Date Received: 2016-02-14
Issue: Loan servicing, payments, escrow account
Subissue:
Consumer Complaint: SLS Loan Servicing is the worst company around. I have a Heloc that the interest only period was ending on XX/XX/XXXX, so XX/XX/XXXX, they sent letters offering a modification and explaining it was shifting to a principle and int. payment and that I needed to send in like {$880.00} by XXXX or the deal was off. I signed the letter and sent a cashiers check. ( as I was fine with this ) Then, out of the blue XX/XX/XXXX. I got another letter saying the same thing, that I was being offered a modification and to send money, etc.. I called them and they were like, 'oh, yes, we see you sent this in already, we 'll take care of it '. We then noticed online that we owed {$1400.00}! Then also in XX/XX/XXXX I got another letter now offering to modify it again ( 3rd time ) and this time keep it as an interest only payment for 5 more years, so naturally that sounded better than the previous XXXX offers, which I thought were already in effect, but never appeared to have taken root in their billing system. So, I called again, after that first call then ensued 2 full weeks of about XXXX different SLS people calling me back and each one was as clueless as the first caller as to what was actually going on with the modification or what took place starting XX/XX/XXXX. Now, my principle balance seems to have gone down, so hopefully that original {$850.00} was applied to principle, but there is no way to check or to verify this. Also, no one could tell me how they were calculating the interest and coming up with the payment they were now telling me was due ( well over {$1000.00} for some reason ). Even if they had switched to a principle and interest payment at the original index plus the margin the amount they were saying was due could not be calculated on any amortization calculator for XXXX amortization, and I work in the mortgage industry so I do this on a daily basis. So, it appears they are most certainly over billing me on interest and can not seem to figure out the payment structure nor the modification or when it goes into effect or if it ever will. The last guy I spoke with said that it should all be fixed now ( about 2 weeks ago ), but my wife just went on line and again their website is showing we owe {$1000.00} again ( the payment at int. only should be about $ XXXX/mo based on {$97000.00} and Prime plus 1.75 % or 5.25 % interest only ). This amount does n't even equal two payments ( if we happened to have missed one, etc ... ), so again, they are full of it and the most clueless company I have ever dealt with in my life and I 'm over XXXX yrs old. I went online and there is no less than about XXXX reviews all slamming SLS to no end and many, many similar stories to mine. They need to be stopped and put out of business or fined heavily as I 'm sure they are ripping off the public to no end. Thank you, XXXX
Company Response: Company chooses not to provide a public response
State: IL
Zip: 60010
Submitted Via: Web
Date Sent: 2016-02-14
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: No
Date Received: 2016-02-11
Issue: Loan modification,collection,foreclosure
Subissue:
Consumer Complaint: I submitted an application for a loan modification in XXXX XXXX. I sent all the documents required. Since that time I have been contacted numerous times asking me for the same documents I sent before. It is now XXXX XXXX, XXXX and I am still going back & forth with this mortgage company. Even the agents have admitted that they have the items that the underwriters misplace them. I am at my wit end fed up with this and want something done immediately. I 've faxed, email and mailed the required documents 4 times to no avail. The agents are not knowledgeable and no one seems to want to assist me. When I ask them to look for the documents they find them. However the following week I get a call asking me for the same thing over and over again.
Company Response: Company chooses not to provide a public response
State: IL
Zip: 60473
Submitted Via: Web
Date Sent: 2016-02-11
Company Response to Consumer: Closed
Timely Response: Yes
Consumer Disputed: No
Date Received: 2016-02-10
Issue: Communication tactics
Subissue: Threatened to take legal action
Consumer Complaint: my wife and I borrowed money from XXXX for a debt consolidation unaware that it was to be payed back in full in 10 years. after the 10 year period we where told our loan was sent to SLS Loan at XXXX this was XXXX after a year of sending in all documents required they would say information was late, needed to be resent again and again till we got my lawyer. Now with my lawyer we have tried to pay off debt since XXXX of XXXX only to be told info was late again or just not return our phone calls nor my lawyer. We would like to pay loan amount off and keep our house but they wont talk to us, we still have checks sent to SLS monthly for XXXX $ but they return them ... .we have been to SLS website and has noted we are not the only ones having this problem, and learned they are not favorable on XXXX website as well. PLEASE HELP US IN ANYWAY, PLEASE CALL SLS SO WE CAN MOVE ON, PAY OUR DEBT, AND KEEP OUR HOUSE!
Company Response: Company chooses not to provide a public response
State: IL
Zip: 62221
Submitted Via: Web
Date Sent: 2016-02-10
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: Yes
Date Received: 2016-02-07
Issue: Loan modification,collection,foreclosure
Subissue:
Consumer Complaint: We have submitted numerous documents to obtain a loan modification from Specialized Loan Service, ( XXXX ) Loan No. XXXX. I never received their correspondence, even though I had a forwarding address since XXXX XXXX, XXXX ; they sent mail to the old address. I recently received the letter dated XXXX XXXX, XXXX, on XXXX XXXX, XXXX. I never received the requests for documents that were mentioned in the letter, and SLS has not set forth the documents that are needed. A Trustees Sale is set for XXXX XXXX, XXXX at XXXX. No reason for declining the modification was stated. We have submitted a new application.
Company Response: Company chooses not to provide a public response
State: CA
Zip: XXXXX
Submitted Via: Web
Date Sent: 2016-02-07
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: No
Date Received: 2016-02-05
Issue: Loan servicing, payments, escrow account
Subissue:
Consumer Complaint: I have paid my mortgage down to 78 % of the home 's original value. The lender should remove my mortgage insurance automatically. The lender is telling me that I need to get an appraisal done. I should not need an appraisal. They will not allow me to speak to the person making the decision. Specialized Loan Servicing. Not very specialized.
Company Response: Company chooses not to provide a public response
State: WI
Zip: 540XX
Submitted Via: Web
Date Sent: 2016-02-05
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: No
Date Received: 2016-02-05
Issue: Loan servicing, payments, escrow account
Subissue:
Consumer Complaint: Our loan got transferred to Specialized Loan Servicing LLC and we are making our monthly payments consisting of principal, interest and escrow. The escrow balance was forwarded from previous lender but starting XXXX last year our required flood insurance was not paid by SLS even we send a fax asking for payment. And that was at the height of the hurricane season with the house in hurricane capital XXXX Florida. Fearing the lapse of coverage we paid the insurance premium directly and asked SLS to reimburse us out of the escrow balance. All these faxes remained unanswered. Now we received a letter from our homeowners insurance that the premium has not been paid by the lender leaving our primary residence uninsured. Seeing this pattern from SLS we checked to see if our property taxes which where due XXXX 2015 where paid to find out these have not been paid either. We requested a payment history and found on the history that payments where moved around to various accounts within SLS but never applied as intended. The payment history is so distorded by transferring monies around that it makes me very worried about the correctness. Over {$8000.00} of principal balance which was paid by us for insurance and taxes where applied to future interest and principal payments and even booked as suspended balances. Phone calls to clarify the account lasted hours at a time being on hold and transferred and disconnected without even talking to a person in charge. This ca n't be that a lender misuses funds entrusted to them to pay the homeowners liability as per loan agreement. This is borderline fraud.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: FL
Zip: 33064
Submitted Via: Web
Date Sent: 2016-02-08
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: No
Date Received: 2016-02-05
Issue: Loan servicing, payments, escrow account
Subissue:
Consumer Complaint: My Husband was the primary breadwinner. He was XXXX for the XXXX time XX/XX/XXXX. He died XX/XX/XXXX. By XX/XX/XXXX I realized I could not afford to keep the house and I listed the property with XXXX XXXX Properties for {$270000.00}. I had a full price offer within a day, but if fell through 2 days later. Shortly thereafter I had a XXXX offer in the {$260.00} 's. It also fell through quickly. XXXX XXXX made a bid of {$240000.00} XX/XX/XXXX but I needed to get {$260000.00} to break even. The {$260000.00} consisted of a XXXX and XXXX trust both the held by XXXX. Thereafter XXXX XXXX notified me on several occasions that we had received one or another verbal offer but none were above {$210000.00}. XX/XX/XXXX I asked XXXX XXXX to contact XXXX XXXX to see if she was still interested and might pursue the property as a short sale. I accepted her offer of {$240000.00} on XX/XX/XXXX subject to a short sale. I completed my short-sale paperwork and we submitted it through our short sale negotiator XXXX XXXX of XXXX & XXXX XXXX on XX/XX/XXXX. By XX/XX/XXXX could no longer continue making payments. During the ensuing 5 months XXXX " lost '' the paperwork and we resubmitted it several times. XX/XX/XXXX I was notified that XXXX had sold the XXXX Trust to " SLS '' while retaining the XXXX trust. I resubmitted my paperwork to SLS. SLS sent XXXX appraisers to the property. The XX/XX/XXXX appraisal I was told was $ XXXX and the XXXX appraisal was for either {$270000.00} or {$280000.00}. XXXX figure was given to XXXX XXXX 's office and another To XXXX XXXX. No copy of either appraisal was ever provided to myself, or to XXXX XXXX, or to XXXX XXXX. XXXX XXXX was informed that SLS would consider a dispute of the appraisal ( s ) and would respond with 5 days upon receipt. By this time my agent XXXX XXXX had announced his retirement effective XX/XX/XXXX and I hired XXXX XXXX of XXXX XXXX XXXX who put together a copious, highly detailed, XXXX with a value of {$230000.00}. It was submitted XX/XX/XXXX both by e-mail and by fax. Our 5-day appraisal dispute review period has come and gone with no response. In the meantime XXXX XXXX, my purchaser has withdrawn her offer.
Company Response: Company chooses not to provide a public response
State: MD
Zip: 206XX
Submitted Via: Web
Date Sent: 2016-02-05
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: No
Date Received: 2016-02-05
Issue: Loan servicing, payments, escrow account
Subissue:
Consumer Complaint: My loan was modified in 2015. Original loan was {$60000.00} I made several payments bringing it down to under {$58000.00}. Then I ran into problems paying. After a year and a half it was modified. Rolling the interest into loan making it {$87000.00} my new loan basic does not have interest but I am paying down the interest rolled over. My servicer refuses to send me anything reflecting that. After requesting they said they wont.
Company Response: Company chooses not to provide a public response
State: IL
Zip: 60148
Submitted Via: Web
Date Sent: 2016-02-05
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: Yes
Date Received: 2016-02-02
Issue: Loan modification,collection,foreclosure
Subissue:
Consumer Complaint: The new mortgage servicer, Speclialized Loan Servicing did not provide me with the required welcome letter. The law requires that borrower receive two notices, one from your original mortgage servicer, the other from the new servicer. Unless you received a written transfer notice at settlement, your current servicer must send you a " Dear Borrower '' letter at least 15 days before the effective date of the transfer, which would be when the first payment is due at the new servicer 's address. The second notice -- a so-called " welcome letter '' -- should come from the new servicer, which must notify you within 15 days after the effective date of the transfer. Moreover, Speclialized Loan Servicing is engaging in the prohibited practice of dual tracking while I 'm under review for a loan modification. I was under review with the prior servicer, XXXX XXXX XXXX XXXX, XXXX and just prior to the transfer of Specialized Loan Servicing.
Company Response: Company chooses not to provide a public response
State: NJ
Zip: 07304
Submitted Via: Web
Date Sent: 2016-02-02
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: No
Date Received: 2016-02-02
Issue: Loan modification,collection,foreclosure
Subissue:
Consumer Complaint: The new mortgage servicer, Speclialized Loan Servicing did not provide me with the required welcome letter. The law requires that borrower receive XXXX notices, XXXX from your original mortgage servicer, the other from the new servicer. Unless you received a written transfer notice at settlement, your current servicer must send you a " Dear Borrower '' letter at least 15 days before the effective date of the transfer, which would be when the first payment is due at the new servicer 's address. The second notice -- a so-called " welcome letter '' -- should come from the new servicer, which must notify you within 15 days after the effective date of the transfer. Moreover, Speclialized Loan Servicing is engaging in the prohibited practice of dual tracking while I 'm under review for a loan modification. I was under review with the prior servicer, XXXX XXXX XXXX XXXX, XXXX and just prior to the transfer of Specialized Loan Servicing.
Company Response: Company chooses not to provide a public response
State: NJ
Zip: 07304
Submitted Via: Web
Date Sent: 2016-02-04
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: No