Consumer complaint received 2023-12-11
Company: Specialized Loan Servicing Holdings LLC
State: FL
Product: Mortgage
Sub-product: Home equity loan or line of credit (HELOC)
Issue: Trouble during payment process
Sub-issue: Trying to communicate with the company to fix an issue while managing or servicing your loan

Complaint:
Dear SLS and XXXX XXXX  XXXX My name is XXXX XXXX, Acct XXXX XXXX / SLS XXXX and I am writing to you in an official capacity regarding significant issues surrounding my Home Equity Line of Credit ( HELOC ) account, currently under the management of Specialized Loan Servicing ( SLS ) and originating from XXXX XXXX  XXXX ( XXXX ). This notice serves as a formal declaration of errors and violations that demand immediate attention and resolution. 

As of XX/XX/XXXX, I have encountered a series of severe discrepancies and regulatory violations that warrant your urgent consideration. The following points outline the specific concerns : Failure to Provide Account History : Despite repeated requests made of XXXX and SLS, I have not received the necessary account history, violating my rights as a consumer to transparent and accurate information. No access to account information after XX/XX/XXXX No history, No 1098 No initial Escrow statement No Escrow Annuals No Escrow Analyses No Escrow Disclosures INTEREST YEAR TO DATE REPORTING {$1300.00} is incorrect PAID year to date is {$3600.00} ERROR {$2200.00} XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX Incomplete Transition Communication : The abrupt closure of my account on XX/XX/XXXX without prior notification or explanation constitutes a blatant violation of consumer rights, leaving me uninformed about vital financial matters. 
Welcome Letter dated XX/XX/XXXX Account transfer XX/XX/XXXX Good-bye letter dated XX/XX/XXXX Notice of sale dated XX/XX/XXXX Actual Sale date XX/XX/XXXX Account closed XX/XX/XXXX Mismanagement of Payments : SLS 's failure to accurately credit my payments and their attempts to coerce me into foreclosure are not only unacceptable but also a clear breach of ethical conduct. 
XXXX  letter XX/XX/XXXX states the monthly payments would not be affected by transfer. 
Terms and condition were changed. XX/XX/XXXX Payment reversal amount is in error. 
Increase in payment from {$1100.00} to {$5600.00} on XX/XX/XXXX. 
Payment for HELOC account XXXX XX/XX/XXXX Lockbox unidentified item XXXX Next payment due XXXX XX/XX/XXXX No case number recorded as XX/XX/XXXX No Supervisor callback. as of XX/XX/XXXX Escrow Account Misinformation : The misinformation provided during the " escrow analysis '' on XX/XX/XXXX, based on incorrect and altered information, is a direct violation of regulatory compliance and consumer protection laws. XXXX modified Advancement dates. 
XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX CANCELLATION NOTICE XXXX XXXX  XXXX REFUND XX/XX/XXXX TO XXXX XXXX PAYMENT REVERSAL XX/XX/XXXX XXXX + fees XXXX Escrow Receipt. 
Total SLS shortage analysis XXXX ( NO CREDIT OF REFUND ) No new insurance Declaration received as of XX/XX/XXXX Claim of these Advances were credited to and paid from the Escrow account over the LAST 12MONTHS. 
Escrow disclosure and Analysis was never presented for 5 years up until XX/XX/XXXX. 
No initial statement of Escrow XXXX No Annual Escrow statement XXXX No Escrow Analyses XXXX No Escrow Disclosure XXXX No Declaration of Insurance ( Escrow advance {$7000.00} ) undated payout XXXX XXXX XXXX XXXX Account number same has CANCELLED policy XXXX XXXX No documented case number issued as of XX/XX/XXXX Refusal to Rectify Errors : Despite documented evidence and actively seeking resolution, SLS 's persistent refusal to correct errors raises serious concerns about adherence to fair and transparent practices. 
CURRENT PAYMENT {$9000.00} Next payment due XX/XX/XXXX {$10000.00} Hazard Insurance Refund Late fees 5 % In light of these issues, I must insist that all attempts to strong-arm me into default or foreclosure cease immediately. The actions taken by SLS and XXXX XXXX XXXXXXXX thus far not only jeopardize my financial stability but also stand in direct violation of multiple consumer rights regulations. 

I have filed a formal complaint with the Consumer Financial Protection Bureau ( CFPB ) XX/XX/XXXX, yet the issues persist without acknowledgment or resolution. I expect that, as responsible financial institutions, both SLS and XXXX XXXX XXXXXXXX promptly address and rectify these matters. 

Until a thorough investigation and resolution have been completed, I demand the cessation of any further actions that could lead to my default or foreclosure. Your immediate attention to this matter is not only necessary but also a legal obligation to ensure compliance with consumer rights laws. 

I anticipate your cooperation in resolving these issues without further delay. I am more than willing to provide any additional information or documentation necessary for a swift resolution. 


XXXX XXXX XXXXXXXX recently sold my loan after my 33 years of loyalty. I have a {$150000.00} HELOC line of credit and never missed a payment in 22 years. XXXX require a new roof every ten years, with costs ranging from {$32000.00} to {$60000.00}, and premiums from {$13000.00} to {$32000.00}. XXXX XXXX XXXXXXXXXXXX XXXX hazard insurance was {$7000.00}, and I made the unfortunate decision to opt for a cheaper option, assuming the repayment was on the back end of the loan. 

My current balance is {$46000.00}, and my home is valued at {$790000.00}. XXXX XXXXXXXX XXXX failed to set up a repayment schedule for the escrow account for five years, despite regulations requiring annual statements and disclosures. I wonder who is auditing to verify compliance. CFPB, do you have the answers to my questions? How is this allowed to happen when numerous failures and violations have occurred? What will be done on my behalf to protect me from further harm and distress? Will CFPB fulfill its legal obligations? 

I was transferred to SLS due to XXXX XXXX XXXXXXXXXXXX XXXX mismanagement, and now SLS is demanding {$5600.00} a month within the first 30 days of transfer, claiming I am now in deficiency. This seems legally questionable. The Federal Trade Commission and the State Attorney need to investigate the " transfer/sell-off to SLS protocol '' as I believe this is a regular mode of operation. 

CFPB, you have a legal obligation to ensure compliance with consumer rights laws, but it seems you haven't met your obligations either. The game seems to be played by their rules, with excuses like " we need more time. '' They don't even log CFPB correspondence or issue a case number to the consumer. Sending a message means nothing if there's no meaningful action. 

I have started recording this pattern of behavior because it needs to be exposed to the general public through national media. Calling customer service feels like setting oneself up for failure, with teenagers running a circus of transfers. Investigating the constant transfer of calls should be a priority. Spending two hours on the phone with no service, just mockery and shenanigans, is unacceptable. Most customer service associates lack etiquette and courtesy when handling serious financial business. 

They often say, " I just do call transfers. '' Check for yourselves : XXXX ( main ), XXXX ( insurance ), XXXX ( escrow ), XXXX, XXXX. Pick any number, and the results will be the same. I have never experienced such incompetence in any institution in my 60+ years. It's sickening. Give them a call and bear witness to the abuse. This is not only predatory but criminal in intent. CFPB, I petition you to do your due diligence and audit XXXX XXXX XXXXXXXX and SLS transferring procedures Thank you in advance for your anticipated obligation to on these violations. follow up.

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