Consumer complaint received 2018-06-28
Company: Specialized Loan Servicing Holdings LLC
State: FL
Product: Mortgage
Sub-product: Home equity loan or line of credit (HELOC)
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
In all my years as a consumer, I have NEVER BEEN AS DISGUSTED and FURIOUS with a company as I am with Specialized Loan Servicing, XXXX XXXX, Colorado XXXX. This is NOT a company of my choosing and I have been FORCED to work with them since they acquired my HELOC loan sometime about XX/XX/2017. My primary HELOC loan was established about 10 years ago with XXXX XXXX. During my entire time with XXXX XXXX   who issued the original HELOC loan, I had NEVER made a single late payment and had NEVER had a single negative issue. They issued me the HELOC in a professional manner and I paid in a completely flawless, timely, financially responsible manner. 

XXXX became XXXX XXXXXXXX XXXX here in Florida and our relationship regarding my HELOC loan continued to be handled by the bank and myself in a highly professional manner with me NEVER MAKING A SINGLE LATE PAYMENT. As is the case with many banking establishments, my HELOC loan started getting TRANSFERRED from one lender to another with 3 or 4 lenders taking possession of the loan in the span of a very few months. It got to the point that as a borrower, I had NO IDEA who I was making payments to! 

About XX/XX/2017, Specialized Loan Servicing LLC ( SLS ) whose home base is in XXXX XXXX, Colorado took control of my HELOC loan. I do not know the exact date because I did not receive any direct contact from SLS either by mail, e-mail or phone advising me of the change. Knowing that I had an outstanding HELOC loan, I had to perform my own search to find out who controlled my HELOC loan. When I found out it was SLS, I  IMMEDIATELY called them. 

SLS claimed to have sent me mail introducing themselves, but I NEVER received any such mail. I tried to establish a payment schedule with them but they said they could NOT do so even though I was willing to continue making my monthly payments as I had done for years without a single late payment. 

It took me MANY MORE phone calls for me to finally find out that my HELOC loan had " matured '' and that SLS would NOT accept my payments that I was willing to continue paying. They REFUSED my payments and said I had to supply them new information directly with them to qualify for a new HELOC loan which they would control. 

Over the next few months I supplied EVERYTHING, and I mean EVERYTHING that they asked for! I was assigned an agent with their company whose name was " XXXX. '' XXXX NEVER ONCE has ever spoken to me on the phone or via any written communication! Over the course of the next 5-6 months I spoke to many, at least a dozen or more SLS phone representatives and always got a different person requiring me to tell them my tediously lengthy story each time. Each time the representative would not be able to help me and I asked for a supervisor. Not a single phone representative ever put me through to a supervisor even though I would demand to speak to one. The  representative would always say that " a supervisor will call you back within 24-48 hours. '' Over my MANY months of TOTAL FRUSTRATION, I have NEVER, NOT ONCE, spoken to a supervisor nor have I ever been able to speak to my assigned agent, XXXX! Not a single supervisor '' or XXXX has ever called me back! 

As I said, over the many months of being TORTURED like this, I was required to send more and more documentation in for an approval for a new HELOC loan with SLS. Each time I sent what they requested me send to them and each time they would answer back that my application was " INCOMPLETE! '' Each time I would call the company to find out why they still considered my application " incomplete '' and each time I received a different, unacceptable response to me. I still had not heard back from XXXX who was the specific agent assigned to my case. To this day, I have still not spoken to XXXX or to a supervisor! 

Finally, about 3 weeks ago, after me contacting SLS an untold number of times over a 5-6 month period, I got a recorded responses saying my application was COMPLETE and another message saying my application APPROVED! '' I was told I would be contacted shortly to sign a new agreement. I waited about 2 weeks and did not hear back from SLS about my new payment agreement and a new schedule to pay my HELOC on a monthly basis. 

I called SLS again and this time to my horror and disbelief, a recorded message said my application was " DENIED! '' I was shocked! How could this be happening? After months of their TORTUROUS TREATMENT OF ME, I was finally " APPROVED '' and then 2 weeks later I get a message saying I was " DENIED! '' I thought it was IMPOSSIBLE so I called SLS yet again. 

Another different agent ( NOT XXXX ) told me that my application was DENIED because it was NOT COMPLETE and it was therefore " NEVER EVALUATED! '' I couldn't believe it! Even after I was told my application was COMPLETE and APPROVED, now SLS was saying my application was NOT EVEN EVALUATED and therefore DENIED because they claimed I had not sent all the information they requested even after they CONFIRMED that they had received all the required information from me and that my application was complete and approved! By now, SLS has driven me to an emotional state of complete FRUSTRATION and DESPAIR! 

But the horror does not stop there. Over the last 12 months my FICO Score has been between about 730-780. I just learned 2 days ago that, WITHOUT A SINGLE LATE PAYMENT OR DEROGATORY MARK, my FICO SCORE has dropped precipitously to XXXX. A bank that I have done business with as a medical doctor with ( I have an excellent income ) lowered my credit line by {$22000.00}. Obviously, these Draconian changes in my FICO Credit Score and the lowering of my well-established credit line by {$22000.00} could only be caused by SLS reporting me delinquent to the credit bureaus! I have done EVERYTHING IN MY POWER to transfer my 100 % always paid-on-time HELOC loan from the initial lender to the new company, SLS, which is now in control of my HELOC loan and now apparently IN CONTROL OF DESTROYING MY CREDIT WORTHINESS! I, am FURIOUS and COMPLETELY AT MY WITS END! 

I am hereby officially reporting the ABUSE that SLS has put me through to the Consumer Financial Protection Bureau. I will also be filing a formal complaint with the Better Business Bureau and the Florida and Colorado Attorney General Offices. It almost seems that SLS has purposely gone out of its way to make it appear that I am defaulting on a loan which I AM NOT! I have the ability to pay my monthly payments on time and have ALWAYS DONE SO! SLS 's  actions against me are ABHORRENT and DESPICABLE and they MUST BE HELD ACCOUNTABLE AND HOPEFULLY PUNISHED for their HEINOUS BUSINESS PRACTICES!

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