX rating that I discovered for your reference. I am hopeful that this information will prove useful in resolving my complaint and investigating the complaints made by others.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: MD
Zip: 21133
Submitted Via: Web
Date Sent: 2020-05-01
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-05-01
Issue: Closing on a mortgage
Subissue:
Consumer Complaint: I refinanced my home on XX/XX/2020. The estimated refund of the escrow account for this payoff of the mortgage was {$1800.00}. I carried this mortgage for five years and all payments were made via ACH and on time. I called the mortgage service company ( Specialized Loan Servicing LLC ( SLS ) on or about XX/XX/20 asking for the status of this refund of the escrow balance. I was told, no the refund could not be made to me by ACH, all such refunds go by check. My check should go out by XX/XX/XXXX or surelyXX/XX/20, at the latest. I called SLS on XX/XX/20 to complain I still had yet to receive this refund. I was told a check was scheduled to go to me XX/XX/20. Why such a delay of over three weeks? If and when I get this mailed payment, my local bank, XXXX, will impose it's own hold on these funds for additional days as this payment clears the bank system. It will be close to 30 days before I see these funds which were " good cash '' on closing, XX/XX/20. SLS sent me a letter dated XX/XX/20 with a copy attached notifying me their lien on my property for " released or satisfaction of mortgage '' and that public filing was dated XX/XX/20. Since when do court filings now beat check payments by mail no less? Ten days later I still don't have the refund of the {$1800.00} escrow balance. Obviously, we all know the value of money and who holds the cash. SLS 's inordinate and criminal holding of these funds should be investigated as an abuse of consumer rights. If I was to be late in a mortgage payment their rules allow they charge consumers a minimum " late '' fee of $ XXXX {$35.00}. Is there no such late fee when the likes of SLS holds my escrow funds for 30 days after the close of a mortgage loan?
Company Response:
State: AZ
Zip: 85629
Submitted Via: Web
Date Sent: 2020-05-01
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-04-30
Issue: Incorrect information on your report
Subissue: Account information incorrect
Consumer Complaint: My problem started with XXXX XXXX XXXX selling or transferring my account held with them to account to Specialized Loan Service ( SLS ) in XX/XX/XXXX, after it gave me a 3 month grace period for payment because of a government program for hurricane Irmas relief, by which I was affected. This happened on XX/XX/XXXX which was the only month I didnt paid the mortgage to XXXX XXXX XXXX, by then I had planned to pay that missing month splitting the amount with the payments of XXXX, XXXX and XX/XX/XXXX. While this happened XXXX called me in XX/XX/XXXX after I had made the first payment in XXXX and offered me another plan to extend the grace period until XX/XX/XXXX and deferred the payments missing to the end of the loan. While this happened I found out by XX/XX/XXXX that XXXX transferred or sold the loan to be managed by SLS, By then SLS began to go after me for the payments missing as if there was never a program approved at the time, since they did not approved anything nor were they told by XXXX of this agreement, nor did they ever provide such to SLS the paper dodging had begun. It was then that I explained the situation to SLS when we started negotiations to fix the confusion created by XXXX and they offered to have a loan modification to help me with the situation as their only option. Doing this loan modification, SLS reported the payments done during the trial period as if they were never made as shown in the credit report for XXXX and last XX/XX/XXXX in which no payment was required when the loan modification was approved beginning the regular payments on XX/XX/XXXX. This is not counting all the time wasted by SLS sending me 3 different contracts to be sign after that on the approval, since the previous two had errors. During this time, I was making all payments as required of me, but they were not being reported. Each missed payment reporting onto my consumer credit files, and damaging my creditworthiness with them and all potential future lenders. The trail period with SLS was reported as missing payments and this is not the case. I feel I have been abused in this process and given the run around, in the meantime my credit files have me listed in a derogatory manner on payment history and it affects me during this time of Covid19 to qualify for loans which I need. I have always made my payments on time and have always lived up to my obligations. I ask this agency to intervene on my behalf and offer the mediation which I need to bring this matter to the appropriate agency/person so that this is resolved. I am asking for a resolution in real terms, and have these multiple late history, which is factually inaccurate and a result of error or negligence either by XXXX XXXX XXXX or Specialized Loan Service. This is causing me problems and I am asking for more than the standard reply from both XXXX and SLS which has to date done nothing to correct the matter which they created.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: FL
Zip: 33178
Submitted Via: Web
Date Sent: 2020-04-30
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-04-30
Issue: Trouble during payment process
Subissue:
Consumer Complaint: My loan was sold to this company. They have 'fees ' that were not disclosed during the loan transfer. One of those fees was {$25.00} to obtain a pay off quote. The original mortgage company didn't have any fees. When I questioned the fee I was told it was 'required by the State ' and they would not remove it.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: AZ
Zip: 85249
Submitted Via: Web
Date Sent: 2020-04-30
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-04-30
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: I have been trying to get help from my mortgage company but they continue to deny our request for homeowner assistance. My interest rate is very high and yet they say they can't create an affordable payment. There is a pandemic going around and I have a sale date around the corner which they won't suspend. I have proven my hardship default which we lost our XXXX income and had to start over. Everyone else is getting help during COVID and yet here we are with no assistance options and about to lose our home!
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CO
Zip: 816XX
Submitted Via: Web
Date Sent: 2020-04-30
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-04-29
Issue: Trouble during payment process
Subissue:
Consumer Complaint: 1. My loan was consolidated without my consent 2. The Specialized Loan Servicing LL are not providing me with monthly statements 3. I have asked of copy of past monthly statements and have been denied. 4. I have asked for payment history and loan agreement and have not received it. 5. I have received inconsistent answers from their customer representatives regarding my concerns. 6. I have been told that I have an excess amounts on my loan but have also been told that the interest on different months is past due. 7. I was told by one representative that they were not ready to receive these loans from XXXX XXXX XXXX and that is why there are so many discrepancies since their system was not set-up for these loans and funds and payments are not being applied correctly. 8. I sent a letter with my original concerns, they acknowledged receiving my letter, XX/XX/2020 but their response letter was dated until XX/XX/2020. Over one month before a response was provided. This situation has cause me grief, frustration and unnecessary stress.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CA
Zip: 91001
Submitted Via: Web
Date Sent: 2020-04-29
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A