Does anyone have Specialized Loan Servicing (SLS)

[mgaud123]

Does anyone have this company as their servicer. They are my 2nd loan. I am completing a modification with CW on the first but wasn't sure if anyone had any success with them.

[kingsman]

sLs is my second also they took 3 weeks, lowered my interest from 9.75 to 5.25 no hassles ,fast with the paperwork and answers. I still do not have the mod worked out with litton it has been since feb 3. You can not get any answers and they are very frustrating. But take heart SLS will be easy for you

[ItsJustMe]

Interesting Kingsman. I also have a 2nd w/SLS and am in my first month without payment. They called today and I told them we are working to mod the first, and if we can't we plan to walk. They didn't offer to modify. I wonder if they will call back w/an offer (eventually). It would have to be pretty attractive for us to stay, though. It's currently 8.5%, but depending on what we are able to work w/the first, SLS would have to be at 2-4% for staying to make sense. We're waiting it out, but it's nice to know that they are willing to offer a mod.

[ItsJustMe]

I got a call today saying they got our income/bank docs and they were going to try to submit a 'streamline modification'. Does anyone know what this is?

They said that the investor (didn't think to ask who it was!) required a (some acronym) appraisal. It's $150 and billed like a late fee, and therefor we won't be seperately charged if we decide to walk.

Any clue what they are trying to do here? BTW - Our loan is a 25year w/about 22 years left. Never a late until this month. 8.5%. Do you think they are just going to try to push it back to 25 years and that is what they consider 'streamlining'?

[SillyWorld]

Originally Posted by ItsJustMe

I got a call today saying they got our income/bank docs and they were going to try to submit a 'streamline modification'. Does anyone know what this is?

They said that the investor (didn't think to ask who it was!) required a (some acronym) appraisal. It's $150 and billed like a late fee, and therefor we won't be seperately charged if we decide to walk.

Any clue what they are trying to do here? BTW - Our loan is a 25year w/about 22 years left. Never a late until this month. 8.5%. Do you think they are just going to try to push it back to 25 years and that is what they consider 'streamlining'?

Streamline as of now can bring you to 5.4%

Read this post FHA Streamline

[ItsJustMe]

Thanks! The loan is a 2nd and not FHA (though, not sure who the investor is)- does that make a difference? 5.4% wouldn't be good enough, unfortunately, unless they stretched the term ot 40 years or had a balloon payment/silent 2nd or something.

[SillyWorld]

If it is not FHA then there streamline can be whatever they want, most likly they will adjust the interest rate without making any changes to the loan other than running it like you said back to 25yr..

I would call them and ask

[baileys dad]

Hello Its Just,

I am also with SLS/Litton.

I have not made a payment to SLS for 8 months....I have kept in contact with them and let them know that I am trying to modify via the first. The modification with Litton was pre-approved on 05/26 but then denied on 06/02; they say they needed more income verification as I am self-employed. It seems as if it would have have been easier on them to just ask for additional info as they have in the past, we will see..

In regards to SLS, as of June, I am in their "recovery dept" which I believe is the final step before they write it off. I was offered a streamline mod as well, but it didn't drop the rate or payment far enough. The second is entirely unsecured and I live in Ca, a non-recourse state, so other than the inevitable damage to my credit score, not a lot that SLS can do....

[nitag]

baileysdad, Sorry to here that you were denied.. What is your next step of action?

[Evan Bedard]

Hi Baileysdad,

Sorry to hear you were denied but that does NOT mean that you wont get a modification. I have seen many cases where a homeowner was denied for any assistance and a few weeks later they offered him a mod. Maybe next time you will have someone new assigned to your case that may be willing to help...

[ItsJustMe]

Wanted to update on our situation, too.

Turns out a streamline just means that you don't have to income qualify for the new loan. It drops your payment 30%. The 'traditional' mod can offer a better payment, but you have to be able to income qualify. We don't so we aren't eligable for a regular mod. We denied the streamline (though, if we do get the NACA mod at what they submitted - the streamline payment MIGHT be affordable - but I doubt we'll get what NACA submitted) and will check back for a traditional mod after our debt/income is better (after we are approved for a mod on the 1st).

[matteoroe]

Here is my situation - Condo - California - 1st $250,000 - 2nd $64,000 - Value is now $147,000.

I have a 2nd with SLS. My payment is $512/month. SLS offered me a loan mod at $362/month. This reduction is not enough. Plus, we owe $64,000 on this 2nd mortgage. This loan is amortized over 30 years but due in 15 years. There is a balloon payment. As of September 2009 I am going to go behind in my payments. My attorney offered SLS a settlement of 10% of what we owed. About $6500.00 SLS came back and said they are in no way at risk of liquidation and will only settle for $30k. (if I had $30k I wouldn't be doing this).
Now, SLS is not getting another payment from me until they settle for $8500 (or less) or my account can go to a "charge off".

[matteoroe]

Originally Posted by baileys dad

Hello Its Just,

I am also with SLS/Litton.

I have not made a payment to SLS for 8 months....I have kept in contact with them and let them know that I am trying to modify via the first. The modification with Litton was pre-approved on 05/26 but then denied on 06/02; they say they needed more income verification as I am self-employed. It seems as if it would have have been easier on them to just ask for additional info as they have in the past, we will see..

In regards to SLS, as of June, I am in their "recovery dept" which I believe is the final step before they write it off. I was offered a streamline mod as well, but it didn't drop the rate or payment far enough. The second is entirely unsecured and I live in Ca, a non-recourse state, so other than the inevitable damage to my credit score, not a lot that SLS can do....

Hi Baileys dad!,

Is your 2nd with SLS? And your 1st with Litton?
I have my 2nd with SLS and I am starting to go behind. I would like to hear about your outcome ) if SLS writes the debt off?

All the best!

matteoroe

[ultimate4799]

Me too, my 2nd is SLS owed $120k and 8months behind. My 1st(wells fargo) even filed NOS on me and I still receive latest statement from SLS this month asking me for payment... Only thing is when I check my credit report, there is a notation on SLS as "charge off".. Anyone know what does this mean? Did they sell my loan to a collection?