Consumer Complaints and Reviews
I called to make a payment over the phone in January because it appeared my check was lost. I put stop payment on lost check and promptly made a payment over phone. Well they cashed the lost check 6 weeks later even though there was a stop payment and there was already a payment sent to them. My bank stop payment did not stop payment do an error of 94 cent amount. SO ASC still cashed the check even though I called to ensure they would not cash the check. They will not reverse the payment they are making me wait three weeks for return of payment... so guess what? They will not receive payment till I get my money back since they are at fault of double charging in one month, they should know better... I will also be making a complaint to the Better Business Bureau!!!
I have a new Mac, and I am UNABLE to access this website. Even the Apple techs could not get in "without a certificate." Finally, they helped me get in and I made my Feb payment. Now, I am attempting to go in and pay for March 1. AGAIN, I am UNABLE to get into the site. All I get is a blank page.
Last month "customer service" told me that "we have code issues b/c we cannot keep up with Apple technology." This is BS. They want you to pay by mail and then your payment will be lost or late. Why is this the ONLY website in the USA that will not let me in?? I am filing a formal complaint with the Federal Trade Commission in the morning. I am convinced that this company is purposely making it difficult for people to pay their mortgage in a timely manner.
Run if you are so unfortunate as to have your original loan sold to SLS! Only hope is that the loan is sold again to a reputable, respectable lender. Despite NEVER having made a delinquent mortgage payment over the course of many years, this crooked, despicable group calls and badgers about monthly loan payments until they are made. I've owned 10 homes - never have I experienced the nasty, predatory tactics of SLS. They shouldn't be allowed to be in business! Would give negative 10 "stars" if possible.
SLS took over my loan when I fell onto hard times and could no longer make the payments on my rental unit. They were extremely supportive and understanding with my situation and worked with me to modify my loan. The modification process was tough - lots of paperwork to gather and forms to fill out. My assigned rep helped me through it every step of the way and didn't judge me. She was always there to answer questions and give guidance. I know have the loan comfortably modified and am working toward rebuilding my credit. Thank you SLS!
This is the absolute worst company I have ever dealt with! Our loan got sold to SLS from Bank of America about two years ago. Since then, we have had nothing but problems with them. They will not send us a monthly statement, and just recently when we tried to make a payment on their website it got declined and sent back to our bank, this after negotiating with their representative on the phone for over an hour about how much we owed them. So freaking frustrating! Called back today and spoke with another representative who could not find record of our attempted payment (Naturally).
I submitted a request in writing for them to send us statements as we have no idea how much to pay them every month. We had been continuing to pay them $100 each month, and ended up getting a foreclosure notice in the mail from them. After today's unresolved call, we are waiting for a call back from a supervisor within 24 hours. I am going to file a complaint with Indiana's Attorney General and I would hope that anyone who has ever dealt with this company would file one in their state also. I will never do business with bank of America again because they sold our loan to this piece of ** company. We are going to refinance as quick as we can in order to get rid of SLS! Stand up to these idiots!
How do I know I can trust these reviews about Specialized Loan Servicing?
- 697,568 reviews on ConsumerAffairs are verified.
- We require contact information to ensure our reviewers are real.
- We use intelligent software that helps us maintain the integrity of reviews.
- Our moderators read all reviews to verify quality and helpfulness.
For more information about reviews on ConsumerAffairs.com please visit our FAQ.
At some point several years back SLS aka Specialized Loan solicited me for a 2nd Loan through them. I stupidly accepted their offer and did not realize the bait and switch. AT NO TIME DID I SOLICIT SLS!! I already had a primary loan through another company. SLS really did not indicate to me at the time HOW THIS LOAN WOULD GO UP & WHEN... I guess I was stupid, but I really did not understand what was going on... Then when the larger amount through Specialized started to appear within the last month or two I did not realize until the larger amount of SLS started to be withdrawn from my checking account. And the current SLS was a lot larger. P.S. I could not find my order number online. CAN YOU PLEASE SEND IT AGAIN?? I am **.
I'm writing this today in complete frustration and concerns for potential customers. My family has been working with this horrible company for over a year now. This company has received several required docs on 3 different occasions with all being documented they have received. These docs were in relation to having the rights to inquire about loan details so we can continue to keep up with our responsibility. As of the month of January they have been persistent on not receiving the important paper work.
It has been very strange as if this people are truly playing games with the person who has the rights to the property and she is elderly. Now we have hired an attorney to go after this company because we have built a case and will be presenting it soon. After being told by several law firms that this company and their staff members have develop a bad reputation I now understand why. I have never experienced this kind of treatment especially when they have been receiving this family's payments on the loan. Just horrible and unprofessional. Would not recommend them even to a 3rd world country to do a charity event. No trust and bad service ladies and gents!!!
My original loan was sold to SLS. I've had them for about two years. In those two years I've made all my payments on time with the exception of one. That one was mailed on the 10th of the month but somehow didn't make it from Oregon to Colorado in 6 days. When I called to ask them to waive the late fee considering I'd never been late, they were extremely rude but did relent, although I was told it was a one-time exception and they would never do it again. I want to stress that none of my payments were NOT received by SLS.
Recently, I retired and took money out of my retirement to pay off my mortgage. I wrote a check for the balance of my account and sent it in the usual envelope. Again, I stress, I have never had any of my payments not arrived at SLS. You guessed it. It's been 2 weeks since I sent the check and the amount has still not been withdrawn from my account. Now, unsurprisingly, I get a letter from SLS saying my account is overdue and they've sent my account to a collection agency! Really?! These people are crooks. They are so petty that they lie about not receiving my payment closing out my account, just so they can collect less than $30. I know nobody has a choice of companies that their original mortgage company sells their loan to, but if you have a choice stay as far away from SLS as you possibly can. They are liars and swindlers and should be investigated and closed by the powers-that-be.
My mortgage was sold to SLS December 2016. I have made each payment as I have always done with BOA but am getting letters that I am delinquent... really. Then the very next day I got a letter that I am past due $3571.51!!! I call and get the reps reading from a script and cannot answer my questions. I was told by BOA that they cannot do any of this by law for 60 days. As I read it makes me physically ill. My credit was excellent in December but I can determine by these posts that I am doomed. How do we get a class action lawsuit against this company before we all are ruined? I cannot get away from them because my house is underwater, if you will. I am so afraid because it is obvious one of us cannot fight this company that seems to be out to destroy honest people. I am keeping the letters and my checks hoping to be able to prove my worth even though I am not optimistic. When you are right, it's difficult to prove.
January 2016 SLS took over my home loan, during the transfer between banks they lost 2 previous cash payments. I assisted them by faxing over the receipts numerous times, finally I spent 2 ½ hours in Chase bank for them to finally get the transaction correct. 2 other payments were my oversight. February 2016, I went to the bank to withdraw 2 monthly payments. I had a pre-written stamped envelope with SLS’s name on the envelope. The teller noticed the envelope and asked if I'm going to use the money to make a mortgage payment, I said yes. She said, "you'll have to buy 4 money orders." I said that’s ok, this way I know it's paid. She said, "you can set up direct payment from our bank to their bank which is safe and inexpensive." She ran over to the service manager, brought him to the window, he then escorted me to his office.
The manager personally set up, the direct account from Capital Bank to SLS bank and the payment was successfully sent. He instructed me how to do it, on my return home I check everything was fine. SLS bank, a green check box popped up stating the payment was accepted. In essence twice that day their computer system stated that the payment was accepted. For years my other mortgage payment has an automatic bank deduction which runs smoothly. I'm thinking "good I’ll have no late payments." Around the 26-27th of February 2016 SLS customer Agent called asking for 4 payments, I informed him that 2 cash payments are being investigated and 2 automatic deduction was given to them from Capital One bank on February 8, 2016. I had to inform him to please check his system as all payments were made. He apologized saying yes, on the next page he see, that the cash payments are under investigation,
They’re having a bit of a problem with their system. However 2 payments are still outstanding, I asked him to look at 2/8/2016 to find the other 2 deposits. He informed me that the direct deposit was received by SLS, but it was rejected by the system. I asked for what reason, he was unable to explain why the system rejected it. However it was returned to Capital Bank. He’s now calling to accept the payment. Knowing the payments were made, I never checked again. Unknown to me for days the money was in my account, some of it was used to pay the high heating bill. Coming up with the full amount at the end of the month was a great struggle incurring an additional late fee. From February to October we struggled because the 2 payments were not accepted in February. I am writing this letter asking for consideration in the late fees which is now $683.07.
In essence each monthly payment were made on time, but the 2 payments racked up a high interest rate. January 2017 payment SLS calculated the total payment, which includes the principle of $981.22 and all the late fee of $683.07 into a high monthly payment again. November 11, 2016 I first received a letter with outrageous figures, which I did not understand, I called to inquire. First I got Matthew, into the conversation we got disconnected, I called back and got Michael, and into the conversation again we got disconnected.
By the 3 time I was fuming, I got Angie. Finally we had a full conversation. I got her I.D. # and asked for an explanation of the charges, she explained the late fees to me. I informed her that it occurred when they returned the deposit in February, unknown to me as the source of the problem. She said she’ll request an investigation asking me to call back 11/25/2016 which was the day after Thanksgiving. I called the 1 800 number 10 times no one answered my call.
It may be accidental however, I noticed it’s difficult to get through to SLS after a monthly payment is made early before the 16th, but very easy to get through when the payment has not been made before the 16th of each month. Meaning that the telephone is programmed to direct you to make a payment not to speak to a live representative. Saturday January 14, 2017, which is a weekend, the office is closed, no one can make a payment except through, Western Union for a fee of $9.99 or on the 16th of the month for FREE or 4 days after the 16th. Monday being a holiday, they may be closed, meaning that most payments would incur a fee. I know most banks would honor the holiday, I now have to see how SLS handles these 3 days. SLS mortgage system is filled with flaws which puts customers in a very precarious position where late fees escalate to benefit SLS. The system is not easy neither is it user-friendly.
From the start of business, SLS computer system was flawed, malfunctioning at customer’s expense. In my case you cannot accept my payment, for days making me believe all is well with the payment, 4 days later reject it; only to notify me 17 days later that the account is delinquent by 4 payment. The manager at Capital on Bank inquired about the account, they informed him, they had a problem and it’s being taken care of. Normally in most establishments an email notification would inform you of the error, I had nothing to pre-warm me of the pending danger.
On the first day of business, I’m going to ask to speak to a Supervisor asking for consideration in the fee, my intent was not to deceive SLS, especially since each month after February payments were made on time. The problem stemmed from SLS flawed computer system which rejected my payments in February; without having the capability to immediately inform me of errors which banks do, plus they never informed me that the automatic withdrawal failed. I know they are trying to correct their errors but at my expense. I would respect your advice in this matter.
I am fairly new to SLS, but have been experiencing the same problems as others who have written reviews. I accepted the loan modification which has since changed payment amount due seemingly because of escrow fees. I was told this when I called due to trying to make payment online and by phone and was unable to do so. I asked when I was going to be notified of the change in the payment amount and was told that I would get this in writing within a few days. It's been a week and I have as yet to receive any information.
I also asked how the dollar amount of the modification could be changed after an agreement had been made, but never received a decent answer. I was told that there was a $135.00 fee for accepting the modification. They also couldn't tell me why I wasn't informed of that. I had to insist that they at least take the amount I originally signed up for as a payment because I didn't want it to be late. They told me I had a 15 day grace period to make payment, but I didn't want to take that chance. I have been unable to reach the person working on my loan and have repeatedly talked to someone else (after being put on hold forever). After reading these reviews, I am terrified. How do you go about filing a class action lawsuit? I'd rather start now than to get involved in the nightmare everyone else has described.
If your loan gets transferred to these people try and run as far and as fast as you can from this company. Nothing but lies spill out of their mouths. Very unethical. Our loan got transferred from Citifinancial over to SLS. It's in my husband's name but I (wife) handle the financial affairs in the house. So I get them on the phone and have hubby on the phone also to confirm anything that goes on. I can take care of it since he is working out of town and works longer hours than these jackwagons.
They tell us no problem, they are putting me on the account to be able to take care of business. Well without our consent they were automatically withdrawing funds from our bank account like what we had set up with Citifinancial. We never authorized or signed any paper allowing them to do this. I call in to tell them to stop this and they tell me they can't. Only my husband can do it. (We had biweekly payments set up.) Then they proceed to tell me that they don't do biweekly payments, so I ask them, "If y'all don't do it then why are y'all withdrawing every other week from our account.?"
So once again have to have hubby take time from work to call these people to get the automatic withdrawal taken off. He tells them, "Send us a monthly statement in the mail or a payment booklet." They say no problem, they can do that. We have yet to see anything in the mail and it's been 3 weeks now. My advice is if you can get the hell away from these people as fast as you can.
My loan was unfortunately sold to this company by another loan servicing company without me knowing. Since my loan was transferred to them, they have reported a negative credit score for me for late payment which happened during the transition process. In spite of legitimate reasons and filing appeals twice citing mistakes on their part, they ignored the appeal and stick to their position. I would plead with everyone if you have a choice of rejecting loan with this company, by all means. They also have a rude and unhelpful staff.
Had my 1st experience with SLS today when I started receiving calls that I had not made my December payment. The loan was just sold by Bank of America; they said they had lost the information about my authority to speak on behalf of my husband, and they said they needed his authorization. So, I figured OK, I will fax them proof of payment to their manager, and I received another call.
When I called and told them I had faxed proof of receipt of B of A payment, they said it was being reviewed. That's when my husband got on the phone and told them if they needed to speak to anyone, it should be me. When they identified me by name, I thought they said they did not have any of the info from B of A? Is someone lying? Here's the low down: they are owned by a company by the name of Computer Share, but the head of SLS is John Beggins. I hope the BBB know him on a first name basis; if not, they will now.
I would never choose to work with this mortgage company. The customer service has been awful since the day my mortgage was transferred to them. My payments are made perfectly on time every month. Every year I have to call and fight with them that my HOA covers individual homeowners. It states it on the master policy which they have acknowledged time and time again having a copy. I hang up with them promising it is taken care of and cleared and then yet again, I get a bill in the mail for some exorbitantly priced policy they are forcing me to obtain.
Our loan was sold to SLS (this is the worst company I have ever dealt with) by Bank of America (one of the best I have ever dealt with). However, I wish BOA never sold our loan as we have been in a nightmare ever since! First, we had been paying additional principal monthly ahead of the due date in order to pay down the outstanding balance. It took about 6 months of constant calling to SLS to apply the additional principal. They kept telling us that we were in default for paying additional principal ahead of the due date. After escalating to the several managers, they fixed it as they now debit the amount from our checking account on the due date.
Now we are struggling again as we have written several letters to them, made several calls to them to remove the PMI. Our account has been in good standing from day one. We owe over 63% of the equity in the house and they have refused to remove the PMI. They continue to charge the PMI. 3 months ago, they doubled the charge of the PMI instead of removing it. As of now, that has not been fixed. This organization should be investigated.
I'm not going to tell anyone here anything new about SLS, except don't die with one of their loans. I am the Executor of my Mother's Estate, and they have been a nightmare for me to deal with in my time of grief. Please don't subject your family to them. The first step was to send them my Mother's Living Trust that included a Durable Power of Attorney for me to handle her real estate matters. They lost this sixty page document five separate times, and I had to send it to them over and over again. It took four months for them to successfully recognize me as the Executor, so I could at least talk to them about the loan.
At some point in the process, the loan adjusted from a HELOC to a conventional loan. I received a letter telling me it would adjust, but, no info on what the new payment would be. Then, they stopped sending me statements. When I called and asked where the statements were, they claimed they had never in the history of the loan ever sent out statements. I told them I was looking at a file filled with statements from them. They basically explained to me that I was lying about what was right in front of me. I asked to speak with a Supervisor and the CSR would not transfer me. I hung up and got another person who did send me to a Supervisor, who still refused to start sending statements out again. I asked what I should do about knowing what the amount of the payment was, and they said that was basically my problem.
So, guess what I did? I sent them a check and paid off the loan, with a letter explaining that my Mother had two loans one with Bank of America, and another with SLS and that I thought BofA was going to be the nightmare to work with, but, I was wrong. They could have made thousands of more in interest as we were settling the estate, but, I couldn't stand to pay them another penny. If you think they jerk you around, just wait until your family has to deal with them after you die. They are awful.
My loan was sold to SLS... "WORST COMPANY" I have ever dealt with. The 1st thing they did was to LIE to me about giving me a good rate. My loan was intentionally NOT submitted through the HARP program because all along they wanted to give me a very high interest RATE @ 7.5%. I was given a 6 month trial payment period during which I made all of my payment on time but, the 2nd unprofessional & conniving approach was to report my payments for 3 months as being late to the major Credit Agencies.This has affected my Credit Score making it impossible to Refinance through another Company. Now these JOKERS wouldn't answer my calls because my Account has been FLAGGED from the beginning. I believe Lenders & Investors know & approved of their Servicing style. It is all about the "highest return on your dollar." They don't give a DAMN about saving homes... A Class action lawsuit is definitely Pending.
We were in the middle of getting a loan to consolidate debt when our second mortgage was sold to Specialized Loan Servicing. When we finally got an account number two weeks later, the subordination agreement was sent to them. They did not want to be subordinate and would only approve $100 cash out. So, we paid them off so we wouldn't lose our rate. Release of liens are handled by a third party for SLS.
Initially I was told they would mark the request "critical", but today, I was told by SLS executive services they don't have access to the third party and there is no such thing as rushing a request, and no matter the circumstances, I would have to wait the thirty days for the third party to mail the lien release request to our county register's office. Needless to say, our rate lock period ended. I have had nothing but frustration and headaches from dealing with this company. Most of the people I spoke with were nice. But, the supervisor in executive services would not return my calls and I was told today by someone else, they don't communicate via email. I would NOT recommend this loan company to anyone!!
Is anyone else having issues with SLS selling off a second to a company called Asset Recovery Systems? Mine is with them now and they refuse to sign off on a short sale unless paid in full, which cannot happen. The phone for ASR is personal cell phones and no one ever responds. I have been in a holding pattern for over 4 years to due multiple companies selling off my second, and I am trying to do the right thing and not let it go to foreclosure. This is killing my credit and I believe there is something fraudulent with ASR. Anyone else have feedback, please reply.
I had my account bought by SLS in 2015. I did not have a problem with them until April 2016 when they changed the format of payments. They stated, when I called, that they had sent me a letter. Let's move ahead a few months, when this payment was first due, I did not know of the increase, due to auto payments. They informed me that I could set up a new payment arrangement by refinancing through them. I got out from under them by refinancing elsewhere, for they were already to set our account in for foreclosure. My suggestion is to move away from them FAST.
My loan was transferred to SLS over a year ago and after reading the reviews I was not looking forward to having them as my mortgage company. To my relief everything has been very positive. They have been very transparent, kind and knowledgeable with any issues I have addressed. They have resolved every matter in a professional way. So far I have had a very positive experience with every representative I have spoken to. If this is not your case and you believe your mortgage company is leading you into foreclosure, you can file a claim with BBB, The Attorney General, HUD, FBI, The Federal Reserve, and The Federal Trade Commission. I hope this information helps.
I've had nothing but problems with them since day 1. Not only did they lose my paperwork when I was originally trying to complete my modification (it took a year to complete because of them) but they gave me the wrong information so I didn't get into the program I originally wanted. Completed my modification and started making payments in March of 2015. Found out in April of 2016 that my account has been reflecting 30 days late for a year. I have sent in several times my bank statements showing them where each payment was cleared from my bank account and they still keep coming up with "reasons" why it's reflecting 30 days late. They keep changing what month it is I'm missing even though they have received bank statements from March of 2015 thru April of 2016.
They ACH debit checks from your account so there is no copy of the cleared check to show them but they want to see a copy of the cleared check to see... even though they have my bank statements as proof. If your loan has been sold to these people RUN! They are crooks. How they are still in business I don't understand. Unfortunately, you would be better off letting your property go rather than deal with these people. Short Sale or try to find another lender to buy the loan but DO NOT enter into a contract with these people.
I am in the same boat as you. We have been paying off a 2nd that they bought. We tried to refinance our home in order to pay these ** off. They decided to report that we were late. (3) days late which needless to say kept us from getting the loan. Since we did not answer the phone (which we did but no one said anything) but they will leave a message "This is Specialized Loan Services. We are sorry that we missed you. Please call Specialized Loan Services @ 1-800-etc."
They have sent people onto our property to take pictures of our house to see if someone is living in it and then charged us $25.00. They have come on the property and hung a notice on the door stating for us to call a number. Does not say who we are calling. They are rip off artists. A class action suit sounds good to me.
My loan was transferred from ASC in June 2016 to SLS. I was never notified or sent a welcome letter as stated. Upon receiving a late notice regarding my mortgage I immediately called SLS to inquire why I was receiving a letter from them. I was informed that the mortgage was transferred to them. I then called ASC which confirmed this and called back to arrange payment. At that time I was told not to worry, that there was a grace period and that there would be no strike on my account. It is now September and they still don't show up on my credit report. Upon looking on my account through their website, I noticed that there was a 15-30 day late reported in their system. I called to inquire why and was told that unfortunately there is nothing I can do regarding this change.
I worked hard since 2008 to rebuild my credit and never had a late payment with ASC and because of this low budget mortgage company my credit will now be affected. The people that answer the phone have no clue what is going on when speaking to them and it is frustrating trying to explain anything. I feel helpless in this matter and now I can't wait to sell my house and find another lender. Thank God that the market has turned somewhat and will provide me with a way to get as far away as possible.
I have had this loan servicing company since February 2016, because my loan was bought by these thieves. Like many of you, I have done a complete audit between my ACH'd bill pay activity from my Capital One Checking account and what they are posting within the SLS portal. These two aren't even coming CLOSE to matching up. I have sent capital One into a frenzy, where they are able to provide precise information on when they sent the payment, when SLS received the payment and much more information. These scam artists have you call their "customer service" line only to be put on hold for hours upon hours. I have now filed papers to refinance through my local credit union, because they don't sell their loans and I can finally sleep at night.
I have received delinquency notices, on the 4th (when my payment is due on the first) and I have a 10-day grace period. These thieves love to try and see if you'll just pay the fees. However, if you get a hold of them, they are reluctant but willing once you provide ample proof they had the money on-time. They are the most crooked individuals in the industry. How are these guys not being audited. I would love to get in on this. They are complete scam artists and should be shut down!
I'm going through so much of everything mentioned by everyone else here. My house was sold at auction on Tuesday, all because these Bastards REFUSE to communicate! My state Senator is now involved and states that there is a good possibility I'll get my home back.
I have been going around and around with this company regarding homeowner's insurance. They requested a copy of my policy declaration page photographed and sent to them which I did right away in June. I didn't hear from them so I figured they'd received the information but then I get another letter threatening to purchase insurance for me if I didn't purchase my own. I then called my insurance company and was told they had provided the policy information as soon as the policy was renewed in June but would send it again. Today, September 6 I receive a notice from SLS stating that since I did not furnish any insurance, they bought one for me at over double the cost of my homeowner's insurance which has never lapsed and they would add the cost to my monthly mortgage payment. My mortgage was sold to SLS without my knowledge for I would certainly not choose to deal with this company.
They lost papers signed and was suppose to be approved then want to continue to charge me for the rate of principal and interest and late fees. Every time I call, it's a different department or state and no notes are documented in system. Problem continues to exist since April, it is now September.
I've unfortunately been dealing with SLS for nearly 2 years on a Short Sale. They've kept the home from selling at every turn. My paperwork has been keyed in wrong, they've lost my paperwork, they've let 5 offers expire, and they keep adding new forms to 'complete' the file. I've been waiting months for a return call from a supervisor. A class action lawsuit needs to be filed against them.
Specialized Loan Servicing Company Profile
- Company Name:
- Specialized Loan Servicing