Consumer complaint received 2023-11-07
Company: Specialized Loan Servicing Holdings LLC
State: NY
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Struggling to pay mortgage
Sub-issue: Foreclosure

Complaint:
Wrongful Foreclosure. 
Problem began in XXXX when we did a same-company refinance of the mortgage on our primary, single family residence in XXXX XXXX XXXX NY with XXXX XXXX XXXX XXXX THEY MISREPRESENTED THE REFINANCE LOAN TO US. Because of lower interest rates at the time, we wanted to take money out of our home to pay-off higher interest credit cards, while keeping our monthly mortgage payment the exact same. XXXX agent said no problem. So, we refinanced, only later finding out that, to keep the monthly mortgage payment the same, they ( XXXX ) were no longer taking out escrow. Hence, we were shocked when we received a real estate tax bill from the XXXX XXXX XXXX requesting payment. Penalties then began to accrue as we didnt have the resources to pay the taxes. Upon contacting XXXX, they subsequently paid the tax bill, reimbursed us the penalties levied by the town and re-wrote the mortgage, of which the monthly payment was now unaffordable. We tried to make the payments, but by XXXX we fell over two months behind. By then, because of the mortgage crisis and banking debacle, XXXX was bought out by XXXX  XXXX XXXX ( XXXX ). So, in XXXX when we discovered we were eligible for the Making Home Affordable program we applied. In a subsequent preliminary letter, XXXX informed us of our approval for the program, but never mailed us confirmation. Repeated inquiries were met with, were still processing the paperwork. Only then later to be told, Oops! We ( XXXX  ) made a mistake. You were NOT approved. Over the next two years we went back and forth with XXXX, even requesting help from the XXXX Attorney Generals office. But all fell on deaf ears. Each time we contacted XXXX, it was a different story, and the left hand didnt know what the right hand was doing. Over the ensuing years, our mortgage was sold several times first to XXXX XXXX  XXXX, then to XXXX XXXX and then finally to XXXX XXXX XXXX all the while being administered by Specialized Loan Servicing ( SLS ). During this time, my wife and I continued to try and pay the same trial monthly payment as offered by Bank XXXX XXXX in XXXX $ XXXX to SLS. Sometimes the checks were cashed by SLS, other times they were returned, uncashed. And now, as of XXXX XXXX, we have been served with papers for FORECLOSURE on our home. We know we can not live in our home for free, and want to resume payments for the property as we can, so we are exploring our options, now that my wife is almost XXXX and I, XXXX. But I wanted to file this complaint as a testament to the FRAUDULENT BANKING PRACTICES perpetrated by both XXXXXXXX XXXX XXXX and XXXX  XXXX XXXX, that have unfortunately gotten me and my wife into this unfortunate, out-of-control and very uncomfortable situation. 
Please let me know if you require any additional documentation to substantiate my claims. 
Thank you.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation