Consumer complaint received 2019-09-21
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — 
Company: Specialized Loan Servicing Holdings LLC (TX)

XX/XX/XXXX I entered into a XXXX XXXX standard modification Agreement effective XX/XX/XXXX, At the time of this agreement there was a escrow shortage of {$2600.00}. 
Under the terms of my new agreement I was extended a term of 5 years or ( 60months ) period to repay the shortage. The total of my new monthly payment was {$710.00} principal & interest and  escrow {$420.00} for a total of {$1100.00} monthly until the shortage is satisfied. 
Starting in XXXX of XXXX specialized loan servicing took over servicing my loan from caliber home loans. 
At this point I had paid 24 monthly payments since the agreement started with XXXX in XXXX of XXXX leaving 36 months left of the 60 month repayment terms. 
I was current on the mortgage. The taxes and insurance had been paid for ( XXXX - XXXX ) and were not due again until XX/XX/XXXX. 
When the loan transferred in XX/XX/XXXX the balance in the Escrow account was {$250.00} according to XXXX XXXX Loans. This was confirmed with " SLS '' or Specialized Loan Servicing. 
SLS reevaluated my escrow account with no notice told me they sent a letter in XXXX " I never received it ''. 
SLS reduced the agreement payback time to 12 months and sent me a bill with a higher monthly payment to make Escrow balance current in 12 months. Under the terms of my agreement I was extended a term of 5 years or ( 60months ) period to repay the shortage. The total amount of the Taxes was {$3200.00} according to SLS and the insurance was {$1600.00} I verified The total amount of the Taxes was {$3200.00} according to SLS and the insurance was {$1600.00} I verified these actually went down on property taxes. 
XXXX taxes and insurance cost = {$3200.00} + {$1600.00} = $ XXXX = XXXX monthly with their re-evaluation of escrow. 
XX/XX/XXXX - Now they are sending me a bill with a total of {$1100.00} - Monthly - {$710.00} principal & interest and escrow {$460.00}. 
SLS claims that they are following the same spread rate providing as was outlined in the original contract. - " Under the terms of my agreement I was extended a term of 5 years or ( 60months ) period to repay the shortage. '' Keep in mind that the TAXES & INSURANCE HAVE WENT DOWN in the last 2 previous years. I have explained if we are on the same spread rate and I here in the month of XX/XX/XXXX have made 29 of the 60 monthly payments to make the make the escrow balance. 
That means there are 31 monthly payments left why has my monthly note increased from {$1100.00} to {$1100.00} equal to {$45.00} x 31 months of the original agreement. That is an additional amount of {$1400.00} over my original agreement not to mention my wife paid 2 months with a higher note when they refigured the spread on 12 months before I noticed it this totals to {$160.00} per month x 2 = ( {$330.00} + {$1400.00} ) = {$1700.00} extra over the original  agreement. So please tell me why I have to pay an extra {$1700.00} higher than my original agreement I signed with the previous lender. Please Note : taxes and insurance have went down and the balance needed to cover escrow is {$4900.00} the amount they are charging me is {$1700.00} higher at the end of my 60-month term. So why do I need to have {$6600.00} balance when taxes and insurance come due for the amount of {$4900.00} this is % XXXX higher than what is needed to pay taxes. 
I was told by " SLS '' they would figure it out I never got a call its 3 weeks XX/XX/XXXX If they restore the terms of my loan to what i agreed to with XXXX XXXX loans. And apply the XXXX and apply it to the principal of the loan. The monthly note should be {$1100.00} or lower seeing as taxes & insurance cost have went down and the spread rate was 60-months. It for darn sure should not be higher. 

I would strongly suggest that " SLS '' fixes this issue!!!!!!!!!!!