Specialized Loan Servicing Complaint

Specialized Loan Servicing LLC Mortgage department,

Other mortgage Loan modification,collection,foreclosure Ohio

In - I liquidated my late parents ' home and rolled over that equity into a property that I would later use for my retirement. I acquired a piece of land that I decided to later build on valued at $170000.00 and I put approximately $ - down and financed the rest through - ( - ) which has since been seized by the FDIC and sold to - ( - ). At the time that I was looking to finance the lot, the representative at - named - - told me that I could finance it on a five year term amortizing as a 30 year mortgage ( lot loan ). At the end of the five year period, I could either pay the remainder in full or have the bank extend the note for additional five year increments. Further, there was no particular deadline or timeframe on their lot loans for building which represented the most flexible plan I had seen so it enticed me to choose - as my lender. Sometime in -, I received the notice that the note had been transferred - after - was shut down during the financial crisis. The note first came

so they would require I pay the balance in full which at the time was about $ -. In a panic I tried to shop other lenders but they were all saying that they would not do any new lot loans due to the market, and that the only way I would be able to extend a lot loan through them was if they were already holding the note. I continued to pay - the regular monthly payment even after the maturity date figuring that I was out of luck and they would end up foreclosing as I had no hope in selling the property which had greatly devalued since the recession ( dropping nearly $ - in market value ). Around - of -, they sent me a notice that they did decide to allow me to extend for a five year period after all. Now we have come to - and again late in - and a few times earlier this year I tried to reach someone at - regarding an extension or other options knowing that the value of the property has n't increased. They told me that I would actually have to wait and default on the balloon before anyone would be willing to work with me on this. About a month before the - maturity date I received notice that they sold the note to Specialized Loan Services ( SLS ) who is a debt collector. SLS continued to bill me the regular monthly for several months after the maturity date and I thought perhaps my concerns about an extension were answered but this time through an investor who was willing to extend. I receive letter in early - in a letter that I thought was the - invoice stating that I had until - to sign a preapproved extension or I would owe the remaining balance of about $ -. By the time I received the letter ( I was away for a little while in the early part of the month ) it was already after the deadline. I called and they told me that I missed the window and would now have to apply for relief under the - which is completely inappropriate since this is not a mortgage on a primary residence - however they told me it is the only option. I submitted my package on - in full and they are repeatedly coming back to me telling me that I am missing documents even though they have already acknowledged their receipt and they are claiming that I had a - deadline. -/-/- Submitted full app package for extension-/-/- received a letter for IRS form included in initial package-/-/- Resubmitted the requested tax form-/-/- received a letter indicating missing paystubs-/-/- resubmitted paystubs-/-/- received a letter stating they are reviewing-/-/- declination : missing documents