Consumer complaint received 2016-05-26
Company: Specialized Loan Servicing Holdings LLC
State: CA
Product: Mortgage
Sub-product: Conventional adjustable mortgage (ARM)
Issue: Loan servicing, payments, escrow account

Complaint:
My original issue started in XXXX XXXX. I sent in a dispute for funds in the amount of {$910.00}. I rcvd a statement for XXXX XXXX with a total amount due of {$2300.00} which was paid via XXXX XXXX on XXXX XXXX, XXXX. The following month I received a Mortgage Statement reflecting the {$2300.00} was a partial payment and my new balance was {$4300.00}. I did not feel I should pay this amount as the adjusted amount was not disclosed for the month of XXXX. Keep Your Home California ( KYHC ) started making a payment on my behalf in XXXX XXXX in the amount of $ XXXX to Specialized Loan Servicing ( SLS ) as I was not employed and was looking for work. In the mean time I started the MOD process with SLS as I no longer had a XXXX income and was pulling from my IRA to make my payments. I am not of retirement age, however I was able to give myself a source of income from my IRA. The " income '' was not typical and SLS just gave myself and my daughter XXXX XXXX the run around with documents that need to be sent. During this process I saw my account balance grow and grow and I did not understand how this could be as the 3rd party entity KYHC was making a {$3000.00} payment therefore the remainder was {$330.00} per month. I tried to make a payment for the difference ; however I was told by a representative at SLS I was unable to. In XX/XX/XXXX is when I started to see this balance become very large and kept questioning the amount owed. At one point my monthly statement reflected that I owed $ XXXX which made absolutely no sense as my payment was {$3300.00} and KYHC was making a payment of {$3000.00}. With doing basic math with the difference of {$330.00} x XXXX = {$3900.00} and not $ XXXX that the XXXX XXXX statement reflected. In XXXX my representative XXXX finally located the funds from KYHC. They were sitting in a separate area of my account and she originally said I owed {$1500.00} and would be able to make a payment to bring my account current and the funds would be released to my account. Later in our conversation she said the funds need to be returned to KYHC. I was very confused with what she was saying and she could n't really explain everything to the common person. I have had my daughter XXXX XXXX involved as I do n't understand the lingo of the mortgage world. My daughter spoke with a manager to try to explain the confusion and how I had tried to make a payment before but was told I was not able to. This manager said there was nothing that could be done with no real explanation and instead of trying to make things right on my account, SLS claims they have sent back {$12000.00} on XXXX/XXXX/XXXX to KYHC. To this date, KYHC states they have not received these funds back from SLS. I have tried to get answers from the Executive Services Dept. of SLS since XX/XX/XXXX keep getting the same answer from the Cash Dept. Not one person has reached out to KYHC to see if the funds were ever rcvd after I 've given a contact name and number and now they have asked that I put everything in writing. SLS has adversely affected me in so many ways. The company is showing that I am 7 months behind, where if they would have taken in the funds from the third party I would 've been only 2.5 months late. I am grateful for the modification I have rcvd and would like to continue with its terms but I do not agree with the principle balance as I was never credited the full amount the 3rd party has funded to my account. I now sit here with a $ XXXX note from KYHC and had to claim this as income on my XXXX however I was not given the proper credit as SLS kept $ XXXX. At this time it seems the funds are lost and no one with any incite can direct me or assist in getting these funds credited to my account. I do not agree with the principle balance on my new MOD agreement

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