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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.

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Anonymous
Houston, Texas, United States #1028777

Interestingly enough this comment mirrors our own experiences with this organization. Example: they lost our loan mod request documents 3(three) times - we obtained proof of delivery each time through the USPO.

We provided them copies of proof of delivery and they still denied receipt. Incredible !

Found out during this process that our loan has a balloon note due middle of 2020 - never knew of this before.

Good luck to anyone doing business with these people.

David Stewart

david.cpuman@gmail.com

Anonymous
#786191

Like the rest of you I received a letter from SLS dated December 16, 2013 advising that Bank of America had Sold my Mortgage and Specialized Loan Servicing would be handling my loan for a Unknown Company. I am a few month behind on the Loan and I've completed and sent int the modification papers several times.

I've received letters from SLS saying that they've gotten all of the paper work and then a day or so later I'll receive a letter stating that I'm missing something out of the packet. This is a real mess. They've even got someone leaving envelopes marked confidential on my door with little slips of paper saying call SLS and a Phone number I thought it was really weird they always appear on Sunday mornings and they never ring the door bell.

Now that's really strange.

Anonymous
#764542

Great! Our loan just went to SLS, all complains sound like our nightmare with B of A.

Looks like customer service has hit rock bottom. Won't even try to refi with SLS.

Anonymous
#516501

went to refi out home under harp... have a SMALL HELOC w/sls...

the entire refi is being held up because they want a "fee" that they wouldn't explain on the phone...

also, they were ABUSIVE to my wife when she called, and we have never missed a pmt and always have paid well over the minimum monthly. this company is the poster child for what is wrong with the banking industry today!!

Anonymous
#371490

In March of 2009 I was unable to make my monthly mortgage payment. I promptly contacted SLS and was instructed to apply for a loan modification (lower rate) and a forebearance (missed payments put at the end of the loan and you start fresh.

Despite providing all documents in a timely manner and weekly calls to check on the progress, I was constantly told that my documents "didn't come through", "they're not in the file", "refax them again". In September I voiced my frustration to one of their modificatin experts only to be told that "it's not SLS's job to make sure you can keep your home!" In November I called a nd voiced my concern about the home going to Sheriff Sale and was assured by the SLS rep that no sale was scheduled. On November 22, I was notified that my home would be sold at Sherrif's sale on Dec 14th.

Merry F%#@*& Christmas! :(

Anonymous
#277129

I have just reciently filed a complaint with the better business bureau because this is the 5th time they have charged me a late fee when i have sent my payments on time. These yahoos have an A+ ratting on the better business bureau so if your like me please file a complaint.

I have never missed a payment i have been late once and i allways pay $100 over the required amount. There is not a dam thing i can do but compain so i will.

While i was on the phone with there rep I found out you can request the name of who holds your loan they are servicing for but you must request by fax or written letter. send it to 8742 lucent blvd #300, Hiland ranch, CO 80129

Anonymous
#253505

Anything but helpful! Lie after lie after lie.

There is a different story from each person that we speak too.

SLS wants you to lose your house, go broke, and be homeless rather than give you a loan modification. WOW really......

Anonymous
#234861

Everyone, this is a scam contact your mortgage company now. Also, call the FBI. Everyone in sls is guilty and deserve prison time.

Anonymous
#169322

This company must pick there employees from the bottom of the barrel. They play a game of we will modify your loan.

OOPS! We did not get all your paper work. Will decrease your interest; Cant do. We have decided not to participate in President Obama Plan for Homeowners.I have been requesting for help from SLS for 1 1/2 years to no avail.

I recently came across there Standard & Poor rating. There rating has gone from a Average to High Average.

How? Customer Service is HORRIBLE.

Anonymous
#135312

In June of 2008 we started our loan mod with them they had our first and our second. By October they told us unless we were 3 months behind they could not help us.

We sent them our information over and over again and finally we got someone on the phone to give us there email address so we could scan everything and send it that way. Well after a year of them saying our paper work was almost complete we ended up losing our home. They sent us our loan mod docs and they were wrong they really didn't modify the loan at all, so we called them and they said they were working on it and they would have it to us the next month. We got the paper work on our Second and they never would send our first, the guy told us that we had to do our second and then they would mail our first paperwork.

I refused to sign the paper work because they wanted us to pay $600 for the second to be done, I told him I wanted to see the paper work on the first I didn't want to be out $600. This went on until finally we got a notice on our door stating our home would be auctioned off in 60 days from a company called Trustee Corp. We called SLS and asked them who this Trustee Corp was and they said they had never heard of them, so we got another notice that the home was going for auction in 30 days, we called again and they confirmed it was up for auction after we made several calls to SLS about this they finally came clean. So we had our broker call so we could short sale the home before it went up for auction they agreed to sale the home for what we were asking for the loan mod.

We got a buyer 3 days after the home went up for sale and SLS signed the paper work we thought the house was sold we started moving the day before the house was to close we got a call saying the sale was to late and the house was already in auction and they couldn't stop it. This has been very frustrating we never wanted to lose our home. And they ended up selling our home to the same people for the same amount we were asking.

I still don't understand how they were able to sell the house and not do the modification. :(

Anonymous
#128288

Really, the only way to get these companies to negotiate is to find grounds on which to sue them. Once you have filed a complaint, the file gets out of the hands of the $15/hr collection agent and into the legal department.

There you are much less likely to be dealing with a lying collection agent and the attorney has authority to at least recommend a settlement. Strangely, filing suit is a much less stressful process than dealing with the lying, cheating collection agents.

Anonymous
#120864

Going through very similar situation w/ SLS...just found out that I'm in foreclosure w/o sale date. But who knows when it would be, didn't receive a Notice of default from SLS. Desperate to save my home...any advice, please

Anonymous
#96013

:( We called SLS about a month ago and sent all our financial info into them then they called and told me that it was all to old and they needed updated material so I resent all. I was told last week that we were approved for a interest reduction for three years in which time the third year the rate would lock in at 5% we are now carrying and 9.8% interest which is going up in July of next year.

I was so happy that we were finally going to be able to afford this mortgage until tonight when I received a call from SLS stating that the Investors denied the Modification and they are so sorry...I told them to resubmit the application and I am seriously considering hiring an attorney to help us we cannot afford this loan.

I called HUD to see if they could help and after reveiwing my finances the women stated that we fall under several Obama plans so they should put us in some type of new plan..yeah right...where is the fairness here. I have got the run around from almost every rep there except for 1 who I try to speak with everytime I call there but for some reason they ignore me when I ask to speak with her they continue to ask me questions like I didnt' ask to speak to a person...I hate the fact that this is a middle person my question is did they really appproach the investor and then why is it they won't tell you who is your investor on the phone after all it is "Your Mortgage"

Anonymous
#92117

I can't even start, you all echo was I have been going through for years. President Obama (I support you) but do you have idea what home owners are going through. I was 2 mths behind that would equal $2800 I have not missed a payment since, did everything they asked, they added $600 to the proposed mod, even though I cannot afford it (fine) still no mod done.

Anonymous
#86642

I also had a HELLO letter as GMAC sold my mortgage to SLS. It has not even been 12 days since this loan company has owned this mortgage and they are trying to charge me late penalty fees, higher interest, and report my delinquency to the credit bureaus!

THIS COMPANY IS A FRADULENT COMPANY THAT IS TRYING TO SCAM HONEST PEOPLE. Anyone who has their mortgage sold, or transferred has 60 days to not be considered late but not with SLS!!!!

By the way, SLS is just a servicing company they do not own my mortgage, therefore they are like the middle man and they think they can get away with anything they want including taking a bigger piece of the pie such as increasing my interest rate, charging me a 5% penalty fee and reporting me to the credit bureaus be cause I was 10 days late on a loan that transferred 11 days ago. Good luck with your future endeavors SLS!!!!!!

Anonymous
#86638

I also had a HELLO letter as GMAC sold my mortgage to SLS. It has not even been 12 days since this loan company has owned this mortgage and they are trying to charge me late penalty fees, higher interest, and report my delinquency to the credit bureaus!

THIS COMPANY IS A FRADULENT COMPANY THAT IS TRYING TO SCAM HONEST PEOPLE. Anyone who has their mortgage sold, or transferred has 60 days to not be considered late but not with SLS!!!!

By the way, SLS is just a servicing company they do not own my mortgage, therefore they are like the middle man and they think they can get away with anything they want including taking a bigger piece of the pie such as increasing my interest rate, charging me a 5% penalty fee and reporting me to the credit bureaus be cause I was 10 days late on a loan that transferred 11 days ago. Good luck with your future endeavors SLS!!!!!!

Anonymous
#86129

Hi Everyone,

This may help. My mother got a no income / no asset loan which was later sold to SLS.

She defaulted in Jan 2008 and the property went into forclosure in April 2008. SLS put us in several forbearence agreements which we only made one or two payments on - then we would never hear from them. From April of 2009 - September of 2009 we didn't pay a dime - I threatened them stated there would be no more payments until a modification was completed. After sending them over 1000 pages of sh*t over the past year and a half they finally modified the loan to a fixed interest rate of 6% and wrote off $60,000 (we paid $20,000 of the $60K through the forebearence).

As to speak with Josh in the dept which handles mods, he is one of the best ones. SLS also paid a second lien on the property for $3500.

If you have any questions email me at vincent.j.sapienza@gmail.com. I would be happy to provide insight free of charge.

Anonymous
#86098

I have read MANY articles and consumer complaints about banks that are not working with customers to modify thier mortgage. I have done a lot of research on this topic.

My husband recently stated with a company (The Hamilton Agency). They have an attorney on staff and have tremendous results and getting some incredible deals done.

So if you are interested you may contact me by email at kimcaples@yahoo.com. I can let you know how you can contact him, or forward an article to you that I found to be quite informative.

Anonymous
#84311

Specialized Loan Servicing customers beware of loan modification rip-offs!!!

Anonymous
#81077

I bought my condo 4 years ago and my second mortgage was with SLS. I had a 12% interest rate which was fixed.

I continually paid on time without being late. I knew when the loan modifications came out that I would not qualify due to our total household income.

Well to my total surprise I recieved a fed ex letter from SLS stating the were modifying my interest rate from 12% to 5%, I really could not believe it, I just got my first bill with the modification and my 2nd mortgage went from $501.00 per month to $276.00 per month. Needless to say they are very high on my appreciation list!!!!!!

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