SLS and mods

sarge

LoanSafe Member
Mar 30, 2009
310
0
0
Coastal NC
Haven't posted in a while but had an interesting Fedex letter last week.

Got a mod from Specialized Loan Servicing without asking. Wondered if anyone else has seen this. Looks to be legit but had to ask here. This was a GMAC 2nd that was sold off toward the end of the year. It will cut the payment by almost half and the address is correct.

With all the troubles we had with the first and other people are having as well, it just seemed odd. Not looking a gift horse in the mouth but all I find searching SLS on the net is negative.

Anyone?

Also odd, It doesn't ask that it be notarized.
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
18,837
48
48
San Diego, California
www.LoanSafe.org
Hi Sarge,

Yes that is very strange that they would offer you a modification without even requesting one. Sounds like a great offer though! I would definitely make sure to call in first and discuss the modification before you sign and send it in..
 

sarge

LoanSafe Member
Mar 30, 2009
310
0
0
Coastal NC
Hi Sarge,

Yes that is very strange that they would offer you a modification without even requesting one. Sounds like a great offer though! I would definitely make sure to call in first and discuss the modification before you sign and send it in..
Thanks for the response Evan. I just got off the phone with them and a very nice lady informed me that she shows that I have been pre-approved for a mod. :) Interest rate drop of over 50% to 5.00 and a payment drop of 300.00 dollars. :D

I have to send in the first payment and a 250.00 one time fee certified funds but does not require notarization. Thank you Lord!

Thanks again for the response.
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
18,837
48
48
San Diego, California
www.LoanSafe.org
Congratulations on the modification that is excellent savings!!!!
 

sassfam

LoanSafe Member
Feb 2, 2010
2
0
0
I’m not sure if I’m being scammed or not by SLS, with their offer of a proactive "pre-approved loan modification".

I am not a homeowner in "distress", other than being peeved when GMAC pawned loan servicing off to SLS in November. I feel like I'm paying my 2nd mortgage payment to a loan shark every month, having to go through their ffice:smarttags" /><?XML:NAMESPACE PREFIX = ST1 /><ST1:place w:st="on">Western Union</ST1:place> pmt system, etc

I did NOT request a loan modification, and while it would be nice - I'm lying low these days, what with the stories of credit card companies and others jacking people around on interest rates. I'm paying my bills and keeping quiet, LOL


So. SLS calls tonight and tells me that I've been "pre-approved for a loan modification." I'm skeptical, and tell them so.<?XML:NAMESPACE PREFIX = O /><O:p< p O:p<>
Nope, SLS says. My interest rate will be dropped 3% (from 8.5 to 5.5). <O:p< p O:p<>
I can skip my February payment, they tell me.<O:p< p O:p<>
My new payment with be about $75 less than the old one, and all I have to do is pay a "processing fee" of $250.<O:p< p O:p<>
If I send them $401 by February 26, that will be my March payment and the "processing" fee.<O:p< p O:p<>
<O:p< p O:p<>
"Look for the FedEx package in the mail, sign and return it with a certified check by the 26th..."<O:p< p O:p<>
That's it.<O:p< p O:p<>

Suspicious. Very.<O:p< p O:p<>
<O:p< p O:p<>

I tell them I think it's too good to be true - all this with no income verification, no credit check, no home valuation, nothing?? <O:p< p O:p<>Mind you, my credit might not be stellar but I have a good income at a job of 12 years' standing, and just a low car payment on a used car as other debt, besides affordable 1st mortgage at a fixed rate on a house that is still worth more than what I paid for it.

<O:p< p O:p<O:p< O:p<>

With all the people who NEED loan modification, why would they offer it to me, who never asked for it? <O:p< p O:p<>
<O:p< p O:p<>

Do you have any idea what's going on here?<O:p< p O:p<>
<O:p< p O:p<>

I'm still sending them my February payment.<O:p< p O:p<> I don't trust the "deal" at all, and certainly don't want them to go back and claim that February was missed/late. Or worse, sign a new agreement with terms that end up biting me in the arse later.<O:p< p O:p<></O:p<>
</O:p<></O:p<></O:p<></O:p<></O:p<></O:p<></O:p<></O:p<></O:p<></O:p<></O:p<></O:p<></O:p<></O:p<></O:p<></O:p<></O:p<>
 

justdeb

LoanSafe Member
Jan 27, 2010
0
5
0
have you talked with legal about any of this?

An unsolicited pre-approved mod with no verification whatsoever... ususally if it sounds too good to be true, it is. :(

I'd of been very leary of sending any type of monies, especially since you checked this company prior to agreeing and discovered nothing but negative about them. And a "one time processing fee" via certified funds? Hmmm...

Have you contacted GMAC directly or done a debt validation letter to SLS to see if they actually own your loan at all? You may find that GMAC still legally owns your loan. Sometimes, these companies are getting lists by purchasing them and then sending out scams to homeowners in distress - then take your money and run with it. There is nothing you can do at that point. Any company that states they require payments via one method only (Western Union, Certified check, etc) - is a red flag in my book. If they wont accept my terms of payment, then they wont get paid, period.

Look on the BBB website and see what you can find.

I hope you havent been taken, but if your gut is telling you you "feel like you're paying a loan shark every month" - then you should trust your instincts first and foremost.
 

sassfam

LoanSafe Member
Feb 2, 2010
2
0
0
Hi, Deb! I did get a letter from GMAC about the moving of the loan to SLS, so that part was legit. SLS is doing just the loan servicing/processing for GMAC...they didn't actually "buy" the loan. And sounds like they're mining their newly-acquired customers-not-by-choice for marketing schemes.

Their BBB record isn't bad, considering the number of loans they have - something like 16 complaints, resolved.

What I don't like is how HARD they make it to pay - I have a small payment, and it's just silly that I have to pay $9.95 as a fee to WEstern Union, LOL! GMAC was free for online payment.

There is NO WAY I am putting them on auto-pay, where they debit my checking acct...no way am I letting my acct information live in their system. I just don't trust their whole set up...it all feels icky!

I got the FedEx they said to watch for earlier today - haven't read through it yet. I really want NOTHING to do with these people, but I'm stuck sending my payments to them for now. If anything, it's given me new incentive to apply a little more every month to principal, hope for a bonus sometime in the next lifetime or two, and get out from under it completely. It's my first priority to get paid off.

I'll letcha know what my bro-in-law the lawyer says about the docs I got today.

Whole thing just smells to high heaven, y'know?!

:)
 

leonam

LoanSafe Member
Aug 4, 2009
21
0
0
SASSFM-I pay my monthly payment to SLS on-line. It says I will be charged $9.95 by westen union, but you never get charged for it, it comes up as $0 before I hit the final pay button and it has never come out of my account.
I had a quick and easy mod w/SLS-they got our second loan-15 year $55,000 HELOC, from GMAC, called us to ask why we were behind, I explained our story even though I didn't think they would talk to me since only my husband is on the mortgage. They asked a few questions including what our income is and within 10 minutes they had written off $11,000, dropped the interest-I think from 4.5% to 4% which dropped our payents from 240/mth to 132/mth. We got the papers within a week. We never had to send them any initial paperwork, maybe because if we had to sell our house they would end up with nothing as it's worth about $90k less than we paid for it. This was about 3-4 months ago. Wish GMAC was half as easy as this.
good luck everyone!
 

Momar

LoanSafe Member
Nov 9, 2010
3
0
0
I just received the SLS fedex with similar contents. Those of you who have moved forward with signing the documents and the certified mail... how have things gone for you?
 

Momar

LoanSafe Member
Nov 9, 2010
3
0
0
Did you ever get any longterm positive feedback from these people who completed the SLS fed ex?
 

bill33

LoanSafe Member
May 27, 2010
58
0
0
Momar, I had a GMAC 2nd that was sold to SLS August of 2009. I was already 4 months behind when it was sold. When SLS called me, I explained why I was behind and within a couple of days my interest rate went from 13.25% to 4% and knocked $17,000 off of the principle.

Now, I didn't take it and explained to them that I was trying to modify the first. Told them if I was able to get the first under control I would accept it.

Before the first was modified and being about 10 months behind with SLS they called and wanted to talk settlement.

Settled 79K for $7,100. Got the release from the county a few months ago.

They were really good to work with and did everything they said they were going to do.
 

Momar

LoanSafe Member
Nov 9, 2010
3
0
0
Re: bill 33
Thanks so much for the info. I, too am awaiting the decision on the first. SLS sent me the fedex w/out any financial info from me. I am 60 days late with SLS who holds the 2nd and Chase who holds the first ( Chase just sent the packet to underwriting yesterday). Did you have to send info for the final setllement and were you as hopelessly upside down as I am?
 

bill33

LoanSafe Member
May 27, 2010
58
0
0
I was upside down. Home value of $330. Owed $351 on the first and $79 on the second.

I put together a financial packet (pay stubs, bank statements, statement of net worth, balance sheet, etc.) and my first offer was just under 5%, which I knew they would not accept. They countered at about 15%. I had some tax issues that were about to be cleared up, but used some of the IRS statements to let them know that there would be more than just the first to satisfy if the home went to f/c. Included with the IRS forms was a 9% offer. They called me a day later to fax the settlement paperwork.

Make it look as dire as possible. Don't be afraid to let them know that it is just a house and you are not afraid to walk away from it and start over. I told them very matter of factly, but very politely, that I was ok either way.

A word of caution, I would not have settled the second if I did know for fairly sure that the first was going to modify. What good is settling the second if you still lose the house.

Any questions, email me [email protected]
 

mwebster

LoanSafe Member
Jul 20, 2008
34
0
0
I had a similar situation with SLS. I had a first with Chase that I had been trying to modify for nine months and a second with SLS to the tune of 13%. Chase finally gave me a great mod : 3% for five years, 5% for 1 year and 7% for the life of the loan..yahhh!!! No sooner had I signed and sent the good faith payment I got the letter stating they had sold my loan to SLS. Figuring the mod went with it, I did nothing only to find out I was now in foreclosure. More mod paperwork to SLS and they gave me a mod of 7% for the first, and wrote off $20,000 of the second, bringing it down to $70,000. Months later, we were still struggling, so I called again. I was offered a "short negotiated payoff" for the second and paid $7,000 to settle the second. So my dealings with SLS have all been good. Unfortunately, we had to rob Peter to pay Paul for the $7,000 and even now a year and half later, we are behind on our taxes, and I just found out from SLS that the first is now going from 1258.00 to 1525.00. SLS says they won't grant me another mod as there are only two per life of the loan. Not one to take "no" for an answer. I'll keep trying.