Specialized Loan Servicing (

Tremaester

LoanSafe Member
#1
I am new to Loan Safe. I have seen several stories regarding a 2nd mortgage with SLS, none of them good. However, I am now embarking on the process that Iread by TomEason. This is the first month (Oct 2015) that I will not pay SLS. My mortgage went from interest only of $370 to interest and principal of $2,300. I tried for months to work out a modification without success. Unfortunately, I had not yet found this website and gave SLS all my financial information basically to show them that I can't afford to pay that amount. My house is under water so a refinance is not possible. Plus I did a Harp on my first mortgage in 2013.

Anyway, I have never missed or been late on a payment ever and have owned the home with my wife for 21 years and we don't want to leave it. First mortgage is 161, 900 with a payment of 810 a month so no problem. My second with SLS is 128,400. They did a drive by and valued my home at 270,000. So I am about 20,000 under water. I made them an offer of 30,000, but have not heard back from them.

I plan now not to communicate with them again until I hear from their recovery department with an offer to settle. I would be very interest in any other advice you might have on this.
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
#2
Hello and welcome to the LoanSafe community.

The 2nd mortgage settlement strategy can be a bit nerve racking for anyone who embarks on this plan. There are absolutely no guarantees and it takes nerves made of steal to deal with the process which can take many, many months to well over a year to get an answer.

You are basically at the first step in the process. It is much like poker and you have just had your turn and now it is time for the other player, your mortgage servicer to decide on their move. You cannot force their move or influence it more than you already have. Now it just takes patience to see what they do next.
 
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bigfrog

LoanSafe Member
#3
Yup.. I agree with Maurice Bedard. This is no game for the weak. It takes balls of steal. Specially right now, because houses' prices are on the rise, and will not peak until the end of 2016. And will pop and burst in 2017. The usual 10year cycle. The banks know about this and will anticipate foreclosing where necessary within those date range, to minimize loss.
 

Tremaester

LoanSafe Member
#4
Yup.. I agree with Maurice Bedard. This is no game for the weak. It takes balls of steal. Specially right now, because houses' prices are on the rise, and will not peak until the end of 2016. And will pop and burst in 2017. The usual 10year cycle. The banks know about this and will anticipate foreclosing where necessary within those date range, to minimize loss.
Okay, thanks for letting me know.
 

Tremaester

LoanSafe Member
#5
I have now not paid SLS for 3 months. Just received a letter saying I should fill out their Request for Mortgage Assistance Form which I already did back in July 2015. I faxed them back telling them I had already filled out their forms and sent in the information back in July 2015. I also mentioned I had offered them a loan settlement of $35,000 on their $128,000 loan, but I never heard back from them. Now just waiting for a reply if any.
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
#6
Good luck and please let us know when they respond.
 

bigfrog

LoanSafe Member
#7
Trimmy.. Good luck to you, and do let us know. But a little food for thought. So you have stopped paying for 3months on a 128k loan. Then you stepped up and tell them you have $35k. As a lender, they don't understand why can't you use that money to continue paying. It is a touching issue.
 

Tremaester

LoanSafe Member
#8
Trimmy.. Good luck to you, and do let us know. But a little food for thought. So you have stopped paying for 3months on a 128k loan. Then you stepped up and tell them you have $35k. As a lender, they don't understand why can't you use that money to continue paying. It is a touching issue.
Yes, that is a good point. I shouldn't have done that. It was before I found this site and thought I could settle with them.
 

Tremaester

LoanSafe Member
#9
A place called The Real Estate Law Center wants me to sign up with them to handle my mortgage situation. Any advice about doing this?
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
#10
I never heard of them. My research online found a bunch of reviews. Some bad and some good. All the good ones look fake and their photos look like young ex mortgage people or they have like one review.
 

Tremaester

LoanSafe Member
#12
I just received a certified letter from SLS that says "Default Notice and Notice of Intent to Foreclose". What should I do? Should I contact a Mortgage attorney? Do you know of any good ones?
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
#13
To be honest, there are not many who know what they are doing. Most are simply a waste of money and time.

How was the default sent to you, certified mail?
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
#15
OK, so it is legit.

It is obvious they are playing hard ball due to the fact they know you have money and can pay. You are going to have to get aggressive in working out a loan modification or a settlement. You just have to ask them for help and what they are willing to do.

Maybe you can get the some help from a non-profit HUD housing counselor. I would try asking them and then seeking assistance from a non-profit if that doesn't work out.

Lawyers will just suck you dry of what money you do have for as long as possible.
 

Tremaester

LoanSafe Member
#16
Talked to SLS and they just say do another loan modification request which I have already gotten rejected twice because not meeting a 31% of my monthly income requirement. I tried the non-profit HUD line but they just go over your bills. My wife and I are already very frugal so no help there. Can LoanSafe offer any kind of re-finance on my second mortgage? Up until now, I have always made my mortgage payments and have excellent credit. Or do is there anyone out there that will just look at a second mortgage? I don't want to re-do my first mortgage as it excellent as I did a Harp on it a couple of years ago.
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
#17
You could try a HUD non-profit like www.NACA.com who will advocate for you by handling most of the negotiations.

There are not many loan programs available anymore for 2nd mortgages. Especially if you are underwater and have late payments on your mortgage.

You can also bring the loan current by paying all the back payments and fees owed so they cannot foreclose. Then you would have to just deal with the payments.
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
#19
No, but that website looks a bit shady. There is no company listed on the website and or an about page with real people that includes their pictures and full names. This shows me that they are hiding for some reason and or do not want it listed which is a red flag that it may be a scam. The only name I see on the website is a guy name Paul but again, no last name.

If I were you, I would not deal with this website or firm, let alone give them a dime of your money.
 

Tremaester

LoanSafe Member
#20
Thanks for the advice, I agree. I did contact NACA, but unfortunately they do not deal with second mortgages. So, I am back to square one. Any other leads you might give me? It is very helpful having a sounding board.