Complaint Review: Specialized Loan Servicing - HIGHLANDS RANCH Colorado
- Specialized Loan Servicing 8742 LUCENT BLVD HIGHLANDS RANCH, Colorado U.S.A.
- Phone: 800-306-6059
- Web:
- Category: Mortgage Companies
Specialized Loan Servicing misrepresentation acted in bad faith mislead deceived conspired to deceive unethical short sale practices mishandled offer HIGHLANDS RANCH Colorado
*Consumer Comment: SLS Executive Services Team
*UPDATE Employee: SLS Consumer Advocate
*UPDATE Employee: SLS Consumer Advocate
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Specialized Loan Servicing (SLS) is the servicer for my second mortgage on my primary residence. When it became apparent to me that I would not be able to make the loan payments I immediately notified the first lien holder as well as SLS in order to mitigate their loss. I listed the property for short sale in February 2007 and finally received an offer for purchase in July of 2007.
The offer was accepted by the first lien holder and that approval was sent to SLS for their release of lien. I was initially told by SLS that the offer "looked good" and we could "rap this up" in 2-3 weeks and "nothing was missing" in order for them to consider the offer.
From that point on things went downhill. My agent called regularly for updates and found I was not even assigned a negotiator for my file until months later. I had to continually resend documentation that was previously sent. Each time we spoke with a representative we were assured that we were "close to an approval, that the "offer was within investor guidelines, "there was no reason they should not accept" and that "the investor was still reviewing the file".
The first lien holder's approval called for a closing date of 10/31/07 or sooner.
Today is November 1st, 2007 and the property is scheduled for a Foreclosure Sale on 11/05/2007 unless I have an approval from SLS. My agent called again today for a status from SLS and my assigned negotiator said she had no idea what was going on with the file because it had been sent to another department!
My agent contacted that department and was informed they had no knowledge of any prior negotiations between me and their loss mitigation department but if we were willing to almost double the original offer they would present it to their manager and it would likely be approved. Otherwise it would be denied and the property would go to foreclosure sale on Monday.
I believe that SLS mislead me, my agent, my buyer and my buyers agent with promises of an impending approval of our offer and through their mishandling of our offer did purposely, willfully and maliciously delay their decision while acting in bad faith all in an attempt to extort additional monies via threat of offer rejection which would force a foreclosure. I believe this is a company wide practice and would love to hear from others about their short sale experience with SLS as well as any attorneys with similar cases against SLS or other lenders. My intent is to file suit against SLS should this go to foreclosure citing among other things their breach of duty to deal in good faith.
see :
Richter v. Bank of America,939 F.2d 1176 (5th Cir. 1991)
Bill
San Diego, California
U.S.A.
This report was posted on Ripoff Report on 11/01/2007 05:59 PM and is a permanent record located here: https://www.ripoffreport.com/reports/specialized-loan-servicing/highlands-ranch-colorado-80129/specialized-loan-servicing-misrepresentation-acted-in-bad-faith-mislead-deceived-conspired-282436. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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#3 Consumer Comment
SLS Executive Services Team
AUTHOR: C Chavez - ()
SUBMITTED: Monday, May 06, 2013
Bill,
From experience the Executive Services Team offers no additional assistance. Every SLS employee in Executive Services will deny you access or communication wth an actual manager. On 5 occassions, I was told a manager would call me back within 24 hours but never once did a manager call me back.
The Collections/Recovery department will intentionally wait for a Listing Agent (on a short sale) to receive 1st lien approval AND have the buyers in escrow and less than 30 days from closing so they can strong arm the buyer, agents, and sellers into paying a higher payoff. It is a form of extortion. The buyers are in escrow and less than 30 days from closing and SLS surprises everybody with an increased payoff so the buyers are put in the position of losing their good faith deposit if they don't pay SLS what they want.
We had a buyer in escrow with 1st lien approval, offering $6,000 to SLS (2nd lien position). We offered SLS 8,000.00 with commission contributions for the $2,000 difference. The Recovery "negotiator" had and reviewed the file 45 days prior to submitting for approval and never mentioned the $8,000 offer would be increased to almost $30,000 on an account with a balance of approx. $80,000.00 I spoke with the Collections/Recovery negotiator many times in the 45 days and the only information offered from the negotiator was she needed to wait until we were less than 30 days out from closing to submit for final written approval. The employees are very aware and informed of what percentage SLS will require, based on factors like delinquency, balance etc., but refuse to negotiate while the 1st is still in the short sale process so they can strong arm and basically extort the buyers, agents and sellers for funds. This is so unethical.

#2 UPDATE Employee
SLS Consumer Advocate
AUTHOR: Sls Consumer Adovcate - (U.S.A.)
SUBMITTED: Thursday, November 08, 2007
Bill,
After reading your report, Specialized Loan Servicing takes these types of complaints seriously and would like to find out more information so that we can investigate your issue in more detail. Please contact SLS at 1-800-268-9956 our Executive Services Group is available to assist you 7am -7pm Monday - Friday.

#1 UPDATE Employee
SLS Consumer Advocate
AUTHOR: Sls Consumer Adovcate - (U.S.A.)
SUBMITTED: Thursday, November 08, 2007
Bill,
After reading your report, Specialized Loan Servicing takes these types of complaints very seriously and would like to find out more information so that we can investigate your issue and respond. Please contact SLS at 1-800-315-4757 our Executive Services Group is available to assist you 7am -7pm Monday - Friday.


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