Specialized Loan Servicing (

[Moe Bedard]

You are welcome. That is why I created the LoanSafe forum.

I'm sure NACA doesn't deal with second mortgages because they are an absolute pain to deal with. The 2nd mortgage is always the toughest to get modified and or are any help on.

You can try to find a HUD housing counselor at this link: http://www.consumerfinance.gov/find-a-housing-counselor/

Maybe you will find one that deals with 2nd mortgages.

You can also try this link if you are looking for a lawyer: http://www.nclc.org/for-consumers/how-to-get-legal-assistance.html

 

[mickandvick]

Mr. Bedard, I am also dealing with SLS with my second mortgage and have been using the strategy for settling that Tom posted sometime ago. I have not paid on the 2nd which was originally with PNC since Jan 2013. The statute of limitations for them I believe is 12/2016. We have verbally made them an offer to settle but they will not except any offer that is not in writing and includes our financials. My home has a 700,000 first that was modified with B of A with a balloon payment. I owe SLS 150K not including the tagged on interest and penalties. Zillow has the home value at 705K which is so unrealistic as nothing around me has sold in the last 6 months for more that 500k. The tax assessor has our value at 475k. SLS sent us the financial packet but wants me to include our retirement information which I have no intention of doing. Will SLS start foreclosure on my home based on Zillows figure since this is the dollar amount they keep insisting our house is valued at? Also, if I submit the financials will the statute of limitations start over? I really want to settle this but I also don't know what is the realistic amount I should be looking to pay with the housing market going up. I have offered 5% but they wont even entertain it without it in writing and our financials. I would greatly appreciate any advice you can give me.

 

[mickandvick]

Mr. Bedard. I have a follow up question. Wouldn't my house need to appraise for the minimum of $850k before SLS would forclose or would they forclose if the house appraised a single $ more than the 1st mortgage amount of 700k? I believe that my home with both the 1st and 2nd is still underwater of at least 200k. Thank you in advance for any advice you can give me.

 

[Tremaester]

I just received a letter from SLS. For the next 3 years they are offering me a reduced monthly payment of $1,616 down from over $2,300. They will write off any fees and additional principal balance of $2,692. I do not intend to accept their offer as I still can't afford the monthly payment and I am more interested in paying it off or only paying around $400 a month. But this seems like a good sign that they are making this offer. This is the first time they have done anything other than just tell me to pay up. Comments?

 

[msolare]

REGARDING: Specialized Loan Servcing (SLS)
In researching legal avenues against SLS, I was told of Class Action Lawsuit
filed by Tycko & Zavareei - October, 2016

www.tzlegal.com ;

please follow link on "current cases" find SLS...


Please use their link to input your experience with this company and/or
contact:
California Office: 510 - 253 - 6808
Kristen Sagafi: 510 - 254 - 6810 (California)
Audrey Abate: 510 - 254 - 6806 (California)

Washington, DC Office: 202 - 973 - 0900
Lorenzo Cellini: 202 - 417 - 3660 (Washington, DC)

I personally spoke to Audrey, (most accessible...) Assistant to Kristen Sagafi -
California is the main office who is primarily working on this case.
As you will see, this Class Action is primarily focused on wrong-doings
regarding Loan Modifications, improperly processed, denied etc.....
However, the firm is very interested in hearing from anyone affected by SLS.

Will continue to pursue legal avenues against SLS regarding other issues
("NON" - Loan Modification), as we all have and continue to experience with SLS -
however, this is a very good beginning against SLS and a voice for all of us.

Please take a moment to look into this

Good Luck, take care

 

[Tremaester]

Thank you msolare. I have just contacted Tycko & Zavareei through their website.

 

[msolare]

Thank you msolare. I have just contacted Tycko & Zavareei through their website.

Your welcome, keep in touch, something has to done about SLS -
Everyone else -- Please contact Tycko & Zavareei read my post above, this Lawfirm wants to hear from all affected.
Thanks!!!

 

[msolare]

Mr. Bedard, I am also dealing with SLS with my second mortgage and have been using the strategy for settling that Tom posted sometime ago. I have not paid on the 2nd which was originally with PNC since Jan 2013. The statute of limitations for them I believe is 12/2016. We have verbally made them an offer to settle but they will not except any offer that is not in writing and includes our financials. My home has a 700,000 first that was modified with B of A with a balloon payment. I owe SLS 150K not including the tagged on interest and penalties. Zillow has the home value at 705K which is so unrealistic as nothing around me has sold in the last 6 months for more that 500k. The tax assessor has our value at 475k. SLS sent us the financial packet but wants me to include our retirement information which I have no intention of doing. Will SLS start foreclosure on my home based on Zillows figure since this is the dollar amount they keep insisting our house is valued at? Also, if I submit the financials will the statute of limitations start over? I really want to settle this but I also don't know what is the realistic amount I should be looking to pay with the housing market going up. I have offered 5% but they wont even entertain it without it in writing and our financials. I would greatly appreciate any advice you can give me.

MickandVick
Please explain what you mean by Statute of Limitations regarding a home loan...? would really appreciate, also do you know what is meant by:
Reaffirming (or not..) the debt? Post-Bankruptcy...
Pleas read my post along with information on Class Action Lawsuit against SLS
Thanks so much

 

[msolare]

MickandVick
Please explain what you mean by Statute of Limitations regarding a home loan...? would really appreciate, also do you know what is meant by:
Reaffirming (or not..) the debt? Post-Bankruptcy...
Pleas read my post along with information on Class Action Lawsuit against SLS
Thanks so much

Also, if anyone would like to contact me:
[email protected] or feel free to call: 586 - 381 - 3188
I am trying to locate a Law Firm on my behalf for my situation with SLS ,
Post-Bankruptcy loan transferred/sold to SLS from E-Trade/PNC, suddenly am $20,000+ PAST DUE as of 6/2010
All payments were made through CH13 Trustee - this is absolutely HARASSMENT, no explanation, nothing.
Something needs to done about SLS - will keep all posted.
Thanks

 

[Tremaester]

I have now not been paying SLS for over a year on a 2nd mortgage of 128,000. I have just received a letter from SLS in which they are willing to write off all past due late fees, delinquent interest etc. and reduce my principle to 89,784 and extend my loan by 18 years. I would have to pay interest only of 289 for 3 years and then principle plus interest after that. Any suggestions on how I should proceed?

 

[msolare]

I have now not been paying SLS for over a year on a 2nd mortgage of 128,000. I have just received a letter from SLS in which they are willing to write off all past due late fees, delinquent interest etc. and reduce my principle to 89,784 and extend my loan by 18 years. I would have to pay interest only of 289 for 3 years and then principle plus interest after that. Any suggestions on how I should proceed?

I have now not been paying SLS for over a year on a 2nd mortgage of 128,000. I have just received a letter from SLS in which they are willing to write off all past due late fees, delinquent interest etc. and reduce my principle to 89,784 and extend my loan by 18 years. I would have to pay interest only of 289 for 3 years and then principle plus interest after that. Any suggestions on how I should proceed?

SLS said the same to me-- would "write-off" past due ( my past due were charges that never existed, I randomly owed them $20,000+ due immediately with no explanation... SLS made them up) However, over many many months, they said they would "write-off" but would not put in writing EXACTLY what it was they were writing-off. Beware, this company has massive problems on every level.
Unless they put everything "said" over the phone in writing, with actual numbers, insist on that, I will not take them seriously. I'm still waiting for actual numbers in writing... Have been dealing with SLS for over 2 years. Note: If it's not all in writing, who's to say they won't add fees, interest etc., again, in the future. SLS is a nightmare

 

[fparkin]

if you have 30k around pay up late payment and keep looking for a better way out just my idea

 

[msolare]

if you have 30k around pay up late payment and keep looking for a better way out just my idea

The over $20,000 they say are late fees, are dated while we were paying in CH 13 - making all payments, credited to account with original lender, now transferred to SLS -

 

[Tremaester]

I did not pay SLS for 18 months and they started foreclosure on my home. I then paid them all the back payments, fees etc. and am now current with them and paying them each month. With this on my credit record is there anyway that I can now refinance? I can pay off SLS if needed and I have a credit score of 687.

 

[Erik Sandstrom]

I did not pay SLS for 18 months and they started foreclosure on my home. I then paid them all the back payments, fees etc. and am now current with them and paying them each month. With this on my credit record is there anyway that I can now refinance? I can pay off SLS if needed and I have a credit score of 687.

I have a program that doesn't require pay history however the interest rates are higher than conventional or government. Please let me know if you would like me to look into this for you. Send me details and I'd be happy to go over some pricing with you: Erik.San[email protected]

 

[Griffy]

I’m happy to report that with LoanSafe’s help and REST Reports, I successfully got a HAMP in Oct 2012.
In March of 2013, I went bankrupt in Texas. My 2nd mortgage wasn’t quite underwater, so the debt was released but I still have a lien against the property. I think the value of the property was $181K then.

Fast forward to now and the property is worth anywhere between $292 - $315 - $355 (2018 tax – Zillow – Realtor comps).

MY PROBLEM … how to prevent Foreclosure: my 2nd just called (Specialized Loan Services) saying that they weren’t ‘trying to collect a debt’, but wanted to know if I realized I had a lien (I did) and “what were my plans for the house?” They said, “If a different looking envelope arrives in the mail, it would be a Foreclosure Letter”.
SLS said that their records show:

• I owe $175K on the 1st (Chase doesn’t report my payments, SLS doesn’t know it’s now at $147K)
• Home value at $315K
• SLS didn’t say, but I owe them $58K before penalties and interest

My HAMP with Chase

• Income was at $3,125 in 2012
• Years 1-5 PTI payments (2% for 40 years) were $1,003 according to the paper work, but they deferred escrow a bit and made the actual payment $965)
• Now my PTI payment (3.625%) has leveled out to $1,222.

WHAT ARE MY OPTIONS if I want to stay in the house?

• I’m not keen on refinancing the 1st (my credit score is about 702)
• Looks like HUD 2mp is still an option since I have a HAMP, but what do I do to pause SLS with the government closed down now? If I can get a 2mp, what would my payments be (can’t find much documentation on how to calculate this)?
• What’re my odds with a Debt Validation Letter in Texas that signatures could be bogus and provable?
• I ‘may-may-may’ be able to get a 3rd mortgage to pay off the 2nd. There was 1 in a gazillion banks (Wyndahm Capital Mortgage in NC) that I called trying to get equity out of the house, that said if I can get my credit score above 700 (it was 675 until I just paid down a bit of debt). I'm guessing that they want to refinance the 1st, which I don't want to do.
• How do I best negotiate with SLS? (IBC was the original servicer who sold to GMAC, who sold to SLS, who just sold to someone else but it is still serviced by SLS). So my loan was bought for penny’s on the dollar and SLS would roughly have to pay $25K in foreclosure costs and get whatever price sold on the courthouse steps I guess. So there’s surely room to negotiate but I’d really rather not do a recent appraisal if possible.

Thanks Heaps!
PS - I saw another thread on over 60 ... I turn 60 next week if that makes any difference.