Consumer complaint received 2023-05-02
Company: Specialized Loan Servicing Holdings LLC
State: CA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Struggling to pay mortgage

Complaint:
During the Covid pandemic, me and my family were adversely XXXX XXXX XXXX XXXX XXXX XXXX XXXX. Our mortgage company offered me an forbearance plan and reassured me that I would be able to modify my loan after the pandemic forbearance. I accepted the plan. I then abruptly received a letter demanding full payment or my house would be foreclosed. I was baffled because I was made to understand that I would be able to participate in a government program that would assist me with bringing my past payments current. I did not qualify and was denied mortgage assistance and a modification. 
I was able to get a high interest rate loan and was able to pay the past due amount. My first mortgage became current then months later I received a letter from SLS stating that they are going to foreclose on my home from a second mortgage that our mortgage investor purchased. This second loan was a predatory loan and from my understanding, was charged off in the XXXX housing crisis. I was informed to not pay the second and only pay the first due to my financial hardship. I hadnt heard from the second mortgage company for years, as it no longer exists. 
In or around XXXX, I filed for XXXX XXXX and the second loan, purchased by SLS was stripped down to {$50000.00}. After approximately four years of payments, I could no longer afford my XXXX XXXX  payments and fell out of my XXXX. I attempted to reconcile the {$50000.00} debt to no avail. I hadnt heard from the second mortgage until XXXX, towards the cooling down of the Covid pandemic. SLS demanded {$230000.00} payment. We asked for a modification and SLS wouldnt approve. We didnt hear back from the mortgage again and thats when we received the foreclosure notice in or around XXXX of XXXX. 
Apparently, our home gained equity and the second mortgage is considered a zombie loan that matured. They are going after my homes equity, known as an equity stripping practice. 
Due to Covid, my grown children, including my grandchildren, had to return home. I almost died due to contracting covid and it has taken a major toll on my and my families health and well-being. We have no other place to go and will be homeless as our credit and current finances wouldnt allow us to qualify for even an apartment. We were due diligent, paying our mortgage and remaining current to now have to face foreclosure again. I have endured discriminatory practices since I purchased my home in XXXX. I received nothing but predatory, high interest, sub-prime loans, even with making a substantial amount of money and having reasonably good credit. Its systematic racism/discrimination that I didnt want to believe but its blatantly obvious that I was put into this predicament to fail to gentrification. Me and my family have worked very hard and have never used government resources and when we needed them, we didnt qualify and were denied. We are between a rock and a hard place and our blood, tears and sweat prevent me from giving up as we will fight for our home. Please help us with this situation. 
Thank you, XXXX and XXXX XXXX

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