Consumer complaint received 2022-09-15
Company: Specialized Loan Servicing Holdings LLC
State: VA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Struggling to pay mortgage

Complaint:
The servicer of my loan Specialized Loan Servicing denied my request for any home retention option, and I want to submit this complaint based on the following facts : On XX/XX/XXXX, I submitted a request for mortgage assistance because I am trying to save my home and only property. On XX/XX/XXXX, I received two letters issued the same day, XX/XX/XXXX. The first letter informed me that SLS had received my request for mortgage assistance on XX/XX/XXXX and that the request is currently under review, and this process will take at least 30 days. 
The second letter notified me that I was denied any home retention option and offered a short sale as the only option to avoid foreclosure. On XX/XX/XXXX, I called customer service because I was under the impression that this was a mistake. During my conversation with the Agent, he explained that the servicer & # XXXX ; XXXX system automatically denied my request. In other words, my request was never evaluated or seriously reviewed. I believe that the servicer failed to comply with the principle of due process. 
As I said in the second paragraph of this letter, this is my home and my only property. And yes, I have been struggling to pay my mortgages almost since I bought my house in XXXX, and the reason for my struggle is very simple, I was a victim of predatory lending. When I purchased my home in XXXX, I was young and XXXX, I was not fluent in XXXX, and I was a victim of unscrupulous lenders. The terms of both loans were predatory, but especially this loan XXXX was extremely unfair, with an interest rate of 13.125 %, double the rate of that year, and with a balloon payment, in other words, specifically designed to make it impossible for anyone to repay it. 
This type of loan and other predatory practices were the reason for the housing crisis in XXXX, exactly a year after I purchased my home. 
I have to recognize that I was offered a loan modification twice. Still, the offers & # XXXX ; terms were predatory because they included a temporary period of 36 months with a lower interest rate. After that, the interest rate would increase to 13.125 %, which is more than double the current interest rate. See below the detail : First offer : XX/XX/XXXX, 4.750 % interest rate ( At that time, the interest rate was 2.4 % for a 15- year mortgage ). After that, interest will increase to 13.125 % for the remaining 12 years. Down payment of {$21000.00} and a balloon payment of {$67000.00}. 
Second offer : XX/XX/XXXX, 5 % interest rate ( At that time, the interest rate was 2.8 % for a 15-year mortgage ). After that, interest will increase to 13.125 % for the remaining 12 years. Down payment of {$21000.00} and a balloon payment of {$65000.00}. 
Anyone who reviews these offers sees that they are predatory. Still, to save my home, I accepted those terms. I started making my monthly payments, hoping that I would get the money for the down payment from family and friends, which never happened because of the pandemic. This condition was probably intended to harm me because the servicer was well aware that I did not have the means for a down payment. Now the modification is voided, and the servicer wants to sell my home in a short sale. 
I was a victim of predatory lending practices, and 15 years later, I am still a victim of the same financial abuse. 
I respectfully request the help of the Bureau to protect my home.

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