Consumer complaint received 2016-05-16
Company: Specialized Loan Servicing Holdings LLC
State: MD
Product: Mortgage
Sub-product: Other mortgage
Issue: Loan modification,collection,foreclosure

Complaint:
This complaint is regarding SLS.net, or Specialized Loan Servicing , LLC, located at XXXX XXXX XXXX, XXXX XXXX, XXXX XXXX, XXXX XXXX My client has resided in XXXX, XXXX, for the last 8-9 years and has no plans of coming back to US for at least 12 more years, if ever. This was clearly communicated to SLS from XXXX XXXX when property was first listed, or 17 months ago. 
Since XXXX XXXX XXXX contracts were submitted to SLS to approve or to disapprove the short sale for XXXX XXXX XXXX XXXX XXXX, XXXX XXXX. 
1. First contract submitted in XXXX XXXX for {$150000.00}. At that time owner still paid his mortgages despite losing his job with XXXX XXXX in XXXX, XXXX. Payments were made from his savings account and continued until SLS asked for a sales price of {$160000.00}. Another identical unit, however no repairs needed, came on the market for {$120000.00}. Buyer of unit # XXXX was able to void the contract since no answer from SLS was obtained in time, and purchased unit # XXXX : short sale approved by SLS and settled in XXXX XXXX. I happened to be the sales agent on that transaction. and know that short sale was approved for {$130000.00}. 
2. Second contract for {$100000.00} was submitted to SLS XX/XX/XXXX. Since there was no answer whatsoever from SLS, buyer voided the contract after 60 days of waiting for any response. 
XXXX. Third contract was submitted in XXXX XXXX for {$120000.00}, a reasonable price considering condition of the property which may require up to {$20000.00} in repairs. This contract has been extended a number of times and is still valid. Last extension is until XXXX XXXX, XXXX. 

Since the beginning of this 17 months process XXXX attorneys resigned from the case as dealing with SLS was an impossible task, no coherent answers from any one source were attainable. In other words, one person will provide information on this case totally opposite to what the other team member would say. No email communication is used by SLS clearly to avoid traceable errors and misstatements. 

On XXXX XXXX, XXXX, XXXX XXXX, XXXX. sent in Authorization from the owner to allow him access to the file. On XXXX XXXX a file of XXXX pages, documents REQUESTED by SLS were faxed to SLS : Purchaser 's verification of funds ; Lender letter of updated pre-approval for the purchaser for {$130000.00} ( buyer agreed to a higher price ) ; Mortgage statements for the owner-seller ( SLS could not find them ). We were assured that process of short sale approval is on the way! 

On XXXX XXXX, XXXX, I met appraiser/agent to conduct another BPO, # XXXX. On XXXX XXXX, however, without any notice whatsoever, file was closed and short sale denial was sent to the owner to XXXX, XXXX. I learned of this incidentally, called SLS to find out whether last BPO report came in. No notice whatsoever was provided to any of us. 

SLS decided that foreclosure on this property is more beneficial to the investors despite having a valid contract with a well-qualified and willing to buy purchaser after 6 months of waiting and complying with all requests made by SLS, LLC. 

See additional documentation that includes some documents from the 17 months process we were forced to endure.

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