Specialized Loan Servicingmis-handling of loan & violation of loan practices

D Review updated:

Sls has been doing business as a predotory loan company. And has entered into illegal foreclosures. My attorney was very successful at having their motion thrown out of court. The foreclosure has been stalled and they don't know what to do. This company is run by min. Wage employees with no power and no authority to modify loans, post payments in a timely manner. It's a new company run by former real estate brokers who could not make it selling real estate. I've filed a report with the state of colorado to have them shut down thru the state's attorney's office. Am not trying to get a "class action lawsuit" against this company. Email me at [protected]@aol.com if interested in becoming a part of this lawsuite against sls.


  • Le
    lessg Jul 21, 2009

    We just completed a loan modification with these guys and they are now trying to charge us an extra $2, 300 in fees that were not disclosed in our loan mod. docs. They are very rude and unhelpful on the phone. We have retained an attorney to help us. I also noticed when I checked them out on BBB, they have a lot of complaints filed against them in the past couple of years and they do have a tendancy to resolve a very high number of those complaints submitted through the BBB. Just something for anyone dealing with these people to think about. They will resolve complaints submitted through BBB because they want their rating to stay at an "A". We are still having our attorney deal with these jerks though. Not worth fighting with them.

    3 Votes
  • Mi
    Michael Sorensen Aug 19, 2009

    As am employee wth this company I can not help but side with the borrowers complaints made against them.

    0 Votes
  • Ma
    MatthewD Aug 24, 2009

    We have a second through SLS. Recently we have had a 30%+ lost in income and are have a very hard time paying our mortgage. We have contacted SLS and they have been very difficult to work with. I think the positive comments are from SLS employees or friends. If you do a Google search on complaints, you’ll find the true story. One quote "These people are dishonest and did not work with our family in good faith". SLS are nothing but crooks and liars! We are in the process of notifying the State Attorney’s Office and joining a class action lawsuit against SLS!

    4 Votes
  • Ca
    Callie Belton Oct 14, 2009

    I had a HELLO with GMAC who sold it to SLS. I don't understand why they would sell their business to a company like this. Look for many more complaints.

    3 Votes
  • 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!!!

    2 Votes
  • Al
    Alex Garcia Nov 15, 2009

    After speaking to mortgage company On 12/31/08 and was told my house would be removed from aution date 1/15/09 I signing a repayment plan on 1/08/09 later to find out after sending them close to 20, 000.00 that they had re filed on 1/2/09 a new auction date of 5/15/09 and never told me of the date until someone came knocking on my door and told me they could keep me in my house another 4 months that the house was auctioned off back to the bank and was now REO what can I do this aint right Need help desperately.Specialized Loan Services lied to me and stoled my home

    2 Votes
  • Da
    David Nov 17, 2009

    SLS is a company that is run by a bunch of Circus Monkeys. The employees there don't care about their jobs, don't follow thru, most likely never heard of a Job description or how to follow one. I'm sure most of the employees don't even have a high school diploma. It's a sad situation of indigents pretending they work in a office enviroment.

    Don't give up, , , hire a lawyer or check out LivingLies.wordpress.com for more attorney's that will go up against these idiots at Specialized Loan Servicing. I've been refered to another lawyer that is more experienced in dealing with these issues. Have not sent SLS any money for almost 2 years now and still in my home. They have really messed up the loan and can't even find the original papers. They are going to sink and I've heard they have some bad financial problems and unable to pay the property taxes on alot of the loans they manage. Check your property tax status people. SLS has let them lapse I'm sure. BEWARE. Never dealt with such nasty rude ###s such as these.
    David in Florida

    2 Votes
  • Ja
    JakeSpeed Dec 01, 2009

    I have a second with SLS. They are incapable of managing the loan. I called them to modify the loan one month ago. The told me I qualified for the mod and could start reduced payments in Dec. I got a series of calls last week. When I finally returned the calls- I was told that I am late on my Nov payment and I owe penalties. They had no record of the mod. I called back later and was told the mod application had been rejected. It is clear they do not know what they are doing. I am not making payments any more - I cant afford to anyway. I am current on the first and the house is worth less than even the first. SLS cannot foreclose and if they go after me - I will declare BK. If we all take a hard position on them - they will relent.

    1 Votes
  • Radicalreels Dec 01, 2009

    Why are these Jerks calling my Mother, who is 82? She lives in an apartment! This is harassment and I am upset with these Evil Vultures from Hell!

    2 Votes
  • Ms
    Ms. Knight Dec 06, 2009

    I have also been sucked dry by this company. Since I have complained to the BBB, Attorney General's office and the Securities Department, SLS has fixed their website where I can no longer pay my payment online or view my account. I beleive they are not operating their business in an ethical manner. I have paid them almost $20, 000.00 in past seven months for and only less than $1, 000.00 went toward my principal balance. They are crooks!

    1 Votes
  • Ma
    margaret purcell Dec 13, 2009

    SLS is who we pay our mortgage to. We did not know much about Fix/ARM rates when we took out of mortgage. We did find out that we have an ARM rate. We contacted SLS and asked about a Loan Modification. After about 3 months of sending in income statements, proof of residence and all other private information which was faxed. I called them to make sure they received docs. They advised me that they did not so I had to refax them. They then requested that I send in updated docs because I did not send in all the docs at the same time. I sent in all required docs again. The rep his name was Josh told me that they do not call you to remind you of any information you would have to call them. I was shocked, I have never heard of that. He also said we don't have to give you anything very rude and nasty and would not put a Supervisor on the phone. They always say the supervisor is on another call. They are a bunch of no nothings, no respect, no knowledge and no sense of direction. I was faxing docs weekly, each time I spoke to someone then there was something else I needed to fax. When I finally got all the information in (They denied me the loan modification because they stated that I had too much equity in my home. (They were not going to give it to me from the start). Now we are still at a ARM and trying to refinance to get a fix. THIS COMPANY SHOULD BE SHUT DOWN. I am going to email my Congressman about this matter also the President. This is just a scam.


    0 Votes
  • Da
    David Dec 15, 2009

    Yes. its a big scam with only minimum wage employees answering telephones. They get paid to be a jackass. So sad they treat other humans in this fashion. Shows how little self respect they have for themselves and how they were raised. They try to elevate themselves to combat their low self esteem as well. You will need an attorney. SLS is having financial probelms from what I've learned and won't be long before they go under.
    Check out MyForeclosureattorney.com they have been advertising on tv here in the Florida Area. Also file a report with the State's attorney's office in what ever state your property is located in, , PLUS the State's attorney in Colorado where they are. Call the Colorado State's attorney's office @ 1-303-445-1041 talk with Jennifer. She's aware of what's going on but says they have no resources to investigate. You need to call her daily, the squeaky wheel will finally get the grease in this case. Hope this helps.

    0 Votes
  • Da
    David Dec 15, 2009

    ALSO IF YOUR IN FLORIDA AND NEED A GOOD ATTORNEY, THIS GUY IS PRETTY UP TO DATE ON WHAT'S WHAT. I'm going to hire him when this thing blows up again.
    So far I'm staying in my house, 2 years now...

    Lawyer Keith Merritt - Lakeland, FL Attorney - Justia Lawyer ...
    Lakeland, FL - Keith Merritt - Public Interest, Business Law, Construction Law - Justia Lawyer Directory.

    lawyers.justia.com/lawyer/keith-merritt-540972 - Similar

    0 Votes
  • Ha
    Happymomof2 Feb 26, 2010

    We have been trying to get a loan mod for over a year. Started last Jan. took them 3 months to tell us they needed us to fax in most recent docs. They were short staffed and everyone was trying to modify etc... Last summer they told us they could do a remodification if we could come up with about $2300. We are having trouble making our payment as is - thus the need for a modification. If we had $2300 we wouldn't be behind on our mortgage payments in the first place! We can't afford to hire an attorney and are currently going through personal bankruptcy. Still trying to keep our home, we have to have a roof over our head. They have all our info and yes I have to call them all the time - they never call me regarding the modification. Since we haven't been able to get our payments lowered looks like this will be the month we don't get it paid and go into foreclosure. I will call them tomorrow and see if they have made a decision - probably same as last time where we have to come out of pocket gobs of money before they will do anything. It's sad and depressing. Wouldn't it be a win - win situation for them to help us? Do they really want all these homes back?

    0 Votes
  • Ch
    Chi You Oct 24, 2010

    My origional with Fremont Investment was Assignment to SLS last year August 2009. I have been pay my mortgage on Principle, interest, and escrow account. SLS was forclosure and sold deed to local broker real estate and I was lost 100, 000 dollars on my equity. I need help from the government or attorney to invetigation on the SLS company. I do not know what to do? PLEASE HELP HUMAN BEEN OR EVEN GOD. I may contact at [email protected]

    0 Votes
  • C0
    C'mon guys Feb 12, 2011

    These guys send me payment tab with letter saying that they took over my 2nd mortgage from other debt collector company after this debt collector dismissed my loan 10 month ago. I don't get it. And I'm not going to pay any penny. These guys are lier, they don't get taking ove my loan. How could they do that. There are so many victims and Nobody can't take them down?

    0 Votes
  • An
    Andy L.A. 90000 Mar 17, 2011

    I couldn't agree more. I had a loan mod done. They have still failed to send me my amortization for my new loan...

    0 Votes
  • Be
    Beverly Medford Aug 24, 2011

    Bank of America : BAC Home Loans Servicing, sold our loan to SLS on July 1, 2011 we received the letter from our previous lender with in a few days we received a phone call from SLS stating we were delinquent in our Property tax payments & we have no insurance on the property. I had not even received a letter from them at this point to request any of the information, I couldn't even call them because I had no account number with them as of yet. My payment was due on the 25th of the month and still had no payment coupon with an account number so I mailed it out on the 22nd to the address in the letter hoping they would get it to the right department. We have received several notice that we are delinquent in our payment (not) and they are charging me late charges/fees of 830.38. They are still claiming that we are 16 days late on our July payment which it cleared the bank on July 26, 2011 and it was due July 25, 2011 go figure that they consider it 16 days late, I like to know who is doing the math in this company a 2 year old. I refuse to pay any of there late fees and would most certainly join a class action suit against this company and I have only been dealing with them for 45 days. We have this home under contract and hope to close in September of this year and I can only hope this happens soon so I don't have to deal with this company any longer than I have too.

    0 Votes
  • Ad
    AD2013 Mar 21, 2013

    SLS has charged me $200 in late fees for being late on payments that have not been late in almost 2 years. They have missapplied payments after the due date then charge us late fees. I am in KY and trying to find a lawyer to sue these jerks.

    0 Votes
  • Pl
    P lucas Apr 13, 2013

    Having my mortgage taken over by SLS has become one of the worst nightmares in my life. They are a bunch of crooks and liars. They have lead us around in circles for over a year. The fact that they are supposed to be working on a home modification is a joke!!! We sent in papers after papers...We never got the same rep on the phone, just a bunch of incompetent people. The last time we talked to them they made it sound as if a foreclosure or short sale of our home is pending. This just isn't right. I would certainly join in a class action suit against this company. They must be stopped before many more lose their homes...

    0 Votes
  • Ns
    Nsaleh Jun 08, 2013

    I have tried you make a modification with this guys but its impossible to work with them, I've sent my paperwork three times and they keep asking for the same documentation, after all this one day they called me and said your modification was denied and they suggested to do a foreclosure. Very rude people and not easy to work with!

    0 Votes
  • Sl
    slsisascam Dec 08, 2013

    sls is a bad joke

    kept stalling and now say need to reapply, also added over 10000 in fees just another ripoff company, not here to help anyone.

    1 Votes
  • Lo
    louise swift Dec 12, 2013

    hello everybody my mortgage is with sls and i took out this insurance that if they can't fix they will replace it so i called talked man came back twice so come to this point they would not fix it because it was not set up right like i don't know how things are setup now i am without heat i have a two yr old baby here we have went a hold week without heat the man said that all the heat was going outside what do i know about a central heat and air
    the man said that he feel it was not his place to fix it i have these little heaters which are not safe we have had some cold days how would you like to be put out in the cold with a baby i just don't understand oh can you say that you will not fix it i don't know what you are trying to do but i can't continue to stay here cold as it is you better look at those insurance paper again know matter how old if they can't fix it they will replace it somebody better do something about this my light bill is getting higher and higher i am on a fixed income i just don't understand how you can set back and watch somebody freeze to death i might as well just live like the homeless thank you and GOD bless them

    0 Votes
  • Da
    Dale St Blanc Jan 17, 2014

    My Heloc landed in hands of SLS when GMAC went bankrupt. SLS wanted full payment which I could not make, refused the monthly payment I was sending in to GMAC. First told me to fill out paper for loan modification, took forever and interest piled up. Turned me down b/c it was not a first mtg. They knew that to start with. Made them an offer to settle, my employer agreed to lend me the initial amount of the loan before I started with the loan modification. Made me fill out the paperwork again, said had to be done even tthough I was trying to negotiate a pay off. Did not make sense. Took 4 months to get an answer which of course was a denial. Will not counter. Said I could make another offer.
    The longer they drag it out the more money is in their pocket, so they train their people to manuever whatever the situation is to drive up the interest. There must be something on can do. Member of BBB. How is it possible????

    0 Votes
  • La
    lauraadams36 Jun 10, 2014

    Bank of America sold my mortgage to these people I've been trying to remodify my mortgage and every time I call back they say paperwork wasn't filled out right and that I have to send the application again this would be the third time faxing these people the paperwork and I've even filled it out over the phone with a represenative i also went to my property to start cleaning it out to move back in and found a padlock on my door i called sls and asked them why last week and they told me that it was to secure the property andwill request to have the lock removed i called today and they said the request was never put in and they resubmitted it and to wait another 72 hrs they are horrible and am about ready to let them take my house...

    0 Votes
  • Am
    amy jacobs Aug 04, 2014

    My mortgage was sold to SLS by Bank of America in 2012. I had sent tons of paperwork to them to had on the phone meetings and they said they had lost the paperwork are never recieved it. the court in my county threw out there forcloser against me. BUT they have now sold it to Green Tree who is will not work with me and told me i have a forcloser date in oct, the court system's have no records of this... how is this possible? i am not sure what to do i cant buy a new house because my credit it so bad now.

    0 Votes
  • Ni
    Nick Anderson0096 Jan 02, 2015

    In early 2014 around February I received a deliquency notice in the mail. I thought this to be strange as I sent in 2 payments already. I called them 3 seperate times to discuss the problem with the payments I sent in and the first two representatives I spoke to they told me that they have not received the payments. When I called for a 3rd time 2 weeks later the representative I spoke to told me that check#2 payment was received a while ago, but was misplaced. So I told them they can depostie check# 2 and to void check#1. The representative told me that the account will transfer to another loan service company. I told the rep.even though SLS made a misplacement mistake they are still going to transfer me, they said yes. Now it is December 2014 and while checking my credit score it shows me with a 30 day deliquency the first month and has dropped my credit score signficantly.When I sent in a written dispute SLS looked at it and of course denied the claim. They want me to keep on playing tag with repeatedly sending disagreements in writing. Whereas all they have to do is review the recorded phone records. They knew they made a mistake with misplacing the checks and now my credit score it scared for seven years. After reading all the issues about SLS online I guess I should consider myself fortunate that I am not associated with them (SLS) any more.I just don't like that my credit score has take the hit for their mistake.

    0 Votes
  • Da
    dar pierce Apr 09, 2015

    etrade sold my 2nd loan to sls 2/1/15 phone call after phone call & late notices
    because they are trying to change the terms on an existing loan they bought

    0 Votes
  • Ga
    gambler669 Nov 12, 2015

    In Feb. 2015 I refinanced my home through Cash Call Mortgage Lender for $281, 000. Subsequent to this, the note was purchased by Fannie Mae and servicing was initially provided by Impac Mortgage Note Servicing Division. The first payment was due 4/1/15 and Impac serviced the note through 6/30/15. For some unexplained reason when I reviewed my payment history online, $83, 000 had been added to the principle. It is obvious that something was wrong as the note and all my docs clearly show the borrowed amount as $281, 000; Even Impac Mortgage account history shows the initial $281, 000 as well as the addition of the $83, 000 about 2 weeks later. I brought this to their attention and after many, many communications they said they resolved the issue and adjusted my account accordingly on 6/12/15. Their explanation was that somehow my note docs had been mixed up with another and caused the addition of the $83, 000. About the same time they said the matter was resolved, they coincidentally transferred the servicing of my note to Specialized Note Servicing (SLS) which began on 7/1/15. In reviewing my account with the new note servicing company SLS, the $83, 000 has been suspiciously attached to my account again. On top of all this, SLS now has my property confused as being in the wrong county and the wrong parcel number for my escrow account tax payments. On top of all this, SLS restructured my payments to coincide with the added $83, 000. So, instead of my payments having been made on time with the excess money going into my escrow account and paying down the principle, SLS is telling me I was actually delinquent in my payments. This all came to light after they did not apply an on-time payment I made that was almost $300 more than I am required to pay and tried to charge me a late fee (I have produced the bank documents to support my payment that was made on 10/2/15). SLS customer support told me they will look into it, but something is just not right. The same thing happened in November where my payment is not posting, even though my bank shows they accepted the electronic pay. I am very disturbed by all of this and would like some help in finding a resolution. I can provide an account summary from SLS to show the current amounts they list that includes the addition of the $83, 000 as well as the payment history from Impac Mortgage to show the suspicious addition and deletion of the $83, 000. I am an outstanding citizen and take care of all of my debt on a regular basis, with an excellent credit score. It is ridiculous the way my account is being handled and that I have had to deal with this since May. The unresolved issues are forcing me to complain everywhere and have led me to find all of the same type of complaints online dating back years? Why is Fannie Mae involved with these guys? If anyone has a suit going in California, could you please advise me via [email protected] and put SLS COMPLAINT in the Subject line. Thanks…

    1 Votes
  • Te
    Testpda11 Mar 14, 2016

    They are horrible! They are violating federal laws! They will not remove my private mortgage insurance even though it says in my mortgage note package that it was scheduled for automatic termination on March 1, 2016.

    0 Votes
  • Tw
    tweena Apr 06, 2016

    Want to ask gambler669 if they ever found a class action suit against SLS? if anyone know of one in Calif. please reply with information. Thank you!

    0 Votes
  • Ba
    Barbara Robinson Jan 07, 2017

    i have had nothing but lies and now about to loose my home because they refused to take payments when my loan became due i was wondering if there are any ph numbers i can call to see about this sls company????? PLEASE HELP ME IF U CAN

    0 Votes
  • Al
    Alma Molina Jul 29, 2019

    @Barbara Robinson here are these #s 1-855-411-2372 and1-855729-2372 www.consemerfinance.gov/complaint/

    0 Votes
  • Mc
    MCN1970 Oct 17, 2018

    BOA Home Loan Services sold my mortgage to SLS in December of 2013. Due to illness and no longer being able to work full time as I am on disability, We filed for Ch.13 in May of 2011. When that was was discharged in 2016 I began getting letters and calls from SLS saying that I was behind on my payments. I has never missed a payment. They insisted that I was never on time with my loan and that they payment I made in January of 2014 was applied to play my payment of December 2013. Each payment I've made have been applied to the month before so they are claiming each month that I am a month behind. I am not sure what I am going to do. I did contact the BBB and SLS sent them a response that in my opinion as nasty as they were treating me every time that I have tried to contact them. The BBB responded that they answered all of the information that I answered in the complaint and said that they will not take any further action so I need to find a lawyer or class action to join because they are really crooks. I don't know how I will afford a lawyer but I must get one. I live in upstate New York. Doe's anyone have ant suggestions?

    0 Votes
  • Ph
    PhilipC66 Apr 26, 2019

    For 12 years I have paid my loan with SLS approx 3-5 days in advance. Never late and over paying my loan by approx $50 - $100/ month (some months over $500 extra). After 12 years, they contacted me by phone saying I was over $500 overdue, I called to review the account with a manager who said they figured out the problem. I asked about my over-payments and they said there were none. I asked them where the additional money went each month. He said it went to a mis-applied funds account. When I pressed him, he said the money is gone as SLS had the rights to the funds. My failure to properly mark such funds was my mistake and the money was gone. He also said because I had been over paying SLS was forced to charge me the $500 plus as a penalty for potential lost interest because I was trying to pay toward principle. Nothing makes sense. I appealed and during the 4 months I've been waiting nothing is going to principle and my loans are showing penalties each month. This month a $142 penalty for being ahead on payments.

    1 Votes

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