Date Received: 2024-02-09
Issue: Struggling to pay mortgage
Subissue: Foreclosure
Consumer Complaint: I asked to see if they are willing to delay the foreclosure, we have an active contract to sell the house with a closing date of XX/XX/XXXX. I also asked if we do a short sale can we have it delayed so the home can be marketed, they said that they won't even review it.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: LA
Zip: 70810
Submitted Via: Web
Date Sent: 2024-02-09
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-02-08
Issue: Trouble during payment process
Subissue: Private mortgage insurance (PMI)
Consumer Complaint: I was aware, especially after mandated flyers were sent repeatedly by the servicing company, Specialized Loan Servicing, that auto-termination of the PMI on my mortgage would happen XX/XX/XXXX of XXXX. I waited a month or two to reach out after I realized that this wasn't going to happen automatically. The company said they would look into it, however they promptly transferred my mortgage to another servicer. I believe they broke the law and they do owe me for the PMI I have paid after it should have been terminated automatically by reaching 78 % of Original Value.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: SC
Zip: 296XX
Submitted Via: Web
Date Sent: 2024-02-08
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-02-08
Issue: Struggling to pay mortgage
Subissue: Foreclosure
Consumer Complaint: Specialized Loan Servicing ( SLS ) is attempting to enforce a XXXX XXXX Mortgage to foreclose on our house. The {$130000.00} second mortgage was originated under duress in XX/XX/XXXX as part of the early fall-out of the impending housing crisis -- we were among the first victims to get stuck. The mortgage was designed to be a bridge loan until our previous house sold ; but the bridge loan failed, and we were stuck paying an extra $ XXXX for our housing payment. After paying the loan for five years, our first mortgage adjusted up {$1000.00}, and we were no longer able to afford payments on the second mortgage. We sought out legal counsel, and we were told that we should stop paying the second mortgage since our house was about {$200000.00} under water. When we stopped paying the second mortgage in XXXX, SLS accelerated the loan and threatened us with foreclosure. But they never filed Over the next decade we received occasional notices that our loan had been bought by another entity, and we received two more additional threats of acceleration and foreclosure -- the most recent was last spring. SLS filed foreclosure proceedings against us late last year, and has forced us to declare bankruptcy. We believe that SLS should not be allowed to enforce this lien against us since the loan was originated under duress and since they neglected to enforce any action against us for more than a decade.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: VA
Zip: 20136
Submitted Via: Web
Date Sent: 2024-02-09
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-02-06
Issue: Written notification about debt
Subissue: Didn't receive enough information to verify debt
Consumer Complaint: On XX/XX/year>, I engaged with Specialized Loan Services to prevent foreclosure on my home. Despite clearly outlining my need for specific documentation to access my XXXX for payment, the company failed to provide the correct documentation in a timely manner, leading to unnecessary delays. Upon finally receiving the correct document on XX/XX/year>, I promptly arranged for payment, only to have Specialized Loan Services refuse it on XX/XX/year>, claiming additional funds were required and it could take a minimum 5 days max 10 days due to it being a new month. This refusal, coupled with their inability to provide written justification, significantly hindered my ability to prevent foreclosure. Potential Violations : Real Estate Settlement Procedures Act ( RESPA ) Section 6 mandates timely communication regarding mortgage servicing and error resolution processes, which may have been violated given the failure to provide accurate documentation and clear communication. Truth in Lending Act ( TILA ) This involves disclosures about loan terms and conditions. The refusal to accept payment without clear, written explanation could impinge upon the acts requirements for transparent communication of changes to loan terms. Fair Debt Collection Practices Act ( FDCPA ) While primarily concerning third-party debt collectors, any misleading or deceptive practices by the mortgage servicer might be relevant, especially in communication regarding debt resolution. Requested Resolution I request the CFPB to ensure Specialized Loan Services acknowledges its oversight, accepts the payment to bring my mortgage current, and provides a comprehensive written explanation for their previous refusal. Additionally, I seek assurance of adherence to established consumer protection laws to prevent future occurrences.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: PA
Zip: 19050
Submitted Via: Web
Date Sent: 2024-02-06
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-02-06
Issue: Trouble during payment process
Subissue: Fees charged
Consumer Complaint: Hello my loan modification went into affect XX/XX/24. This company decided to add a fee of {$30.00} to my payment this month. When I called to see what it was for, the representative said it is past due and it is for a Property Inspection fee that they added. I was never notified in any of the documents prior that I owe any {$30.00} fee for inspection and there is even an inspection that is going to get done, they said I don't have to authorize it, they can send out an inspector as they wish and charge me for it. -Also when I looked at the last statement online dated XX/XX/24 showed that fee to be waived. ( attached ). No XXXX statement showing yet. -Their website just shows {$30.00} fee, not stating what the fee is for. ( screenshot uploaded ) - payment history ( attached ) The communication here has been rather very poor and it is not right to just add fees however they wish and tell me I have to pay for it. If they are wanting to do an inspection, it is up to them to do so at their own expense, not charge me for it.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: FL
Zip: 32164
Submitted Via: Web
Date Sent: 2024-02-06
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-02-06
Issue: Incorrect information on your report
Subissue: Account information incorrect
Consumer Complaint: I am disputing the following late payments reporting on my credit report. I believe that these are inaccurate. It is my right to get a fair investigation into this as i have proof that the following late payments reporting are incorrect and believe that they are appearing as an error. I received a copy of my credit report and found the following item ( s ) to be in error : Under 15 USC 1666 Billing Error this account is inaccurate and i did not incur any late payments. Please update this to paid on time. This account was paid and closed i need this to be updated to paid on time with NO LATE PAYMENTS reporting. 1. Under 15 USC 1666 Billing Error SPEC LOAN SV Account XXXX THIS ACCOUNT IS INACCURATE, I DID NOT INCUR ANY LATE PAYMENTS. PLEASE UPDATE TO PAID ON TIME I need this changed immediately it is hindering me tremendously from obtaining new credit and needing to make financial decisions. I have also attached my License and Social for proof of identity
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: FL
Zip: 33184
Submitted Via: Web
Date Sent: 2024-02-06
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-02-05
Issue: Trouble during payment process
Subissue: Escrow, taxes, or insurance
Consumer Complaint: My mortgage through Specialized Loan Servicing has a PMI requirement until you hit 20 % equity in the property. This is normal for a mortgage company to require PMI up until XXXX %. However, once that happened, I tried to get the PMI removed. I had a number of difficulties in this process and was ultimately told that it couldn't happen unless I was willing to pay a fee. This did not strike me as fair. In XXXX of XXXX when I had surpassed 20 % equity, I called the company to learn the process and was told by a representative that he could take care of it. I had previously received mail letting me know that I would need to submit a written request so I asked the rep about it and he said it was no problem and he could take care of it. However, by XXXX I was still being charged PMI. So, I called again to figure out if just writing a note and mailing it to the company ( which were their only instructions - I couldn't call or email, which is very frustrating ) would be sufficient as a " written request ''. I was then informed that I had to print off a specific form, sign it, and mail it in and then I would have to pay a variable fee ( depending on what Specialized Loan Servicing found for a professional in the area ) to have the property value assessed and they would consider removing the PMI. This struck me as a burdensome and unnecessary evaluation, since I have property value assessment information for free from the city. I then asked if I could just pay additional principal to get to the 78 % of " Original Value '' and was told that Specialized Loan Servicing will ONLY use the original amortization schedule in calculating that value. WHY? It seems to me that Specialized Loan Servicing is unnecessarily making the process difficult so they can make more money even though the true equity that I have in the property was way above 20 % more than a year ago! This is not a fair situation. Do I have any other recourse?
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: AZ
Zip: XXXXX
Submitted Via: Web
Date Sent: 2024-02-05
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-02-05
Issue: Trouble during payment process
Subissue: Payment process
Consumer Complaint: Company gave written instructions on how to make payments, they were followed. Company continue to provide no information regarding my payment. Have sent confirmation of payment. XXXX XXXX XXXX and money transfer. I have receipts of how I made payments. No communication from them just past due listed on profile.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CA
Zip: 90810
Submitted Via: Web
Date Sent: 2024-02-05
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-02-05
Issue: Trouble during payment process
Subissue: Trying to communicate with the company to fix an issue while managing or servicing yo
Consumer Complaint: We had a HELOC loan through specialized loan services. Our payment was set up on auto payment. We never missed a payment and we paid off the loan early. They reported that we missed a payment. They resolved the issue and ended up refunding us money but they reported me to the credit bureau. They were supposed to resolve the issue but I see it still shows up on my report.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NV
Zip: 89145
Submitted Via: Web
Date Sent: 2024-02-05
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-02-03
Issue: Struggling to pay mortgage
Subissue: Applying for or obtaining a modification, forbearance plan, short sale, or deed-in-li
Consumer Complaint: This loan servicer Specialized Loan Servicing ( SLS ) took over this HeLOC years after it was originated in XXXX. XXXX XXXX XXXX, the originator went bankrupt in XXXX. The original amount was {$150000.00}, it is now over {$300000.00}. I filed a lawsuit last summer, citing violations and my attorney said that the one your statute limitations that I had to file had passed. I knew nothing about the one-year statute limitations that lenders enjoy while they have a 30-year statute limitations to enforce mortgage paper that private investment groups buy up for pennies on the dollar. I was forced to sign a settlement agreement saying that I would not sue them. I Now face and looming sale date, and although they have offered me loan mitigation, the down payment that they are requiring is outrageously high. They referred me to a lender that they are referring to many of their files that are in similar status that can refinance my first and second into one loan. In my discussions with this lender, I was told that I do indeed qualify for financing according to my income and credit, and the loan-to-value ratio, but because the title is showing this SLS foreclosure, this potentially new lender will not take action. SLS could rescind the sale date so that I can have time to qualify for this take-out funding. They have just lied and waited until there's enough equity for them to swoop in and force my wife and children out of our 24-year family home. Some enterprising attorney needs to file a class action against these predatory loan servicing companies that simply play the game of " extend and pretend ''. I will be able to meet some kind of mitigation arrangement with them if they will give us the time to gather the resources.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CA
Zip: 94510
Submitted Via: Web
Date Sent: 2024-02-03
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A