Specialized Loan Servicing

Wells Fargo sold my loan, never any issues with Wells. In just a couple of months it’s apparent that SLS wants to foreclose on my house. I make payments online and mysteriously the “bank” is unable to locate my account number. I have dealt with o line bill pay forever never had any issues. The online statements are complicated to read and can’t get a balance due total. Can not get anyone to answer the telephone & email correspondence is obviously computer generated!!!

They did a mortgage review and did not include the check for $639.00 that was sent to them along with the insurance company reducing my premium, 6 months ago. They are asking me to give them more money in my May payment than I owe them, and refuse to take responsibility for their gross error in calculating my escrow. My insurance premium they are calculating in my escrow is for $2,800 when is should be $1,600. They refuse to take responsibility for their mistakes. I think they are asking me to pay so much more than I owe in an effort to steal my home, if I am unable to make their payment.

This is the worst company I have ever worked with. Having no way to pay additional to your loan or escrow is bad enough, but when my insurance company cancelled my policy by mistake, they decided to charge me $540 for a few days of coverage (Nothing happened to my home, of course). It should be illegal for these scumbags to buy your mortgage without you having a say.

In 40 years of title business, I have never come across a more incompetent, uncooperative, untimely, insensitive mortgage lender such as this one. And totally ignorant of probate rules for other states than the one they are located in. My son took his own life and they would NOT speak with me at all OR contact their foreclosure attorney located in my state to get the rules so that they could talk with me. Once they found out my son was deceased, they did nothing. We had to call the foreclosure attorney and advise them son was deceased and attorney office delayed foreclosure. It took FOREVER to get a final payoff...longer than the seven days (which is ridiculous to get a payoff) it normally takes. Closing was delayed because of them. Of course, they collected additional interest.

I am very curious how the Consumer Affairs allows this company to operate. If they are not following the Fannie Mae guidelines they are bound to adhere to, I can tell you they are, at best, immoral. In short their business model is as follows - They are purchasing mortgages on homes that have equity that are in covid 19 forbearance or other forbearances, and they try to foreclose on them to profit off the equity. They tell the home owner that they owe their entire past due forbearance balance immediately. (Which is not true and is against Fannie Mae covid 19 forbearance guidelines) When the homeowner does not pay, they report default to credit and try to foreclose on homes that have equity in them. In other words, they try to steal homes from good people, by breaking the guidelines set forth by our government.

Talk about a bad draw. My mortgage was purchased by this company after we completed the refi of our house. Though they offer the basics, they inexplicably don't receive updates of your insurance information. You're forced to go to a 3rd party site to upload your declarations page. Unfortunately, this site sometimes doesn't work. In that case, you can e-mail them your page. When I got my statement, I noticed they put a lender-placed insurance that was twice the cost of the one I usually get. They apparently never got the e-mails or uploaded docs. Despite opening cases about this, usually with a dismissive response from their agent, it still does not reflect the new policy. Unacceptable.

This is by far the most unorganized, unprofessional company I have ever dealt with in my life. DO NOT do any business with this company. DO NOT sign anything with these people. There are so many better loan companies. I sent in overage on a loan payoff. They owed me money ($3,000) for for 5 months. They reported to the credit bureau that I missed payments and have not paid the balance when it was actually owed to me. I was on the phone with them 6 plus times and was assured after every call that everything was taken care of only for it to not be the next time I received a call from their collections. Just a nightmare of a company ruining my credit because they cannot get their own internal ** together. NEVER use this company for anything.

Where do you start. Unethical group of loan people all working at the same place. Unorganized and bookkeeping nightmare. I'll keep it short. Got a HELOC, they sold it to SLS. We paid off the line of credit. But they still said we owed money every month, even after the $0 balance. Then, we called to pay it off and were told we actually had a credit. We were happy because this sounded correct. So, we ignored the messages saying we owed $27.00. 30 days later, they froze our line and said we owed $27.00 plus interest. We said, "Fine we will pay, just make sure to unfreeze the account." They said since we are 31 days late, they can't unfreeze. We lost the HELOC and they sent us to collections. We hired a lawyer because our 800 credit was tarnished and on top of it we still have a $27.00 credit according to the customer service department.

Our mortgage loan was sold to this company and it has been horrendous. We have 3 parcels to pay tax on that were escrowed from our original loan. Upon transfer they only paid 2/3 parcels. We paid the remaining parcel. The next year they only paid 1/3 parcels. When I contacted them they sent a check for the remaining parcels that miraculously never made it to the town. I asked several times for someone to fix our escrow as our delinquent tax bills piled up. After zero help, I closed our escrow. They still have $620 check that was never sent to the town and was not reimbursed to us. I have had to call numerous times and I get transferred from tax to escrow and no one can seem to help me. They misuse funds and do not have a consumer friendly customer service department. AVOID AT ALL COSTS!

I searched for reviews on Specialized Loan Servicing (SLS) and found many people shared horrible and similar experience with SLS on this website. After reading so many reviews shared here, I realized what I experienced is not a coincidence. I bought my house in June. All the school tax and city tax for this year was paid off during closing. However, SLS's escrow analysis showed that they paid my school tax again TWICE, and city tax again once. Thus they raised my monthly payment amount. I called them to explain that they should not be paying my tax again and it is not due until next year.