Consumer complaint received 2015-06-28
Product: Mortgage — Conventional adjustable mortgage (ARM)
Issue: Loan modification,collection,foreclosure — 
Company: Specialized Loan Servicing Holdings LLC (MI)

Specialized Loan Servicing has led us to foreclosure. We had a short-term struggle and became behind on our mortgage ( 2 months ). We were offered a loan modification program and made trial payments for three months. We were approved but when receiving the modification documents the terms were out to 40 years, and only {$100.00} less, plus an unexplained cooked up amount of {$18000.00} due when property is sold. We own the property for 9 years. We are underwater with the property due to the economical down turn but it is our home and we wanted to stay here. The loan modification was not favorable to us since we would be well into over 100 years old when the mortgage may be paid off. So then they denied the modification and offered us a reinstatement if we send them thousands of dollars. We did! The following month we received a statement with only half of the amount what the mortgage was and no arrears showing, so we called and asked if this was correct, they said yes. So we sent that money requested on the statement also. We thought we were all set. The following month we got another statement now saying we were thousands of dollars in arrear and if we do n't pay they will foreclose. We had a letter from them saying that we were reinstated but they did not honor that. The trial payments, the thousands of dollars for reinstatement and the following month with the new payment was sent did not apply? There was some suspend account with money and was only applied after they cooked up more charges from legal fees etc and it was applied to that. The principal balance kept changing, the monthly amount due kept changing within a few months. A total disaster of paper trails. We feel that we were led into foreclosure and now are so far behind that we ca n't catch up. SLS does not want to work with us and we feel that we are being discriminated because of our age. They had reported our legal aid lawyers address on our credit report which to me looks bad. Creditors may think wrong of us having another address listed. Specialized Loan Servicing has unethical communication and mortgage loan practices, poor customer service, one time I was told to shut up after I corrected her that she was wrong. SLS empowers themselves to treat you and control you through intimidation. I have psychological trauma from those people and mistrust. Our sheriff sale is XXXX XXXX. Most people we have talked to say that Chapter XXXX is the only relief, however, that is not right because we do n't want to default on our credit cards or car loan since we have been handling it okay. There seems to be no help out there for people like us with loan modification nightmares. After the public notice of foreclosure, everything that came in the mail or telephone calls were a scam. It is a shame that there are no better regulations to stop these scams from happening and we feel that mortgage servicers like in our case can do whatever they want to the consumer to completely ruin them. SLS prolonged the modification process so that there was no way to catch up. Why ca n't the investors or banks be forced to oversee loans or loan modifications so servicers do n't run rampant. We have kept all applicable statement mistakes, receipts from the money we sent but it does n't seem to matter to anyone although they agreed that it did n't make any sense. WHERE IS THE REAL HONEST HELP WHEN NEEDED!!!!!!!!!