Short Sale Report - Specialized Loan Servicing
Short Sale Report
| Avg. Days NOD to NTS | Avg. Days NTS to Auction | Total Avg. Days in Foreclosure | Commissions | Comments |
| n/a | n/a | n/a | 5% | 17 |
NOD=Notice of Default NTS=Notice of Trustee Sale Auction=Trustee Sale
Specialized has been one of our favorites, making common sense decisions that maximize capital recovery. They are great to work with but it is hard to tell which loans they are servicing. 2nds where they face a total loss if the 1st forecloses, even with reasonable offers from senior lien holders. They claim that their recovery department can squeeze money out of somewhere after they are wiped out. Dare I ask where? The tooth fairy? Unnecessary foreclosures hurt everyone. Come on Specialized, you are better than that.
Contact info: Loan Servicing: 800-315-4757 Loss Mitigation Phone: 800-306-6062 or 800-306-6059https://www.sls.net/default.aspx
Comments
After speaking to mortgage company Specialized Loan Servicing 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
This company should be shut down and have the crooks who are running it toss in a maximum sercurity prision where BIG BUBBA will have a new BOYFRIEND!!!
SLS held the 2nd on a home I am looking to purchase. Accordiing to my Agent, the SLS negotiator and asset manager were quick to respond to the listing agent's phone calls, and from start to finish (after approval letter was received from first lender) only took about 8-days to get an approval letter from them. SLS was given a "fair" amount from the first but did want an additional several thousand. SLS ended up agreeing to the seller "finding" an additional $2,000.00. To be honest, for the large amount they signed off "short" I personally thought they were VERY reasonable!
Chad, did SLS forgive the deficiency in writing when you did the short-sale? I am in a very similar situation with SLS holding the 2nd. 1st approved "fair" amount, buyer is bringing in several thousand to pay 2nd, and I am also bringing in cash for 2nd. However, I'm told this will be enough for 2nd to approve short-sale ... BUT I will not have forgiveness of deficiency. Did the same happen to you? Really need your help - foreclosure auction date is less than 2 weeks away!
By far this company is has the worst business ethics I have ever seen. The employees are rude and disrespectful. I even had a supervisor "instruct" me on the policy of the first lien holder. After several weeks of back an forth, we agreed on a settlement, only to find out the day before the closing, they changed there minds and demanded more money to allow the short sale. I agree with John, these people are nothing but crooks!
I have had 1 dealing with them. It was my last. They were not very mindful of proper business etiquette. They called my client, (their borrower) and had her in tears. They instructed her to come up with $5,000 more or they would foreclose on the property and leave her and her kids out on the street. The "street corner bullying" tactics they used are unprofessional and extremently unethical. My client did not have the money, which was why she was trying to do the short sale, and Specialized Loan Servicing did foreclose on the property. There is something just not right about this company.
I was so upset at SLS because when I lost my job I immediately called them and was told that unless I paid them $3500.00 (Two months I was behind plus their fees) they wouldn't work wtih me. I didn't have that kind of money. I asked if I could make partial payments every couple of weeks and they told me "no." I was able to at least stay out of foreclosure until I found another job downstate from where I lived. When they found out I no longer was living there they wouldn't work with me at all. How can someone in this economy keep their home if they have to move to another part of the state but want to keep their home because at some point I was going to move back or sell the house. I had my house on the market two years before I lost my job and when I tried to work out a short sale, I had a buyer willing to pay cash but their offer was $5000 less then SLS wanted. They refused the buyer on the last day so I had no choice but lose my home in foreclosure. I will probably never buy another home again and I will never recommend SLS. They ended up selling my home to another person for the $5000 less then my buyer wanted. I think they did it on purpose so I could go into foreclosure. They were no help.
I was so upset at SLS because when I lost my job I immediately called them and was told that unless I paid them $3500.00 (Two months I was behind plus their fees) they wouldn't work wtih me. I didn't have that kind of money. I asked if I could make partial payments every couple of weeks and they told me "no." I was able to at least stay out of foreclosure until I found another job downstate from where I lived. When they found out I no longer was living there they wouldn't work with me at all. How can someone in this economy keep their home if they have to move to another part of the state but want to keep their home because at some point I was going to move back or sell the house. I had my house on the market two years before I lost my job and when I tried to work out a short sale, I had a buyer willing to pay cash but their offer was $5000 less then SLS wanted. They refused the buyer on the last day so I had no choice but lose my home in foreclosure. I will probably never buy another home again and I will never recommend SLS. They ended up selling my home to another person for the $5000 less then my buyer wanted. I think they did it on purpose so I could go into foreclosure. They were no help.
It is a shame that each of the representatives seems to takes any loss personally, it is almost like it is their money. The agent I spoke with told me that the first mortgage and I should be ashamed of the offer we presented. I reminded the representative that in Florida if the first forecloses they get zero. I previously owned six properties that were more then one million under water. I have done a short sale on two, one foreclosed already and I have a buyer on one. This is where SLS comes in, they have countered at 25% of the balance. They purchased this loan already in default and provided that they do not get reasonable I will end up with two foreclosures and SLS will end up with Zero! I have to say I do not want that but the way they are talking to people I know why people let them sit and spin!
Please remember that when you are negoitiating with the agent at SLS - they are COMMISSIONED based. Meaning that the more they collect the more the agent makes per month. The collections department is SLS's bread and butter. They make MILLIONS per month that pays for their pathetic customer service departments. Those agents with take less than 10% to make their numbers.
My husband lost jis job 1 year after purchasing our home. We contacted SLS for a loan modification and we were denied the HAMP program with outrageous monthly income figures, they lied and told us we could not re apply and offered an in house modification and foreclosed on our home. They transfered our loan to Wells Fargo Bank July 2011 foreclosed and we are now being evicted with an autistic son. Our story was published in the San Gabriel Tribune of Claifornia and the OCC is now involved. Has anyone started a class auction law suit against these predators? if so, please contact me!!!
my BOA mortgage is being "transfered" to them even though my house is up for Short Sale. I tried to talk to call them to give them some information but since I am not yet into the system all I get is an endless loop recording. I finally got a person who was an idiot and only wanted to transfer me back to the recording. Nice way to do business
SPECIALIZED LOAN SERVICING is nothing but a bunch of unethical, rude, fraudulent crooks!
My BOA mortgage is being transferred to SLS. I have been in the process of loan modification with BOA since august due to divorce. BOA denied the modification got an attorney involved been working with BOA. Will see what the outcome is with SLS.
After reading this page (and six more like it) I'm a bit terrified....I just found out my loan is transferring to SLS after being repeatedly denied modifications and deed in Lieu short sales with BoA. Effective 12/16 I'm with SLS. Effective 12/13 I received a summons from Countrywide trying to process a foreclosure lawsuit.
Sometimes I wish these crooks would get their acts together and TALK TO EACH OTHER instead of making life miserable for all of us trying to do the right thing. I understand now why people are just walking away....not because of debt or unemployment but in frustration with these rejects. I'm glad I'm in a situation where I'm not desperate to keep my home, otherwise I'd be bald from tearing my hair out long ago.
Working with BOA for over a year in a mod. Primary loan just landed with SLS, with the secondary going to another company. Talked to SLS yesterday - was told that I needed to start the loan mod process over again. Answered a bunch of questions over the phone, and was told a package would be sent to me. Tonight, about an hour ago, I was served with a foreclosure summons - representing BOA. So now I am really confused.
1. BOA was working with me - even met with a personal rep face to face and it seemed to be going well.
2. I was never informed that the loan was sold - only knew after I recieved statement from SLS.
3. SLS took info as if the MOD proces would take place again.
4. BOA filed foreclosure, according to the date on the court doc, prior to the sale of my loan to SLS.
So - Are SLS and BOA the same??? And what happens to the second if, or I should say when at this point, the foreclosure takes place?
Very similar situation except for the foreclosure. I even paid BOA $4000 and then not even 2 weeks later received a letter telling of the transfer to SLS. Initially, SLS said they would honor the agreement with BOA but then they called and said they would not and i had to start over and they ALSO would require up front money. If this is not a scam, it sure smells like one.
They may legally be separate companies but work too closely together to be different businesses. I am not sure what my state's Attorney General can/will do but I am filing a complaint.
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