Specialized Loan Servicing Reviews

About 3 weeks later, I got the check back from SLS, with a letter stating it was not the correct amount. I didn't pay some fee I was never told about and they could not accept it! I then called them and was given another amount that would bring me current, which was more than double the check I had just sent them! No explanation as to why it was so high or what extra fees were tacked on. I sent them the check. About 3 weeks later, I received a letter from an attorney's office stating they were retained to collect on my loan! When I called SLS, the person on the line seemed like they did not know what was going on or what their procedures were. I then was told the check was being returned to me because it was not a certified check!

No one had told me it had to be certified. They told me they would have to send me a reinstatement letter. Wow, my payment went from $2000 to over $10,000 in a matter of a couple months and I'm being threatened with foreclosure. They are trying to charge me $4,200 for attorney fees, on top of a bunch of extraneous charges and fees. I called the attorney office to complain that they could not possibly charge over $4,200 for a letter. They said that fee is probably estimated and are looking into the matter at this time. It looks like SLS would have me pay them full attorney fees, then turn around and pocket any fee not billed to them. We'll see how this plays out. But this company is bad.

I believe they falsely charge for phantom fees and charges, and bill for services that are not performed. I have never heard of a company refusing payment on a bill. They returned two checks that would have brought my account current. Now I'm faced with foreclosure. What a scam!! There are so many complaints about this company on this site. I cannot believe that the Attorney General has not looked into this company for wrongdoing.

I only wanted to have someone talk to me with respect. She had none. I do not like this company and when I am in a better position, I will get rid of them as fast as I can. I called back and got the same person and I wanted to talk to someone else and she said that she would have to know what I was going to say before she could get someone else to help me. I told her that I wanted a supervisor and she told me that She would see if one was available. I told her that I needed to speak with someone that was not going to talk down to me and she said that she did not do that. I kept telling her that I wanted to talk to someone else and she finally got off the line and I waited and waited and no one came and I had to hang up. This is not way to deal with customers even if they are late on paying. My suggestion to anyone that is going to have to deal with them is to be prepared for a bad experience.

1) SLS’s customer service representatives do not give the same information regarding their processes. Just about every time you call you will get a different answer to a variety of different questions about the short sale process and their procedures. 2) SLS refuses to let customers speak to anyone of authority. The customer service reps play the transfer game until customers give up or become irate. 3) Once customers reach their “boiling point” the customer service reps only offer canned responses and do not seem to have any empathy to customers who are victims of their inefficient and questionable practices. 4) SLS are not timely and will offer false information. As indicated in issue #1, customers should not trust SLS customer service reps. When they tell you they have received everything they need they will come back with requests for little things already submitted to them. It is critical to follow-up repeatedly.

My husband and I had two loans, a primary with Bank of America (BOA) and a line of credit that BOA sold to SLS in 2012. We had been trying to sell the property for years; however with the current housing market and our financial situation, we were forced to apply for a short sale. I contacted SLS Customer Service in June to inquire about their short sale process. I was told that if the short sale was approved the primary lien holder, BOA had to initiate contact with SLS to negotiate the amount SLS would receive when my husband and I sold the property. We received short sale approval by BOA in the beginning of July. At that time, we had no reason to doubt what SLS told us so we waited patiently for a buyer to purchase the property and figured BOA and SLS would work amongst themselves when it was time.

By the end of August we received an offer on the property but still had not heard anything from SLS or BOA about the two firms working together to negotiate the final terms with SLS. We called BOA and were informed that the process explained to us by SLS was incorrect. We called SLS Customer Service on 3 different occasions to inquire again about the short sale process and were told 3 different answers. We finally demanded to speak with someone that could offer us a clear and consistent answer. We were elevated to the Customer Resolutions Department. We were told that we had to follow a similar short sale process as with BOA. We were asked to submit the package we submitted to BOA and conduct a phone interview.

During the conversation with the Customer Resolutions Representative our real estate agent and I expressed our frustration with the miscommunication with the process. We further expressed our concern with SLS holding up the closing scheduled October 11. We were told the short sale process was straightforward, our case would be flagged as urgent, and the process should not take longer than 30 days especially considering that BOA, as the primary lien holder, had already approved the short sale. The rep even stated that she expected the outcome in less than 30 days.

Fast forward to mid September we still had not received approval. My husband and I began calling SLS every few days or so to check the status and ensure things were moving in the right direction. The automated message stated that all documentation had been received and the agent was reviewing the files. When speaking to a live customer service rep, we were given the same message. On September 27 our real estate agent was informed by SLS that the Broker’s Professional Opinion was scheduled to be performed soon and a final answer should occur about 5 days of after that.

On September 30, my husband called to double-check the status and was told that underwriter, Angela, did not have all the information she needed after all. We submitted the documentation that same day only to be told days later SLS still had not received the documentation because their email service takes 2-3 days to upload documents.

On October 4, I called again to check the status and at a minimum find out if the documentation we submitted was sufficient – we were running out of time to submit more documentation and wait the 2-3 days for uploading. I was told that the person working our file was out of office and no one was sure when she would return. I demanded to speak with the supervisor of the person working our file. After 50 minutes of dialogue and waiting with the Customer Resolutions Supervisor, Daynard, I believe, told me that he was unable to physically locate the supervisor but would create an elevated ticket explaining the circumstance. He told me that Angela’s supervisor would call me Monday, October 7 in the afternoon and if she had not contacted me by 2, I should call and ask for her specifically.

I did not think it was possible to be more frustrated until the fiasco I experienced when I called the afternoon of Monday, October 7. I demanded to speak with Angela’s supervisor and was passed to 3 different customer service reps instead – each of which required me to go over my account details which included verifying phone numbers, email addresses, property address, etc. It took 30 minutes before I was able to speak with a Customer Resolutions Supervisor named Toby, I believe.

Toby was rude and short with me. I demanded to speak with Angela’s supervisor; however, he refused to transfer me. He also stated that he would transfer me directly to Angela but she was not at work. He offered a generic apology and the same offer of an elevated ticket that Daynard processed that prior Friday. My voice was trembling and was very angry. It was obvious how upset I was. I explained again that we were scheduled to close in less than a week; however, we had no progress on the short sale request and seemed that Angela was not around to work the file. I explained that I wasn't even sure if we had submitted the right documentation. I went over the entire story – the call was well over one hour. Toby did not care. He, just like all the other representatives, seemed to be numb to the stress and chaos SLS causes their customers because of their shoddy tactics.

I called today, October 8 and spoke with yet another Customer Resolutions Supervisor named Anthony. Anthony informed me that he was unable to elevate my concern to Angela’s supervisor because Angela was still compliant with SLS’s 5 day response protocol – which was very different than the information I was given by the 2 previous supervisors who both claimed they elevated the concern already.

As I write this letter on October 8, I am no closer to the status of our short sale request than I was when we were finally told the real process at the end of August. We have to cancel our closing and the buyers may withdraw their offer. I am in utter disbelief that this is happening. No company has ever made my husband and I feel so vulnerable and powerless. My story is not unique. There are pages and pages of similar complaints from other customers.

Then I call yesterday and was told now they need last 2 months of bank statements again and they don't show that they ever received them originally, but yet was told each day all documents were there and file was complete for review. This is very frustrating and my credit is being ruined more each day. They also informed me that my file is only looked at every 5 days... How can a company get by with these practices?? Representatives & Supervisors are not knowledgeable and wonder if they are not answering phones from home?? They also tell me they have 30 days to make their decision...

Well, I have hit that 30 mark several times, but then they tell me a form that was previously there has now somehow magically disappeared! So this is how they can delay process of any loan modifications or short sales! However, even to proceed with a short sale, they need an offer on the home. Well, that offer and purchase agreement is time and day sensitive, but they feel they have the power to overrule those contracts! Hopefully the right attorney sees the complaints on SLS and decides to investigate their malpractices and can fight for the consumers! I do plan to contact the attorney general's office to see if that helps at all.

I originally just asked if they had any options to defer my payments for a few months, or whatever. They treated it like a refinance. Of course, this was denied. Then they tried to charge me a appraisal fee of $135 which (1) no one ever came to my house because I'm home all the time, (2) if they would have told me they needed it, I could have provided the one I had used for refinancing my first mortgage. I sent a dispute letter and refused to pay this.... I sure better not find out they were pulling my leg about waiving this fee since I was never notified about it.

So EVERY Tuesday since February I have got a call from someone at SLS. The poor person who calls me has no idea what they are calling me for until after I get on the phone with them and I have to explain it all to them. So... my husband and I ended up cashing out his retirement because we have some legal fees to pay (unrelated to this) and we have some extra $$ left over, so I (after discussing and going with SLS's suggestion) sent them a letter requesting a SHORT PAYOFF. I offered them more than half of what we owe to pay them in a lump sum. They they tell me they need proof of funds; I send it. Then they need a copy of our W2s. Now they want a copy of our most recent 2 pay stubs (again hubby not work) so I have sent in.

I have been told (every Tuesday when they call) that my file is complete and underwriting is reviewing & they aren't sure why they haven't reviewed or made a decision about my offer and that they will send a request to underwriting to expedite it. I have lots of faith (not in SLS, but in general) and this week, after praying about it, I decided (unwillingly) that maybe this isn't what God wants me to with our cash. So after reading all of these comments, I am very mad, disappointed and sad that a company could act so reckless and just play games with people's livelihood here.

Why do we work? To pay our bills! Am I behind on ANY payments, no! My husband and I have excellent credit and I'm appalled that creditors aren't willing to help you until AFTER more problems are created (they actually want me to behind on payments before they will help - I'm referring to other creditors in general too!). It makes me sick that people who are living honest lives can be jacked up by people who aren't here to help anyone. I will do everything I can to get rid of SLS! Wish you all the best too!

The county I live in we pay taxes every 6 months, June 5th and December 5 each year. So when I went on June 5 to pay this year 2013 property taxes. The county said that my taxes were already paid by Specialized Loan Services. I told the county that they shouldn't have set up an escrow account. The county advised me to pay my June taxes for the first 6 months half of the yearly taxes for 2013. That the county was in the process of sending Specialized Loans Services their refund back to them. I called them again. Specialized Loan Services had gone ahead and set up an escrow account on May 10 2013 anyway. I received a letter from SLS confirming that I had paid my taxes and the County of Henrico VA would send them a refund to Specialized Loan Services and when they receive they will terminate my escrow account.

I called them again in ending of June 2013 to verify what I owe Specialized Loan Services. Stated that I still owe the house payment and on the escrow account and some late charges. I stated that Specialized Loan service should have terminated the escrow account. The representative at SLS stated," Oh I see," and said that I was caught up and that all I need to pay was a mortgage payment in July 2013 and some late charges that I was caught up to date. I call them back about setting an Automatic Payment plan with them. I found out that I needed to pay a mortgage payment and on the escrow plus the late charges. I then went to the county again and confirmed that the county refunded SLS their money and I have documentation that shows and the county paid SLS 3 times.

I have all the documents that I did what Specialized Loans Services asked me to do, and SLS still won't terminate the loan. They are jacking up my payment so high I can't pay the payments with escrow attached and soon be getting behind again and possible be losing my home. Specialized Loan Services has Henrico County, Va money and is getting my money too.

I guess that is okay, but that is not how simple interest should be done. However, nowhere on their website or on their statement does it tell you the paid to date (or paid through date) of the interest. The consumer is left in the dark and must trust them without being able to verify their calculations. I allowed them via an ACH to collect the additional $90.16 they said I owed. Today is four days after they received the payoff and their website still has not recorded the payoff. In the mortgage business, if a payment is received prior to a given time in the afternoon, it is recorded that same day, not days later. They will not speak to me about this, because if you have a compliant, they require you to mail a letter to them and they will get back to you. If SLS wants to be a Big Boy in the servicing business, they need improve their IT and support system. Also, I am not an attorney, but I would think that not giving the mortgagor a paid to date on their statement/website would be out of compliance with federal regulations.

Next issue is that my due date is the 20th of the month and I do not like to be late. Since they had no payment option on their website that allows for one to pay online without either giving them auto-debit control of one's bank account (which no way in hell will I do!) or without charging a person around $10.00 to make the payment, then one must actually physically write a check and mail it in across the country! It barely gets there in time even though I am ready to pay it on the 1st of each month and have to wait and wait to get the statement since they are never ready online!

Now I am looking at my March 2013 statement and see 2 two different errors on it! I barely got that other mess straightened out remember! First they show the county of record to be some other country in Arizona that I have never lived in in my entire life and I have resided in AZ for almost 30 years in only 2 different property addresses. So now I have to wait again to see if they hopefully will fix that error! Next there is a line in the account summary area of the statement that shows whether or not one has a pre-payment penalty attached to their loan. Well my original loan has no pre-payment penalty attached to it, however SLS decided somehow to put down that I do! So now again I have to wait again to see if they hopefully will fix that error also!

I am sick to death of spending my life on the phone with these ** trying to fix their unprofessional handling of my home mortgage! I can go on and on. I think it should be against the law for just any company to simply purchase one's account without the authorization of the account holder. I am 61 years old and have never had to deal with anything like this before in my life! Beware of this company. They are shysters and have no idea how to handle home mortgages at all nor do they care! Everyone at SLS that I have dealt with has been rude, except for one employee there.

Also, when one goes to their website, it now says you can pay online for a one time payment. In writing on the site itself, it says you may not be charged the $9.95 fee to pay online with no further description about that and the employees say, "Oh no you won't be charged." Yeah, sure! Horrid, horrid company. Beware.

Sorry, but I can't believe the extent of their dishonesty and criminal behavior! I'm gladly paying the cost of getting a new loan to pay off this one, just to get rid of SLS. I resent my original lender having sold my loan to them in the first place. In addition to SLS being thieves, their customer service is just plain ridiculous. Their representatives don't even have the most basic common courtesy, and lack any common sense and understanding about how to deal with customers in a businesslike and professional manner. I don't know where they find these people, and after speaking with someone who claimed to be in charge, I don't think they care at all! I can't wait to completely sever all ties with these demons!

I witnessed gross mismanagement during my time there. The company, which claims to have a "better way" to "do things differently" is no less predatory and seamy than any of its competitors. The company does not invest in quality equipment capable of accomplishing the tasks at hand. An example is the PaperVision program and desktop scanners, which are used in conjunction to scan all documents received from borrowers. PaperVision has many bugs, management and team leads do not know how to use it (thus cannot instruct employees), and many documents are just lost as a result. These documents can be critical to somebody's modification or to avoid foreclosure. The company's computer system in general experiences regular glitches and the IT department is quite slow at getting everything back online.

I attempted to explain my observations constructively and humbly offer suggestions for improving the processes. I also participated in company functions and tried to mingle with my colleagues. Many employees are rather unprofessional; they discuss topics that should be left out of the workplace and regularly use crude language. I never complained about this. I arrived for work on Monday, December 24, 2012, and discovered that my badge did not function at the door. I was about to leave when a security guard approached, told me that the company was closed for the holiday, and that I was no longer employed there. Management apparently decided not to inform me that I did not need to show up on Christmas Eve morning so that security would dismiss me and they could avoid any potential confrontation. Merry Christmas 2012.

At this point my husband was going to be laid off again. We were at that point wherein we were either going be forced out of our home by foreclosure, file bankruptcy or gonna have to sell our home in a quick sale. No matter what choice we made, we'll lose our home. We sold it in a quick sale and moved out of the state. Our home closed in January 2011.

In April of that year we received a letter informing us that they have received our paperwork for the bailout program and that they would review it and let us know of our options. This was the only letter of any kind that we received from them regarding our situation. Wasn't it nice of them to acknowledge our problem and try to work with us to try and save our home after we already lost it?

I had been asked for the HUD 1 and settlement statement, proof that I was a member of the corporation listed as the Seller and proof that the corporation listed as Buyer was a separate entity from me. I have supplied SLS with all of these documents in the last several months and had been stunned when I received a letter over two weeks ago asking me once again for the HUD 1 and settlement statement.

I do not understand why SLS is asking me to supply documents they already received from me over six months ago...seems like they are just stalling and finding excuses to keep my money. Every time I supply them what they are asking for, which are all clear and straightforward documents, they say it will take them 30 to 60 days to review the information and decide the fate of my case.

There should be no other items needed to make the determination that this was indeed a bonafide sale. I have been delayed for over SIX months and enough is enough. I am angry at the way my file has been handled. Now I try to speak to someone to settle this once and for all and I can't get anywhere. In fact, I demanded to speak to a supervisor two weeks ago and it seemed he may actually help me. He asked me to fax him directly the HUD 1 and settlement statement and supplied me with his direct extension. I thought I was finally getting somewhere. I call him several times a day, every day and he does not answer his phone. I leave messages, he does not return my calls. I fax him pleas to return my call, he ignores me.

I am at wit's end. I am buying another home and factored this money into my down payment. I figured I would surely have it back by now, after all, I've done everything according to their requests. But here I sit, without the money that is rightfully mine. I NEED HELP AND SUPPORT!!! Is there something I can do, even legally to shake up this situation and demand my money back?! This truly isn't fair and I don't know where else to turn. Please help me, I'm desperate to buy my new home and put this mess behind me. Thank you.