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Due to some life circumstances, we were forced into bankruptcy years ago. Unfortunately we had a HELOC with SLS, which originated with a different company. We used adjoining land as collateral and acknowledged over and over that it now will belong to them. This company is determined to take our house, although the house and it's property was never collateral, even according to them! Instead of taking the collateral, as determined by law and which we firmly believe is the right thing to do, SLS hounds us constantly, insisting that we do a short sale and give them the proceeds. Even though on the back of all their letters it states this cannot happen, they continue to harass.
My lawyer has called many times and even she is frustrated. She will talk to the same "manager" each time, but he never acknowledges what he told her. He sends us both in a circular nightmare. Just today they sent me a monthly bill for over $20,000.00 (a ONE month payment!). We have agreed to hand over the collateral property, but they insist it's the house they are owed.
The two properties have two very different parcel numbers and descriptions and yet they keep going back to the same song and dance. They try to intimidate, ignore, claim ignorance, re-route your calls into a random loop, leave you on hold for over an hour, etc. Don't use this company-save yourself the grief. Even if what they write appears correct, it can and will be used against you. And we are actually trying to GIVE them the collateral property because we do not dispute that. Verbal and written pleas for reconsideration only increases their resolve to confuse and harass. We will not give up because this is a matter of what is right and wrong.
Be careful with this company. I made two payments, one is for January and the other one is for February but I was told by Specialized Loan Servicing LLC owing them for February payment which is wrong. I verified with my bank those two payment were cleared and paid to them already. This is a nightmare for me.
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SLS bought our Mortgage from Wells Fargo, we had been with Wells for 17 years! We never had a problem until we were in the process of selling our house. The buyers had set the closing date, which was supposed to happen before the next payment was due. SLS was aware of the sale pending. The buyers had a death in their family and had to postpone the closing to get through the funeral. They rescheduled the closing for the following week. The day before closing they had an issue with their lender and had to take care of that, rescheduled closing for yet another week, and again something minor popped up and they had to change the date one last time for 2 days later. Now at this point we are late on our payment but we were told to not do anything because all the lenders were on the same page and understood that we were closing on the house!
Well the sale is done and over and the next thing we know we have a missed payment show up on our credit report dropping our credit significantly, not to mention the missed payment is one of the worse offenses from what we are finding out to have for a mortgage loan! I have called SLS several times and each time am told they will return my call within 3 business days, I am still waiting to hear back! I have emailed them numerous times as well and receive a confirmation email letting me know I will hear back from them as soon as possible, still nothing has come back!
I have pleaded with them to take my situation into consideration and begged for them to have compassion on our situation. We would never have missed that payment had we not been under the impression that paying it might confuse everything at closing! I regret not making that payment but more so I regret not trying to find a better mortgage company the minute I found out my Mortgage had been sold to this company so bad they don’t even meet the guidelines of the BBB.
These people are crooks. This is my 3rd mortgage company to do business with. I constantly get fraudulent late charges put on my account. Often when I dispute these charges they will tell me that their system can't change it. The government should investigate these people, shut them down, and have the mortgages given to another company. My loan was sold to them and so I had no choice but work with them. This is a cooked company.
My Bank of America home equity line of credit was sold to SLS August of 2019. Before that date my life was ok scraping by. But that was all to change. They have demanded since day one that we use there homeowners insurance that is triple what we currently pay for insurance and has much less coverage and the coverage is for the loan amount not the home's replacement value. Our homeowners insurance would actually cover our home if we get a hurricane. WE have refused and told them we did not have that with Bank of America and do not want it.
Now we have late payments and daily phone calls from them looking for money.I am out $1400.00 for homeowners insurance we paid for the year. Being disabled and on social security relay limits your finances and these people are as cold heartened as they come. We cannot afford to hire a lawyer to fight these scam artists. Their business model is to make it unbearable to deal with them and you stop paying the payments then they foreclose on your home for a very small amount flip it and sell it at full market valve and make all the profit. They do not care who they hurt in the process as long as they make lots of money. If these people buy your loan or mortgage sell your home and run just run....
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Specialized put forced insurance on my mortgage at an obscene price because I did not "mail a letter" confirming that I was continuing with my current insurance. My current insurance never lapsed and I had no intention of discontinuing. Because their forced insurance raised my monthly payment amount in excess of my regular payments, I was "delinquent" for 2 months. The fact is I never received any notification from them instructing that I needed to "mail a letter" of confirmation!
In addition to higher payments and late fees, Specialized has now sent me a notice that they were proceeding with foreclosure. Furthermore, they have reported my "delinquency" to the bureaus and dropped my credit score, right as I am attempting to purchase another home. This company is a complete scam and is taking advantage of consumers! I'm proceeding with litigation to resolve. After reading other reviews I see this is a common business practice of theirs. They should be incarcerated.
My loan was recently sold to SLS from CMC funding and it has been a nightmare to say the least!!! They told me that someone accidentally made a payment to my account. They realized this 4 months after the person did this and now my entire account is messed up. They pulled that customer’s money out of my account and some of my own as well. Then, they told me I was over 30 days past due and it went on my credit. I did nothing wrong and now no one will return my calls.
I was able to get my credit fixed because I proved I made my payments on time, but my account still says that I owe them money and now my tax information is messed up as well. I have over 20 pages of notes and phone records of people that I have spoken to in order to get this resolved. They don’t even give you a direct line or an extension for a supervisor. They just request a 24-48 hour callback from a supervisor and they say that one is not available. Please stay away from this company! I have already spoken to a lawyer and I may have to file a lawsuit! I wish zero stars was an option!!!
This company is not the best I have dealt with. That's for sure. I had a home equity loan with Bank of America and everything was fine until they sold it to this company. Their website is very difficult to use for one thing. Every month I would go online and make a one time payment because my username or password would never work otherwise. When I got down to owing under $3000. I paid off the amount that they said I owed for a payoff, online. Then I mistakenly went online to check and see if my account was paid off and made another payment. Their site is very confusing.
I called to explain what I had done and got a big argument from the customer service rep. He kept telling me I couldn't pay it off this way. Had to be by cashier's check or wire transfer. So finally I saw that my payment has been accepted but now they have applied my overpayment as "escrow" and "interest". Something I was never charged before. They owe me over $200. From this overpayment and I can't get on the web site now to contact them. It won't let me on and I can't call because as soon as I put in my social security numbers it cuts me off. Now I have to write to them and how long will this take? But I will because they are not really a nice company and they owe me my money back. Good luck to anyone reading this. Get away from this company as soon as you can. I did not like them. I paid my mortgage off to Mr. Cooper and they were fine, no issues at all.
Our mortgage was sold to SLS from WF who did not want to work with us while we were in foreclosure. Had to file chap 13 and although cost me 6000k SLS just gave us a modification after a 3 month trial mod.. Always keep in contact with them, be truthful and at least my experience I still provide a roof over my family's head. Thank you SLS.
I have had my mortgage since 2002 which was recently transferred to this company. I received a letter stating that my escrow was short $560.00. I called the customer service and told them out of all the years I been in my house my escrow have never been this extreme short before. So the lady I spoke with tell me oh my statement is incorrect. The shortage is even higher than the amount on my notice. Then she states that Wells Fargo never charges you escrow shortage. They just stretch it out over years. I told her that's incorrect because if I had a shortage it would be maybe $100.00 sometimes more, sometime less. Then the lady said, "Well I think your home insurance went $400.00." I see now dealing with this company is not going to be good. So I will be looking for somebody to refinance to get away from this company.
Specialized Loan Servicing Company Information
- Company Name:
- Specialized Loan Servicing
- United States
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