Consumer complaint received 2020-12-10
Company: Specialized Loan Servicing Holdings LLC
State: MD
Product: Mortgage
Sub-product: Home equity loan or line of credit (HELOC)
Issue: Trouble during payment process

Complaint:
I had a Home Equity Loan with " XXXX  XXXX XXXX '' which I opened on XX/XX/XXXX. The mortgage was for a primary Variable Rate Account. Nine days later, on XX/XX/XXXX, I transferred a large portion of this balance to a Fixed Rate Account as the contract allowed me to do. The Fixed Rate Account was set up as a subaccount under the primary Variable Rate Account.I have never refinanced or modified this HELOC with " XXXX XXXX XXXX. '' On XX/XX/XXXX, " XXXX XXXX XXXX '' informed me that my account was being transferred to " Specialized Loan Servicing '' and, as of XX/XX/XXXX, all future payments under my HELOC should be sent directly to them which I did. 

The Fixed Rate Account portion matured on XX/XX/XXXX. Despite my submitting proof in complaint letters to '' Specialized Loan Servicing '' dated XX/XX/XXXX and XX/XX/XXXX that, prior to the transfer of this account and after the account was transferred, all required payments were made, there is still a balance showing up under the Fixed Rate Account. I even provided documentation showing that no past due amounts were owed on either my Variable or Fixed Rate Accounts with " XXXX  XXXX XXXX '' prior to the transfer to '' Specialized Loan Servicing. ' In XX/XX/XXXX, I received a billing statement from " Specialized Loan Servicing '' for the " Statement Closing Date : XX/XX/XXXX '' which was still showing a balance of {$4500.00} under the Fixed Rate Account which isn't possible. I made my final payment on this account on XX/XX/XXXX, the maturity date, and I have provided them with proof of that payment as well as all prior payments. 

As a result, I have just mailed my 3rd complaint letter dated XX/XX/XXXX to '' Specialized Loan Servicing ''. I attached a copy of my original contract with " XXXX XXXX XXXX '' along with all related documents as well as proof of all payments which, as I previously stated, I've already provided them with in the past. 



However, their responses are always the same. They just tell me my account is under maintenance or review. They tell me they can't help me with problems I was having with " XXXX XXXX XXXX '' prior to the transfer even though I wasn't having problems with " XXXX XXXX XXXX. '' They send me 'Payment Transaction Histories ' which only a forensic accountant could interpret. They send me 'Transaction Codes ' for the " Payment Transaction Histories ' where half of the codes aren't included. They never address my specific complaint as to where they are coming up with a balance of {$4500.00} under the Fixed Rate Portion of the loan. 

At this point, I have informed " Specialized Loan Servicing '' in my complaint letter dated XX/XX/XXXX the amounts claimed under the Fixed Rate portion in the amount of {$4500.00} are disputed. I have requested all future payments I make be applied to my Variable Rate Account only. However, I know they always apply my payments first to the Fixed Rate and then to the Variable Rate. It is only a matter of time before they start calling and writing to inform me that my payments on this account are past due and, despite my prior complaints, I can't get them to respond specifically to my concerns. I am worried they will report this information to the credit bureaus as well as the possibility they will foreclose on my home. 



There does seem to be a discrepancy but I do not believe it is related to the {$4500.00} which " Specialized Loan Services '' alleges I owe. My original contract with " XXXX XXXXXXXX XXXX '' states under the " Fixed Rate  Loan Confirmation '' dated XX/XX/XXXX that the Fixed Rate Loan Option Term was 164 months. I determined that to be 13.6 years. The Fixed Rate billing statements I received from " XXXX XXXX  XXXX '' always indicated a 'Maturity Date : XX/XX/XXXX. " When I calculated the 164 months from XX/XX/XXXX, the maturity date should actually have occurred approximately XX/XX/XXXX, not XX/XX/XXXX. Is it possible " XXXX XXXX XXXX '' owes me money for overpayment of my Fixed Rate Loan? 



I would be happy to provide you with any documentation you would require to support my claim. My complaint letters are very detailed and actually point out a whole host of issues I have had with this company. However, since it is rather extensive, I would need to mail it to you. Please let me know at what address I can forward my supporting documentation too.

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