Date Received: 2022-12-23
Issue: Closing on a mortgage
Subissue:
Consumer Complaint: Explanation about the scam by XXXX XXXX XXXX. In XX/XX/XXXX, XXXX XXXX XXXX called me that my property has an equity of {$50000.00} ( XXXX XXXX dollars ) if I want to pull it out. After consultation with my colleagues at work, I told them I dont want XXXX dollars ; I want only XXXX dollars to pay my children 's school fees. I sent all the documents they asked for ; pay stubs, bank statements, and a letter of appointment. After the processing of the application, on XX/XX/XXXX, a lawyer came to my house and brought some documents for me to sign. I asked him why the home visit, as other previous transactions between XXXX XXXX XXXX and I were either email or XXXX, he said he needs to explain the documents to me and to avoid any delay. While I was signing the documents brought by the attorney, I noticed the amount of the equity was XXXX dollars instead of the XXXX dollars that I requested. I told the lawyer that I only applied for XXXX dollars, why XXXX dollars? He said that he did not prepare the papers and that he can contact XXXX XXXX XXXX to cancel the deal and start all over again if I refused to sign. I asked him if the previous documents I submitted will be used to change the amount to the XXXX dollars that I requested, ( my intention was to take XXXX out and leave XXXX for future use ), he said, no, because the documents were over two weeks, that, I have to submit other documents. I said, let me sign it as I can not go through what I went through when I was submitting the documents and my children 's school fees were due. After that I did not hear from XXXX XXXX XXXX, I called them to ask for the fund, as the attorney said that I will receive a check within 3 to 5 working days, I was told by an associate of XXXX XXXX XXXX, that the company already went bankrupt, that I can not receive any money from them anymore. Then I knew I have been scammed. In XX/XX/XXXX, I wanted to sell my home, but then I discovered that a company called SPECIALIZED LOAN SERVICING ( SLS ) placed a lien on my house. I called them ( the Specialized Loan Servicing ) ; I was told that I took a loan of {$53000.00} XXXX XXXX XXXX dollars ) from Secured Credit Corporation and I did not pay it back. I explained to SLS that firstly I was not paid but I signed the documents, and secondly, it was equity I applied for, not a loan, and the equity was not given to me. Furthermore, I was told by an associate of SLS that ; actually the money was paid to XXXX XXXX XXXX in New York. I called the said bank, they told me they do not have a record of any money paid to them on my behalf by XXXX XXXX XXXX in XXXX. I approached a lawyer in XXXX, XXXX & XXXX XXXX. A letter was written ( exhibit I ) to SLS on my behalf to produce document ( s ) signed by me to pay the fund to the bank ( XXXX XXXX ). When I called SLS to follow up on the letter, I was told to go and sell the house and send them their money, but they do not have any documents to give me. The Payoff Statement sent to the title company by SLS indicated ; original loan amount : {$53000.00} and amount due : {$100.00}, XXXX, ( see exhibit II ). You may wish to know that the alleged loan is not appearing on my credit report ( see exhibit III ). My submissions : 1. To enforce SLS to produce the document ( s ) signed by me to pay the alleged loan to XXXX XXXXXXXX XXXX in New York. 2. To please use your good office to disallow SLS to take advantage of that I do not have the kind of influence and connections they have to lift the lean on my property. XXXX XXXX XXXX XXXX XXXX, the proceed of the home is my hope of survival for the rest of my life. Thank you for your anticipated consideration on this matter. XXXX XXXX XXXX XXXX. Please do not allow SLS to take advantage of me, as I was scammed by XXXX XXXX XXXX.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: TX
Zip: 754XX
Submitted Via: Web
Date Sent: 2022-12-23
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-12-22
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: Please consider this a response and a XXXX complaint in answer to Specialized Loan Servicings ( SLS ) reply for the original complaint # XXXX ( see attached ) filed with CFPB. In SLS reply, they conveniently neglect to address the financially impractical aspect of the modification they approved. The modification SLS mentions included this impractical {$64000.00} lump sum payment, which they attribute to the large delinquency that had accrued at the time that the modification was offered in XXXX ( see attached ). SLS neglects to mention that from the time they assumed servicing the loan in XX/XX/XXXX until they initiated the first foreclosure in XXXX, no monthly statements were issued and mailed. For reference, we originally modified the First Trust Deed with XXXX XXXX XXXX in the amount of {$900000.00} in XXXX and have made on time payments ever since. We would have done the same if we had been afforded the opportunity with SLS. SLS falsely represents that they have sent monthly billing statements in their response to our first complaint ( see attached ) : At this time, a sale date of XX/XX/XXXX [ sic ] has been set for the subject property. Account notices SLS records indicate that SLS has been sending billing statements to the address on file since the loan was transferred to us and and [ sic ] has continued to send billing statements throughout this time. Therefore, SLS wrongly assumes we should have been aware of this situation and the growing interest rate at 13.5 % ( as per Note attached ). This is not the case. Statements were not sent. We believe that SLS has acted in bad faith using questionable business practices by willfully and purposefully not sending a monthly billing statement to their clients and by doing so, not affording homeowners the ability to maintain and monitor the situation of their mortgage, and thereby initiate action, such as action by settlement, modification, or even bankruptcy. SLS intentionally waited silently while homeowners paid down the principal on the first mortgage and properties appreciated for years before initiating foreclosure. Then, SLS blames the homeowner for this 13.5 % interest accruing monthly, at which point SLS then demands a {$64000.00} upfront payment to facilitate a modification ( see attached ). While all banks were looking for resolutions during the Great Recession, SLS strategy was to wait and pounce. In doing so, SLS violated the terms of the original Home Equity Credit Line Agreement by ignoring Paragraph 4b of said document : B. At minimum you will send me a periodic statement at the end of each billing cycle in which there is a debit or credit balance of more than XXXX dollar ( {$1.00} ) or in which a finance charge has been imposed. The periodic statement will show all Account activity during the billing cycle and contain other important information, including my New Balance, my Annual Percentage Rate, the amount of my Minimum Payment Due, my Payment Due Date and the place and manner of making payments ( see attached ). This paragraph mandates that the lender is obligated to send a monthly statement, and in doing so would allow a homeowner the opportunity to take action long before SLS pounces nearly a decade later claiming {$170000.00} in interest alone. This paragraph also complies with the rights of a homeowner to have a monthly accounting of the interest, the balance, and the required payment as required for credit equity lines. This may have implications of Real Estate Settlement Procedures Act ( RESPA ) violations and a clear breach of the terms of the Home Equity Credit Line Agreement.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CA
Zip: 91361
Submitted Via: Web
Date Sent: 2022-12-22
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-12-23
Issue: Applying for a mortgage or refinancing an existing mortgage
Subissue:
Consumer Complaint: Purchased my home in XXXX with XXXX down and lender/ bank financing of XXXX XXXX and XXXX XXXX. Not sure why on the XXXX as it was all Close of escrow handed to seller funds so my family could get keys and move in. Nobody went to college bought a boat with this HELOC as they call it or zombie loan is what Im hearing called now. In XXXX due to separation ( XXXX left home so do her income ) I fell behind on payments and after failed attempts to work with my lender saw Obama on TV who mentioned making home affordable and I sent the same SSDI income to HUD and HUD saved my home from trustee sale and I remain current on XXXX MAKING XXXX XXXX XXXX refinance 13 years later to this day. All of a sudden Im in ore foreclosure relaxing HUD didnt icue this loan? And the new servicer, XXXX XXXX servicing filed a notice of default XXXX XXXX which last 90 days till XX/XX/XXXX when they will announce sale date and foreclose and sell My Home at auction. specialized loan servicing it was convicted in XXXX by the government for violating RESPA regulation X wrongful filing and flow closure. Their NOD notice of compliance states my home is non-owner occupied? Ive been here every day and night as have my sons since XX/XX/XXXX my purchase date. XXXX received a XXXX offer from them today XX/XX/XXXX from demanding {$20000.00} by XX/XX/XXXX or theyre gon na sell my 17 year family home. Im current on my making home affordable refinance of XXXX, please help save our family home!
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CA
Zip: 92544
Submitted Via: Web
Date Sent: 2022-12-23
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-12-22
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: We have requested that our servicer, Specialized Loan Servicing. pause our sale date of XX/XX/2023 to allow us to complete a review of the XXXX XXXX XXXX application. We were not made aware of this program by ANYONE, not even our servicer, until the beginning of XXXX when they issued the actual notice of sale. We were not even made aware of our options to work with a local HUD approved counseling agency either until much later after the notice of default. We have made the request to pause the sale date to XXXX but they have refused even knowing that our HAF application is in process. We elected to submit a request of mortgage assistance also in an effort to pause the sale date, but a customer service agent informed me that this would be denied anyhow because the sale date is so close. We are trying every effort to keep our home even after critical information was not given to us. We are NOW working with a HUD-approved counseling agency, XXXX, and they have also been stonewalled to getting our sale date postponed.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CA
Zip: 93036
Submitted Via: Web
Date Sent: 2022-12-22
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-12-20
Issue: Trouble during payment process
Subissue:
Consumer Complaint: This is a follow up complaint, the first case # XXXX. On XX/XX/2022 specialized loan servicing replied to my complaint. As of XX/XX/2022 none of the reply was done to my account
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: WI
Zip: 535XX
Submitted Via: Web
Date Sent: 2022-12-20
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-12-21
Issue: Trouble during payment process
Subissue:
Consumer Complaint: Hello again I want to remove my private mortgage insurance since the value of my primary residence on the market is about 70 % ltv. I already did all the necessary step with my servicer but after more than 60 days they still making me pay for private mortgage insurance and no response at this time in any form. And every time I call them and after they already confirm that my property value is XXXX ( this mean that my loan to value is around 60 % or less ). Is still on my monthly payment. My account is current and with no lates fees or any late payments on the life of this mortgage. Please advise that I open a claim with this agency back in XX/XX/2022 complaint number of the past claim is the following XXXX Thanks Regards
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: FL
Zip: 33076
Submitted Via: Web
Date Sent: 2022-12-21
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-12-20
Issue: Problem with a credit reporting company's investigation into an existing problem
Subissue: Their investigation did not fix an error on your report
Consumer Complaint: This is not a duplicate nor is this complaint being filed by a third party, I am filing this complaint myself. Please see this complaint is processed to the letter of the law. I have SPEC LOAN SV. I have always made my payments on time. For some reason, I realized that there were 30 days late payments on my credit report for the month of XXXX and XX/XX/XXXX. I have read enough to understand my rights. The XXXX Credit Bureau is required to verify for themselves, but they failed to neither verify nor update me about this complaints, as required under Section 609 ( a ) ( 1 ) ( A ) Disclosures to consumers [ 15 U.S.C. 1681g ] ( ( a ) Information on file ; sources ; report recipients. XXXX shall, upon request, and subject to 610 ( a ) ( 1 ) [ 1681h ], clearly and accurately disclose to the consumer. If the consumer to whom the file relates requests that the first 5 digits of the social security number ( or similar identification number ) of the consumer not be included in the disclosure and the consumer reporting agency has received appropriate proof of the identity of the requester, the consumer reporting agency shall so truncate such number in such disclosure. & Section 611 ( a ) ( 1 ) ( A ) Procedure in case of disputed accuracy [ 15 U.S.C. 1681i ] ( a ) Reinvestigations of Disputed Information. If the completeness or accuracy of any item of information contained in a my file at XXXX is disputed by the consumer and the consumer notifies the agency directly, or indirectly through a creditor, the Bureaus shall, free of charge, conduct a reasonable reinvestigation to determine whether the disputed information is inaccurate and record the current status of the disputed information, or delete the items from my file in accordance with paragraph ( 5 ), before the end of the 30-day period beginning on the date on which the agency receives the notice of the dispute from the consumer or creditor. I believe theyre unwilfully noncomplying with federal law & this issue is creating a ton of emotional physical stress. Id like this matter resolved ASAP as it is impacting my health & wellbeing. Please update or remove the late payment from this account. Below is the account with erroneous information and Id like remedied ASAP. SPEC LOAN SV XXXX Date Opened : XX/XX/XXXX Balance : {$0.00}
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CA
Zip: 93021
Submitted Via: Web
Date Sent: 2022-12-20
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-12-20
Issue: Trouble during payment process
Subissue:
Consumer Complaint: XXXX XXXX, XXXX has been retained to dispute an escrow analysis projection for mortgagor XXXX XXXX. The escrow analysis contains a number of errors. First, XXXX XXXX history of mortgage payments involves a {$1300.00} payment made for the last XXXX calendar months iterated on the escrow analysis. The Principal and Interest allocation is {$910.00} leaving {$400.00} to be deposited into the escrow account monthly. The escrow analysis reflects {$0.00} being deposited by the lender of payments received from XXXX XXXX. Thus creating a fictitious shortage of {$5800.00} and a wrongful demand of an extra $ XXXX. Second, the actual history of payments section reflects the second installment tax bill at {$3300.00} and that this payment was made by the lender in XXXX. In fact the bill was not published until recently and is due on XX/XX/XXXX and has been UNPAID by the lender. The balance due of the actual second installment is {$2100.00} and to date is still outstanding. The lender is holding sufficient funds to cover this liability given that XXXX XXXX has caused $ XXXX towards impounds. The actual property tax liability for XXXX was {$5600.00} and for XXXX {$5100.00}. An appeal was taken of the assessment and the resulting bill is reduced and stabilized for the next year absent the County granting further reduction to future appeals taken this year by XXXX. The insurance liability is {$1700.00} annually about $ XXXX Property Taxes {$5100.00} or $ XXXX Grand Total {$6900.00} or $ XXXX Monthly deposits should be about {$580.00} NOT $ XXXX. Attached are 1-The outstanding Second installment tax bill which reflects the reduction in the assessment amount XXXX XXXX XXXX Treasurers 20 year History of Payment Record. All three of these evidences support the fact that your analysis is flawed and that the Lender has not paid the taxes while holding the debtors funds. The account is not in the negative by {$5800.00}. Your escrow analysis is an erroneous account and we would like an accounting of the {$4800.00} which is not reflected on actual payments made by XXXX XXXX between XXXX XXXX and XX/XX/XXXX. The XXXX account is current. Unless this is rectified by Monday. We will file a claim with the CFPB. Very Truly Yours, XXXX XXXX XXXX, XXXX
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: IL
Zip: 606XX
Submitted Via: Web
Date Sent: 2022-12-20
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-12-17
Issue: Trouble during payment process
Subissue:
Consumer Complaint: I made a double payment to my mortgage this month, and the terms of mortgage indicate that additional payments to my mortgage should be applied to the principal. However, in looking at their website it appears that they treated it as an advance payment instead. There is no clear way to make individual payments to the principal outside of setting up autopay.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: DC
Zip: 20008
Submitted Via: Web
Date Sent: 2022-12-17
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-12-16
Issue: Trouble during payment process
Subissue:
Consumer Complaint: About 6 years ago I refinanced my home. As part of this process, I thought my second mortgage was part of the refinance. I stopped paying my second mortgage thinking it was paid. Specialized Loan Servicing did not send me a statement nor did they try contacting me until this year. They contacted me via certified mail and explained that if I did not pay my back second mortgage payments they would foreclose. At first I thought it was a scam. Nothing was on my credit report showing I was delinquent and like I said they never contacted me up until this year. I was able to secure a HELOC to pay off the Specialized Loan Servicing demand. Normally a delinquent loan does not qualify for a second mortgage but since they never reported it delinquent I was able to easily get a loan. Unfortunately I had to pay a ton of interest that I would not have accrued had they sent me a statement or contacted me in any way. In addition to this, they refused to refund an over payment made to settle the loan. They agreed to a lower payoff amount however my loan to pay Specialized Loan Servicing off was already in flight. Instead of redoing the payoff with my current lender I sent the full payoff amount. This was {$17000.00} more than the agreed payoff. Specialized Loan Servicing refused to refund this overpayment.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NJ
Zip: 078XX
Submitted Via: Web
Date Sent: 2022-12-16
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A