In October 2008, my husband and I contacted SLS about obtaining a loan modification. We were current on our payments at the time.
In December 2008, they informed us we made too much money to qualify for a loan mod. In January 2009, they told us we didn't make enough to qualify for a loan mod. Turns out, the information we submitted was input into their system incorrectly.
In January 2009, we had to stop making payments because SLS wouldn't take us seriously or move forward with the loan modification. After several months of frustrating negotiations, marked by repeated customer representative changes (we were informed they "change customer representatives every month, but the new reps never have any of the documentation the old reps had worked on) and lost documents, we finally received our loan modification in May 2009 two weeks prior to our foreclosure auction sale date.
We carefully reviewed our loan modification documents and even called SLS to clarify all charges and fees. They capitalized some late charges and attorneys fees related to past due payments and the foreclosure, which we were fine with. However, one month later, we received a phone call asking us for an additional $2,300 in fees. No disclosure, no written documentation of what these fees even are...
We hired an attorney and plan on fighting these erroneous charges to our account. The entire loan modification process with SLS was frustrating and there were many times we strongly felt as if they were not acting in good faith to process our modification in a timely manner. Our loan ended up in foreclosure because SLS repeatedly mishandled our documents and paperwork which had been submitted multiple times. It seemed as if they were doing everything in their power to postpone the loan modification instead of expedite it, which is what we repeatedly asked for. Terrible company to deal with.
Product or Service Mentioned: Specialized Loan Servicing Loan Modification.