Specialized Loan Servicing Reviews

This company is a joke. No wonder they are changing names. They should just close their call centers because everyone gives you different information. They love to play games in the hope they will get your house. They somehow got my second mortgage. I went through a financial hardship and had a few returned payments. They put me on certified funds only meaning I had to send a cashier's check. I did this for six months. During that time I had them hold my payments, threaten foreclosure, and blame everyone and everything but themselves. I finally got their royal permission to pay online again. One accounting error and now I am back on certified funds. I call in to see why and they give me a different story for every person I talk to. This people are just liars and crooks.

They have double-billed me for my mortgage on multiple occasions. Then the payment is not applied properly. Then it takes at least a month to get the funds back, when the next payment is due anyway. So they basically decide when they take money from you.

I agree with every other person who has written a review. We had a house fire in our home 3 years ago. First we found out that they had put “lenders insurance” on instead of kept our usual insurance. (No wonder escrow went up; make sure you always check with this company). Lenders insurance; in case anyone doesn’t know; is insurance that pays only for the outside part of home to be rebuilt. Unfortunately we lost everything inside and out. Not to mention that it doesn’t cover living expenses or hotel expenses. With that being said; it was so traumatizing with four kids; I didn’t care and just wanted to get back in home asap. Originally they quoted 4-6 months. Ha. We were out of home for 18 months. Had to pay hotel fees out of pocket. They gave us 180,000 to repair outside of home however let’s be real; this cost way way more and I was able to get a lot of good deals; knowing a lot of contractors.

This is a terrible company,! I wish they would never have got my house loan. Customer service is terrible and the loan modification is almost illegal. Raised my interest rate and reported to credit company I was late even though I paid as required. I hope that they go out of business

They are cheating me out of almost $1300, claiming I have an escrow shortage when I don't. Any idiot can easily see their miscalculation on their escrow analysis. They are charging me for the monthly insurance premium twice for 5 months in a row. I called them 4 times, explaining their mistakes in detail. On the phone they seem to agree that a mistake has been made, say they would request a new analysis and it should be corrected in one week. When I call after one week, they always say my request has been denied and I go through the same hour-long conversation again. I am so frustrated because I am not getting any help. I don't owe them the so called escrow shortage but if I don't pay they claim I am not making my mortgage payments? This is crazy. They should not be in business.

This company is just terrible. They treat you like dirt, make you wait forever on the phone, then say that they cannot provide simple information on the line, tell you that you need to ask for the information in writing, and when you protest, hang up on you.

To put it mildly, Specialized Loan Servicing is the WORST. They love to put you through it to get a modification on your loan. They love to attempt to foreclose on your house even though you tried to work something out to pay them and pay the loan. They put you through unnecessary stress even though this is a 20 percent on a 80/20 loan, which is the worst loan you can get. Can anyone recommend a good real estate lawyer who is willing to take them on?

With this company you will never pay off your home. They take most of the money for themselves and barely nothing for the principal of your home. I have had my home for over 20 yrs and have not even made a dent in the principal. I would never recommend this mortgage company and if you have it try to change it don’t wait like me. 20 yrs in and now I realize it’s a scam.

Worst nightmare ever. They have been holding insurance claim money for over a year in a locked escrow account. They have delayed so long the city took out demolition order in court to tear down my house because nothing had been done in year. They did not represent themselves at any court hearings or respond to any summons. The judge declared them to be in full and final default in the court case. They even admitted in a complaint I filed with the BBB that they knowingly and deliberately did not respond to the judges decree that it was mandatory to attend the last hearing to set the date for demolition of my home. Citing they will still get the money due on the mortgage whether they tear down my house or not. It was an irrelevant point to them....

SLS is a predatory company who fails to apply payments made online and with phone reps and then charges late fees. Their reps lie, condescend, and hang up. Reps refuse to get supervisors on phone and claim it will take 3 days to get a callback and will not specify at what time. Above all, SLS needs to be investigated for fraud and charging bogus fees for their own willful "mistakes". If you have any choice, do not use this company!

Run away from this company! To change anything on your mortgage is like jumping through 500 automated hoops. The flood insurance requirement for our property was recently removed by FEMA. I have submitted documentation via the website portal and email and spoken at length to customer service and still it is coming back with an error. The only people you can talk with are customer service representatives who don't know why documents didn't go through or were rejected and there is no secondary point of assistance. Almost everything is automated and horrible. Bring back real, knowledgeable people!

I am having a cash flow issue right now, I called to warn I would be late, they offered to take the monthly mortgage and cut it into 4 separate monthly payments added to the current mortgage, said it would not affect credit, and they have reported to the credit bureaus every month that I have made the agreed upon payments, this was not the company I took the loan out with. I think there ought to be a law against putting loans with such a corrupt evil lousy company like this. When I just called this rep said they would have not said that, another lie, I will have my revenge as I have a big mouth and will now accelerate my payments or re fi out when the rates make it worthwhile, I have more than enough equity to justify move, everyone going for a loan or refi should beware of this lousy company

Our loan was transferred to SLS a couple of months ago. I made an on time loan payment then was notified that a double payment was submitted. I called in to cancel the second payment and was told that it was unable to be cancelled. I asked for a refund and then was told it would be refunded to my account within 2-3 business days. When it didn’t come within 3 business days—I called back in and was informed that instead of refunding to my account they were sending a physical check and that it would take 7-10 days to get to me. After 10 days I called in again and was told it took 7-10 days to APPROVE followed by another 7-10 days to receive. By the time I would get the check my following months mortgage payment would be DUE! That is a long time to be without that huge amount of money. Each time I called in there was a different story and very little help. I am extremely frustrated and annoyed. I will not trust their online system ever again.

WORST Phone prompt (Can't ever get connected), has 100+ options and some of them just go to "thank you, goodbye" and hangs up. They have TWO freaking websites used one for uploading their documents like insurance and another for your billing. You feel like you have to work with 2-3 companies every time you do get ahold of someone. You will have to call them at minimum 3 times/year to manually update your insurance policy because they refuse to communicate with your insurance companies (even large ones like Geico, Travelers, Liberty Mutual, etc). Literally the worst experience I have ever had. They should not be in business. AVOID THEM LIKE THE PLAGUE.

Like many others, my loan was transferred to SLS and I have always paid extra each month, on time, and even paid it off early in December. I received a payoff amount and paid that amount by the required date but because I didn't send it "certified" wire, they told me it was not adequate and that I would need to pay an extra $408. I explained that it should not matter whether it was a standard money transfer from my bank, or "certified" because it was posted to my account. Also, I called immediately after the money was wired, and spoke to various people and they refused to apply the funds to my final payment, deducted the $408 from my escrow without notifying me or my permission, and closed the account.

First off, let me begin I was in a chapter 13 and paid it off in April 2023. I received a letter from my attorney in June stating start making your payments in July was told that my payment would be just under $950 a month so I made payments in July, August and September for that amount. In September I received a letter from SLS stating there would be an increase in my payment so I called in to find out why and apparently it was the escrow so I made a payment towards escrow on September 12. She then told me the payment would be $956 and some odd cents.

This is the WORST company!!!! They claim they lost paperwork. One employee says everything is good then another come along and say something is missing. I think they purposely wants you to give up. If your mortgage gets bought by this company refinance with another company quick, fast and in a hurry. I warned you!!!

My loan was transferred here.... So far I tried to call them 31 times. Hold times last hours untll my phone goes dead... So i email them....34 times with no response....except, "We are going to get back to you." The phone system asks 21 questions over and over and still never sends you to a real person. I need out of this company. I will stop all payments and then they will need to contact me. I wrote the state banking dept and they have done nothing. Zero service here.... Avoid at all costs.... Worst company on planet.

I will be back to continue my review. As of now, I must contact NY GOV agencies to send a formal complaint. SLS NET' located in Canada. They didn't inform clients THAT THEY DO NOT ASSIST NEW YORKER'S IN ANY WAY. They have caused me emotional distress. I did not choose them, I chose Wells Fargo but they sold my mortgage to this company.

I had flood insurance secured and in effect, and when the loan was sold to SLS, they somehow "could not reach" my flood insurance carrier and therefore....didn't pay it. I don't know this until my payment shot up $400 a month, all to find out that they now put a lender-issued policy in effect that was $3,700 a year instead of the $995 I was paying. NO FLOOD POLICY WAS NEEDED, I HAD ONE and thanks to their incompetence, my actual flood policy was canceled. I THEN got a new policy issued and my insurer put IN WRITING that they needed to pay by a certain date, and they failed to do so. NOW they want to charge me an additional $366 for the late payment fee thanks to that blunder of not paying timely.

If you are looking for a mortgage company DO NOT USE Specialized Loan Servicing (SLS). So long as you pay your payment on time you will not have a problem, but when you run into health issues and are unable to work they will offer you no help at all. I was always on time or 2 to 3 weeks early with my payments and all was fine. When I contracted COVID and was unable to work for almost three months I got behind.

I had a forbearance during Covid. When the forbearance period was over, I was told to pay the entire $35,000 in deferred payments back at once or be foreclosed upon. I had to take out another loan to save this one. There was no getting help from the company to move the payments to the back of the loan, make a payment plan - just pay or lose. Their argument? They were just servicing the loan and weren’t the holders of the loan!!! But they refused to give me information on who is holding the note. A lawyer recommend I ask for proof of loan, as many companies don’t maintain proper records when a loan is sold multiple times and cannot foreclose without this proof of debt. That was in 2021. To date, SLS has ignored all requests to provide paperwork on who has my loan.

Promised recast and instead applied over 100,000 to loan and claimed the paperwork was never sent. No re-amortization..Just days and weeks of attempting to call with no response or holding on for hours only to have them hang up on you. Worst customer service because they all have different story..Advice...Run as far as you can from this dubious company.

If a class action lawsuit is in the offing, we're in. Transferred mortgage servicing from WF to SLS in early 2019 (not by choice). Hit by COVID, then a major hurricane with major damage. Freddie Mac rules allow extension of forbearance in both circumstances. They ignored our timely requests for forbearance extension with documentation and are now trying to foreclose on our home. It's like talking to a brick wall.

SLS recently purchased my mortgage from another company. I have never been able to speak to a human. Today I was on hold for 1 hour and 35 minutes. Their chat room has never worked. I have called 3 times and never got a human, but waited on hold forever. They need to hire more people.

I have been fighting for about a year now with this Specialized Loan Servicing. All conversations have been documented. They made a mistake paying my taxes in San Diego causing late penalties to occur. They did not pay them on time, and they became delinquent. This is an obvious mistake which could be resolved easily. If you make a mistake, you should pay for the mistake. This has not occurred and at this point I know they never will fix the problem. What is crazy is that the loan system has literally no repercussions for bad service. My original loan was with a company was awesome. My loan was sold, and I have no say in the matter. A home for most people the most expensive item they purchase in a lifetime. Someone needs to step in and protect paying consumers for services.

Interested in a class action suit. Added escrow to a home equity loan for taxes already paid. SLS lied to the CFPB in writing saying they gave us an extra refund but there are 2 disbursements and 2 refunds. They chose not to upload the transaction history that would prove their lie. Our loan has reached maturity, but payoff quote is THOUSANDS more than owe and all escrow payments were returned to them. They tried saying we we had insufficient funds for THEIR check numbers on tax disbursements. Customer Service lies, hangs up, doesn’t document, supervisors don’t call back, escalation department is useless. Charge document request fees for requests we didn’t even make. I requested a full transaction history and it is a huge mess and a large check payment that cleared my bank account isn’t reflected. The government needs to audit them!!!

Interested in class action suit, bad customer service and unorganized company. If your bank or mortgage company does business with this company, get rid of them. Read all the other reviews. Do not get trapped for 30 years like I did. I have had mortgages with other companies and never had a problem in 25 years.

Ok so my dad redid his house loan from NFCU to BB&T. This was all going on during covid. My dad was unable to go to the bank so the bank came to him which I thought was really nice. We got a forbearance after he passed away so next thing I know I have this company leaving notes on my door not even knocking or saying, "HI. We're your new loan company," which to me is sneaky as heck and downright cowards. So I got the note and called SLS and the nightmare started. Literally a nightmare. 62,000 on my family home which has been lived in as second owners since 1975. My mom passed away in 2017 and my dad behind her in 2020. I had to send this company my dad's death certificate 5 times and finally I did certified mail and they FINALLY got it.

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!!!