Consumer complaint received 2015-11-03
Product: Mortgage — Other mortgage
Issue: Loan modification,collection,foreclosure — 
Company: Specialized Loan Servicing Holdings LLC (OH)

In XXXX I liquidated my late parents ' home and rolled over that equity into a property that I would later use for my retirement. I acquired a piece of land that I decided to later build on valued at {$170000.00} and I put approximately $ XXXX down and financed the rest through XXXX ( XXXX ) which has since been seized by the FDIC and sold to XXXX ( XXXX ). At the time that I was looking to finance the lot, the representative at XXXX named XXXX XXXX told me that I could finance it on a five year term amortizing as a 30 year mortgage ( lot loan ). At the end of the five year period, I could either pay the remainder in full or have the bank extend the note for additional five year increments. Further, there was no particular deadline or timeframe on their lot loans for building which represented the most flexible plan I had seen so it enticed me to choose XXXX as my lender. Sometime in XXXX, I received the notice that the note had been transferred XXXX after XXXX was shut down during the financial crisis. The note first came to term with XXXX in XXXX and I decided to get an appraisal get the extension needed with XXXX. A few months before the end of the term in XXXX, they indicated that they had sold the note to another investor who had no interest in retaining any lot loans so they would require I pay the balance in full which at the time was about $ XXXX. In a panic I tried to shop other lenders but they were all saying that they would not do any new lot loans due to the market, and that the only way I would be able to extend a lot loan through them was if they were already holding the note. I continued to pay XXXX the regular monthly payment even after the maturity date figuring that I was out of luck and they would end up foreclosing as I had no hope in selling the property which had greatly devalued since the recession ( dropping nearly $ XXXX in market value ). Around XXXX of XXXX, they sent me a notice that they did decide to allow me to extend for a five year period after all. Now we have come to XXXX and again late in XXXX and a few times earlier this year I tried to reach someone at XXXX regarding an extension or other options knowing that the value of the property has n't increased. They told me that I would actually have to wait and default on the balloon before anyone would be willing to work with me on this. About a month before the XXXX maturity date I received notice that they sold the note to Specialized Loan Services ( SLS ) who is a debt collector. SLS continued to bill me the regular monthly for several months after the maturity date and I thought perhaps my concerns about an extension were answered but this time through an investor who was willing to extend. I receive letter in early XXXX in a letter that I thought was the XXXX invoice stating that I had until XXXX to sign a preapproved extension or I would owe the remaining balance of about $ XXXX. By the time I received the letter ( I was away for a little while in the early part of the month ) it was already after the deadline. I called and they told me that I missed the window and would now have to apply for relief under the XXXX which is completely inappropriate since this is not a mortgage on a primary residence - however they told me it is the only option. I submitted my package on XXXX in full and they are repeatedly coming back to me telling me that I am missing documents even though they have already acknowledged their receipt and they are claiming that I had a XXXX deadline. 
-XX/XX/XXXX Submitted full app package for extension-XX/XX/XXXX received a letter for IRS form included in initial package-XX/XX/XXXX Resubmitted the requested tax form-XX/XX/XXXX received a letter indicating missing paystubs-XX/XX/XXXX resubmitted paystubs-XX/XX/XXXX received a letter stating they are reviewing-XX/XX/XXXX declination : missing documents