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Specialized Loan Servicing [SLS]

Specialized Loan Servicing [SLS] review: how the sls scam works 63

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10:02 pm EDT
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How the sls scam works

This is a letter we sent to our attorney to explain how the sls scam works. We are publishing it in the hope that others will better understand what’s happening to them and why its impossible to deal with this company as they have the mentality of looters.

May 31, 2010

Our rental house is about to go into foreclosure. We’ve been battling a company called s. L. S. Llc (specialized loan servicing) for 10 months. At the beginning they pretended to be a legitimate company, with a special program designed to modify our mortgage interest from the 91 / 2% percent we were paying to a more reasonable rate, (in our case around 6%), which we agreed to). Then as the imaginary escrow was getting ready to close, sls personnel posing as professional finance officers who were actually call center workers, with no expertise in finance, working off a prepared script, began to feign the need for additional documents, which they already had in their possession. It finally came out, that they had never even submitted the paper work to the lender. The whole process was part of a scam to string along the homeowners, as long as possible, so as to be able to mount up tremendous charges to the underlying mortgage holder, that sls was supposed to be servicing the loan for. They did this by telling us the exact amount of the new payments and interest, and appraiser came out to look at the property, etc, etc, etc… each week sls would have their call center people call with another phony call and the need of “one more thing”. This is a very clever and subtle scam. The result is that the property holder’s credit is damaged by the lies of the phone center people and eventually they are left unable to refinance with a legitimate company, the property goes into foreclosure, the mortgage holder gets a property back at a loss of thousands of dollars, and in the end I suspect fha, freedie mac and fannie mae get stuck for millions of dollars of tax payers money. And sls continues to get richer one call at a time. At first, we thought it was just us, but we went on line and found that this was part of a system wide scam as we read what other people had to say it was the exact same story as ours. Even though we have letters and tapes documenting these events i’ve come to believe there’s nothing we can do to change the outcome and we are really getting tired of fighting these people.

Dennis

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63 comments
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BetsyM
Galveston, US
Dec 29, 2013 3:09 pm EST
Verified customer This comment was posted by a verified customer. Learn more

My husband and I got behind in our mortgage payment's after hurricane Ike. We both lost our job's and our home was damaged to the point we could not live in it. When we did send a payment they applied it to an escrow account and not to our payment. Then we would get a letter saying we had and I have been trying to get a loan modification for a several years now. We have applied four times. Each time we have been told either we didn't send in all the forms (which we did) or we don't qualify and have even been told we had to be on welfare to qualify for the Obama modification program. We have filed bankruptcy twice now to avoid foreclosure. But with what SLS say's we owe in payments, late fees and attorney fees the bankruptcy payment has been way more then we could afford. We have tried to send SLS out mortgage payment's and they will not accept them. What SLS say's we owe in all the fee's plus the original loan amount the total is three time's what our home is valued at. We have tried everything possible to work with this company. All we want to do is keep our home and make our mortgage payments. Every person you speak with at SLS tell's you something different. Once agin we are in foreclosure and live in fear every day that we will lose our home. SLS does not care about the homeowner nor will they work with you to save your home. If a homeowner is wanting to work something out and pay there mortgage payment's they should want to work with you. Instead all they want to do is foreclose on your home. I can't believe they continue to treat people the way they do and are still in business! Maybe those of us complaining need to get together and file a civil case against SLS. I for one am fed up with SLS and can't believe the attorney general has not step in and done something about this company before more families lose their homes!

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AMberliin
Staten Island, US
Nov 14, 2013 7:02 am EST

I seem to have been a victim of SLS as well but for my student loans. I was called being informed I was eligible for consolidation since I am an RN. They had all the appropriate information about me and told me they would be combining my loans and lowering the payments. It wasn't until I had my first checking transaction that I realized it may be fraud. The check was for 303.00$ for 15 years which came out to about $50, 000. When I know my student loans were only about $30, 000. I called all my loans separately and they were all Deferred. Meaning someone called them to tell them I cannot pay them at this time with a phony address and phone number. I am so distraught I did not know what to know. I closed my checking account and notified Life Lock right away. I am hoping this will not bite me in the butt. I'm still trying to figure it all out.

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Ms. Moody
Marietta, US
Nov 04, 2013 2:55 pm EST
Verified customer This comment was posted by a verified customer. Learn more

This is so sad. I paid off my mortgage with a HELOC so I have no reason for these folks to call me. It is impossible to get a live person, if you can find a phone number. It is also impossible to find an address, but I did. Never got a returned call, I even copied the Better Business Bureau of CO as that is where their corporate location is. They still call me twice a day 8:04 AM and 5:08 PM every day, even after my written complaint.

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Bigred1962
, US
Nov 04, 2013 1:31 pm EST

I am in the same situation with these people! Divorce, death of X, I contacted them in Jan for a modification. every week I called, they would say they did not get something! I would, emai, fax... call every week, the response was it's still in review... Now I get a letter saying that another company is managing the mortgage. Oh and would take a partial payment!

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Ms. Moody
Marietta, US
Aug 20, 2013 9:38 am EDT
Verified customer This comment was posted by a verified customer. Learn more

I have been getting calls from [protected] and they say they are Specialized Loan Servicing. Even when I answer the phone I get the same message. I've tried to call this number several times, but you can never reach a person. I am not giving them my S/S number and I don't have a loan number as I don't have a mortgage. I just want them to stop calling me and can't find a way to do so.

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Akram B.
San Diego, US
Apr 24, 2013 9:27 pm EDT
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We too have been victims of the scams of SLS Specialized Loan Servicing. It feels like this company is ran by former convicts. We filed a modification in 2009 and they took us for a ride for 15 months, requesting us every time to send new paperwork. We depleted our savings and had to stop making payments then they took us to foreclosure. Now we applied for modification again after we came down to one income that is also under threat. They refused it cause we pay on time. Now they call us literally everyday to verify our info cause they know we want to shortsale. A class action sounds great against those criminals. Our life became a mess because of their abuse. Their daily calls stress us big time.

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Christina512
Del Valle, US
Apr 15, 2013 1:49 pm EDT

Has anyone tried to sue this company SLS?

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dukefan1963`
Lexingtgon, US
Mar 28, 2013 1:13 pm EDT

My loan is also with SLS. I have sent information three times for a modification. My husband and I lost over $30000 in income and they told us that we had not had a significant amount of loss of income to qualify for a modification. Since then we have separated and I asked for another modification based on my income. One person there told me that I had sent the necessary information ( just my info due to the separation). I got another phone call saying that I didn't have all the info, that my ex husbands info also needed to be included. I don't understand why, as his income is no longer brought into the household. I don't understand their tactics, or how they can say that $30000 is not a significant loss of income. I think all who have their loans with them should either file a class action lawsuit or all send complaints to the federal government about them. What they are doing is not right.

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Randy Murray
Clarkesville, US
Oct 29, 2012 10:28 am EDT

This is identical to what is happeningt to me now...I thought I had not sent in the right
paperwork they kept requestin g and i sent in three times and now gert letter that hey
are closing my file and charging me for som eappraisal they didn't do...surely some
government entity can do something about these crooks.

Randy Murray
Clarkesville, Ga

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Canton Michigan
Canton, US
Aug 13, 2012 6:39 pm EDT
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Sls seems to be a scam and not a well structure company, same run around I'm getting still today

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Queenela Jacob
, US
Aug 10, 2018 10:52 am EDT

Sls took over my mortgage and am paying every month on time and they have not send me a reply that they have received my payment instead they're harnessing me saying that they will foreclose on my home

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dnei
Wallingford, US
Jun 14, 2012 6:40 am EDT

Neilanders vs. goliath
In suing rms residential properties llc and specialized loan servicing llc
See piggybankblog.com for full article and more

Mr. and mrs. neilander bought their three bedroom home in connecticut in 2006 for themselves and their three small children. aegis lending corporation originated their loan. it seemed that they were living the american dream, until the neilanders started reading various blogs and news articles that informed them that their “american dream” might have turned into an “american nightmare” because of what the commercial banks had done as a result of their greed. you see — the neilanders found out that american homeowner’s around the nation might be paying the wrong company for their mortgage payment. they learned that in most cases there are multiple trusts and multiple beneficiaries existing — which makes it virtually impossible for the correct owner of the debt to be accurately identified. the neilander’s thought they were simple questions — however — they thought wrong — because the neilanders have been asking those same questions for almost two years now without an answer. this is because the potentially irregular, fraudulent, illegal and simply abusive servicing company (specialized loan servicing) or (sls) simply told the neilanders that they did not have the right to know the answer to these questions. however, this is a very complex issue that judges and politicians are having a hard time wrapping their mind around. this is because the banks have done an excellent job in creating subsidiary – after subsidiary – after subsidiary — and affiliate - after affiliate – after affiliate – and corporate veil - after corporate veil – after corporate veil — just so they can hide behind all the companies they created or contracted to avoid ever being held accountable.

Therefore, unfortunately, I am guessing that the honorable judge janet hall watching darrell neilander and the bank attorney going back and forth in court — while darrell asks the bank attorney who owned his loan and when they owned it — simply might look a lot like something out of that abbot and costello standup. for example, let’s pretend that you are the judge watching darrell (abbott) ask the attorney (costello) who owns what – when – where – and how — and let’s see if you as the judge can follow the conversation in a way that you can wrap your mind around what company owned the loan at what time — and who owns it now. now the judge may wonder why the other investors are not making any claims to the loan if there are multiple investors and multiple beneficiaries – while not understanding that they are not making any claims because they have already been paid off by the insurance. that is why in the end we hope that the honorable judge janet hall and all judges will realize that it was basically one big insurance fraud scam from the beginning – to middle – to end — in which you the taxpayer were scammed out 16.6 trillion dollars and your homes.

Now remember mr. neilander — they are not too big to hit — but they are too big to miss.

They may also be too big to fail — but they are not too big for jail. (wink)

Their names are the neilanders and they are fighting back!

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Laura Marie Richardson
, US
Jul 23, 2018 3:52 pm EDT
Replying to comment of dnei

Hello, I am interested in finding out how you are fighting back. I am embroiled with these mofos right now,
complying with all of their false requests and claims for more money. I am hoping to join a class action suit, but was wondering if you were possibly involved in one. I'm very interested in joining against criminals. Thank you !
lrichardson66@gmail.com // Laura

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Lucille91364
Woodland Hills, US
Apr 20, 2011 6:44 pm EDT
Verified customer This comment was posted by a verified customer. Learn more

There has to be a law that does not allow Banks and Loan Servicing Companies to act in this manner. My second was with GMAC who gave to SLS.

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Seaknight
San Francisco, US
Feb 14, 2011 7:46 am EST

Worst company in the history of mortgage banking. Where these clowns came from and why the Feds allow them to operate is beyond believe. They hold your checks so they can claim late fees, try to screw you every corner they can, you can't even get on line to register to view your payments. They will not even send a bill each month like normal companies will do. In other words, these guys are [censored]birds of the highest order.
They deserve to be put out of operation.

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singlemomfromheaven
Humble, US
Aug 10, 2010 10:52 am EDT

I am in a similar situation only mine has been over property tax that they say the will help pay out like a corperate loan and add it to my mortgage but in reality they have led me to believe how easy it would be... since march this year iv'e been prepareing my self with all of my opptions, refi or modifi or use there opption which has now turned into a nitemare. sure will help... but only when you reach forcloser. the run around has to stop. I spoke to many employees I think in every department within sls even the good old team leaders that have said they would help. now it's 5 months later and they can't seem to find documents sinnce june and the executive deprt. has by mistake misinformed me, sorry i'll check into that bla bla bla so i've asked for the the president of sls. go figure, shes out too! so i'll be contacting my attorney in the mean time while I wait on the executives to call me back. very pissed about the matter, disagree is not even close

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ElsaCuellar
, US
Jul 12, 2017 12:09 pm EDT

Synopsis of what accrued with SLS and Bank of America
I bought the House in January 2007 with an interest only mortgage with the intension of refinancing after the two years to a 30 year mortgage. Due to the financial crises I was not able to do so I hired an attorney to modify the loan because at this time the house was worth half of what purchased it for ($515, 000).
The attorney advised me to stop making payments on the mortgage because that would be the only way to get a loan modification. I tried to modify the loan 3 times because it was impossible because the bank kept switching personnel and banks altogether.
In 2014 I was sent a certified request to appear in court so I did, the representative of the bank was very surprised to see me there. He said “oh you showed up” I said yes I am in the middle of a bank modification. He told me the Bank which had my loan was selling it to another bank and I had to agree. I asked the judge if I had a choice in the matter and he said no, so I agreed.
I told the judge that I was in the middle of a loan modification and by changing banks the process would have to start over again. Judge granted me two month and told the New Bank “Specialized loan Service” to modify my loan within the next two months. Note: Bank of America Transferred the loan to Specialized Loan Servicing (which is not a bank that can modify a loan).
Within those two month SLS requested an incredible amount of paper work including a tenant’s income tax return which I was renting the guest house to. I gave them every piece of paper they requested and more. Every time I called to confirm they received the faxes they would tell me No and to send them again in addition to tell me that it would take them up to four days to receive a fax because they needed to be sorted before the agent would receive it. SLS would not allow me to mail them certified turn receipt of the requested documents.
Several weeks and days prior to the expiration day the Courts had given I called them to ask what stage of the modification I was at. SLS stated my modification was with the underwriters and I really could not speak to any one there. I called again a couple of days before the due date because I had not received anything in writing. SLS stated that due to the work the modification was not completed but they asked the courts for an extension on my case. Two days later after the courts due date a realtor calls to ask me if I would accept $1000 for cash for keys. I told him I was not selling my house and he told me the house was foreclosed and it was purchased by the Bank of America for $180, 000 and he was the assigned by the bank.
Next call was to Christian Posada real estate attorney and contacted SLS, shortly after we were request to appear in court to give back the original documents and release the mortgage owed. This was in June 2014 and I had heard nothing back from them until now. They are requesting a sum of $259, 705.00 within 30 days or they will start foreclosure again and the loan still owes $360, 000.00. Again I retained Christian Posada as my attorney in this matter. I am joining wwww.tzlegal.com class action law suit against SLS
Elsa Cuellar Property address: 12988 61 St N. West Palm Beach, FL 33412 email: elsacuellar63@yahoo.com

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North Kecia
, US
Mar 24, 2018 5:29 pm EDT

i was victim also these people foreclosed my home now im on the street and even got my bankruptcy lawyer to go against me now im in a pickle where i cant a home loan or even rent anything because of bankruptcy and the foreclosure and of curse no lender or Realestate company is going to believe the situation so im just stuck

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Apiratesgold
, US
Jun 29, 2018 12:22 pm EDT

I am hoping that one day, SLS and their employees get what's coming to them! I had my original Mortgage with Bank of America, then after about ten years, when they got their money back, my loan was sold to SLS! No missed payments ever. I did try to get a loan mod about 8 years ago due to loss of income, which I never qualified for of course. The broker at the time told me to lie and say that I was separated, which I would not do. That's mortgage fraud. I believe due to the attempt to get the loan mod (Which is a joke), is the reason why my loan was sold to these crooks. By the way, it was BOFA Broker that told me to lie! Do whatever you can to get away from SLS. They will prey on you, at least until they get shut down and these crooks go to jail. After reading many horror stories, I made sure that every payment was on time and kept all records. I did not attempt to send extra payments due to the things I was reading about SLS. I had SLS for about two years and just refinanced. I could never get a hold of any reps when I needed them. When I did finally get in touch with a rep, they tried to talk me into a modification right off the bat! Like I said, I was never late! It appeared that SLS was attempting to set me up for failure immediately. There is something very wrong with this company and the fact that they are still allowed to prey on all of you. Their time is coming. Hopefully soon. I personally do not blame SLS for anything other than crappy customer support and possibly from what I have been reading, and some very illicit illegal activity. I blame companies like Bank of America and others that feed these vermin. Due to my experiences with both companies, it will be a cold day in hell before I ever use either one of them. Good luck with your lawsuits and I pray that you get this sorted out asap.