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Specialized Loan Servicing
Short Sale Report
| Time to Acknowledge |
Time to Approve |
Commissions | Full Release Available |
Comments |
| 3-5 days | under 30 | 5% | negotiable |
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 800-306-6059 https://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!
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.
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