Consumer complaint received 2015-12-10
Company: Specialized Loan Servicing Holdings LLC
State: MA
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Loan modification,collection,foreclosure

Complaint:
I am a homeowner in Massachusetts who has tried for over 2.5 year to work with my lender on both a modification and a short sale. There are serious issues with SLS on both accounts. There is NOW an AUCTION on my property on XXXX XXXX, this year. 

I was not given proper notice, the certified mail informing me of the sale did not arrive until after I spoke with my point of contact, who had informed me that there was still time to pursue a modification. 
The resolution process switched from a short sale to a modification. 
As of XXXX/XXXX/XXXX I was informed that there was no sale date scheduled. 
Although all documents are received by SLS and underwriting has started I am told that the date of sale leaves no time to evaluate my situation. 
SLS has been unable to contact me directly as the phone numbers on file were incorrect SLS has not had an up to date appraisal and is seriously overvaluing the property. 
- SLS has turned down XXXX qualified offers for a short sale I was never approved for the modification, so in XXXX of XXXX we decided to sell our family home. From XXXX of XXXX until XXXX of XXXX, we had submitted XXXX offers on our property from different buyers. In each case SLS REJECTED the offer saying it was too low. The highest offer was {$110000.00}. Our house is our family home, but needs work. The first counter we got from SLS was {$180000.00}. The next counter was {$150000.00}, and now in XXXX of XXXX I 'm being told the lowest they will accept is {$130000.00}. They are saying this last amount without having stepped foot inside this home since last XXXX. 
Where is the regulation on valuations? Why is it we can show proof our house can not fetch the value they want and they are allowed to force a homeowner to foreclosure? At what point over a period of almost two years does the lender realize the home value is not worth their required price? Why are n't we as homeowners allowed copies of their valuations? We are required to get an appraisal to get a loan, so why are n't we privy to valuations when they foreclose on our homes? If their valuation is being used in the determination to foreclose then I feel a citizen I have a right to that information and ANY information being used to make a determination to foreclose upon me. 
I have tried unsuccessfully for over two years to work with SLS, and before them XXXX XXXX XXXX. My loan was sold from HUD to some XXXX party investor, who has made it very difficult to sell. If my loan was still backed by HUD I would at least be given a copy of the appraisal, and they have clear guidelines as to what they will and wo n't accept for short sales. Since my loan has been sold, I have had no assistance with SLS. I will be forced into foreclosure, and I was never offered a Deed in Lieu, which is no better than the foreclosure, because there is no regulation on lenders over proper valuations. 


Respectfully XXXX XXXX

Company public response: Company chooses not to provide a public response
Company response to consumer: Closed with explanation