Consumer complaint received 2016-09-15
Product: Mortgage — Other mortgage
Issue: Loan servicing, payments, escrow account — 
Company: Specialized Loan Servicing Holdings LLC (CA)

In a nutshell : Laid off XXXX. Did a loan mod w/HARP on 1st mortgage 6 months later, did same thing w/2nd mortgage ( both thru XXXX ). Date of closing 2nd mod, informed loan was sold to another Loan Co. Had to start mod process over from scratch w/new Co. ( Specialized Loan Servicing ( SLS ). Did, w/no escrow/impound acct ( was n't an option ). Made all payments on 1st & 2nd over last 5-6 years, on time, in full, as always. Have stellar credit. Real estate market is finally stable " enough '' to do a refi combo laon w/3 % fixed rate for a XXXX yrs. Went thru XXXX ( A+ rated ). Everything moving along smoothly -- 1st was bought out from XXXX XXXX and sold BACK to former XXXX ( yippe ), so looking forward to having a single mortgage payment again, at good rate, pay home off before I 'm XXXX years old! Hit a huge snag ... .all created by a ridiculous human error on SLS 's part!!! Original loan mod had a " {$2700.00} DEFERRED PRINCIPAL '' payment to be paid when paid off or sold. Fine. I knew that when I signed it. XXXX gave me the option to pay the {$2700.00} off myself OR build it into my new refi combo loon. No thanks! Called SLS myself to pay the {$2700.00} over the phone out of my checking account AND to make sure they applied the amount directly to my " deferred principal '' and nothing else, because my regular monthly 2nd mortgage payment was due soon and that payment was being mailed in separately as usual. Couple weeks later, get my SLS statement and it shows my monthly payment made alright, but ... ... .also showed my {$2700.00} applied to my regular principal and therefore they threw a huge chunk of it out the window, as in INTEREST and did NOT pay my deferred interest off with it!! & gt ;. & lt ; The payment was made on XXXX/XXXX/XXXX and cleared my acct a day or two after. I 've been on the phone with SLS 's " Executive Services Dept. '' every single morning for 5 days now, to have THEM correct THEIR mistake. Apparently nobody over there can DO this. Every phone rep tells you they will " email '' somebody else to take care of it. Could take a few days. Could take 48 hours. Might not happen until XXXX. I 'll try to expedite this for you. I ca n't. We ca n't. They ca n't ( Grrr! ). I specifically called a human being at SLS and made this payment with SLS so that the XXXX dollars would pay off ONLY my deferred interest. Not! Needless to say, XXXX is also waiting for SLS to rectify the {$2700.00} " woops '' and apply it correctly so that my refi loan can CLOSE. So simple but yet SLS has made rocket science out of it. It took somebody hitting the wrong button to create the problem on SLS 's end -- -why ca n't someone just click the correct button and put my money back it was supposed to go in the first place??????????????? Frustrated beyond belief. Can not wait to be rid of this SLS 2nd mortgage loan and never ever ever ever ever have to deal with the monkeys that they all are. Unbelievable how UNHELPFUL they are. I should sue them and get restitution for all the additional days my refit is open and I will be charged extra interest ( $ $ $ ) for their stupidity. Off my soap box now. Feel better venting, even though I know absolutely nothing will become of this and no assistance in getting this resolved with result. But hey, scoured XXXX and stumbled upon tons and tons of SLS complaints, problems, rants ... ..obviously WE are all there and need SLS to cease their existence, once and for all. The End. Sincerely, a disgruntled XXXX XXXX. Homeowner who feels like I am being held captive by a loan company who has no idea that they are being PAID OFF. In full. Good bye. We are cutting our ties with your organization and can not wait until that moment arrives. Will be celebrating BIG TIME!