Specialized Loan Servicing LLC Mortgage Complaint

Specialized Loan Servicing LLC Mortgage department,

Other mortgage Loan modification,collection,foreclosure Oregon

- -, - Dispute Late Charges - Specialized Loan Servicing - Loan # - To Whom It Concern : servicing company is Specialized Loan Servicing. The underlying lender is - -. It was a 10 year interest only with a balloon payment due -/-/-. Due to a number of unforeseen circumstances including the housing bust, we experienced a difficult financial period. We had - collections that were on our credit report for quite a while. Finally in the -, we were able to pay off the collections and start to rebuild our credit scores. We understood this would be necessary in order to obtain a loan modification. Finally, in - -, our scores were above - after being in the low -. We were advised to contact the servicer of our HELOC loan and negotiate a modification with them. We did this. On - -, -, the first package of documents were emailed to Specialized Loan Servicing ( SLS ) requesting a modification. Over the next eight months documents were submitted when requested. Finally on -/-/- we received a notice that our request was denied due to the loan being a HELOC.


over eight months while charging us with late payments each month. They have now single handedly destroyed our credit to the point that we are not able to obtain another loan to pay this - off. We have contacted several lenders, including private money lenders, and due to the late charges, we can not obtain a loan. It appears that their goal is to put us into foreclosure. We do not want to lose our home of 14 years. We could have easily obtained a loan in - or - had we know they were not going to modify the existing HELOC. As a gesture of good faith, we continued to make the interest payments for - and - based on the bills we continued to receive from SLS during the negotiation period. A payment was made on -/-/- in the amount of $300.00. A second payment of $250.00 was made on -/-/-. The -/-/- payment was returned to our account on -/-/-. -/-/- payment returned on -/-/-. When I questioned this, I was told by a SLS representative that they would not accept any payments that were not the full amount. They could have easily told me at that time that they would not do a modification on a HELOC. Again, we do not feel that SLS has negotiated in good faith, they knew from the start the loan was a HELOC and their policy not to modify a HELOC and they deliberately prolonged the negotiation period to allow them to systematically destroy our credit rating with late payment charges. We respectfully request these late charges be removed, our credit ratings be restored and in order for us be able to obtain a new loan to pay off this HELOC.