Consumer complaint received 2018-05-07 00:00:00
Product: Mortgage — Home equity loan or line of credit (HELOC)
Issue: Struggling to pay mortgage — 
Company: Specialized Loan Servicing Holdings LLC
State: CA

Complaint narrative:
They waited 8 years to start the foreclosure process. They waited like snakes in the grass. They waited until there was some equity in the property. But you didn't consider that I AM A VICTIM OF PREDATORY LENDING BY THE FOLLOWING XXXX XXXX, XXXX XXXX XXXXXXXX, SLS XXXX XXXX. The pattern is obvious. You charged me more than what I owed now I am giving you the option of returning the {$35000.00} you stole from me. You forced me to pay {$93000.00} or threatened to take my home, the debt was {$55000.00}. You even sent offers to settle at {$32000.00} or less. 

I was sent a slew of loan modification denials. Denials for programs I never even applied for. I was told by the woman they call XXXX she clearly stated that SLS has no intention of providing me a loan modification or loss mitigation remedy. She made that comment via phone weeks before these denials even got to my mailbox. I went over my financials with a HUD counselor, we both agreed that I have a {$600.00} surplus, after paying my primary mortgage. Knowing the DREADFUL culture of SLS along with the millions of negative complaints here on the CFPB website, I also knew they had no intention of granting me a workout. SLS 's process of offering and inviting consumers to apply for loss mitigation options, only because the law requires them to. Ultimately they then creating blocks to be evaluated for loss mitigation options are there likely to deceive consumers. SLS pattern and practice. I AM A VICTIM OF PREDATORY LENDING BY THE FOLLOWING XXXX XXXX XXXX XXXX XXXX SLS XXXX XXXX XXXX A department investigation concluded that XXXX loan officers and brokers charged higher fees and rates to more than 200,000 minority borrowers across the country than to white borrowers who posed the same credit risk. XXXX also steered more than 10,000 minority borrowers into costly subprime mortgages when white borrowers with similar credit profiles received regular loans, it found. Predatory lending becomes a crime in California when the lender manages the loan transaction to extract the maximum value for itself without regard for the borrower 's ability to repay the loan. Generally speaking, there are two features that are common to most illegal predatory lending schemes. These include 1. target marketing to households based on illegal, discriminatory practices such as race, ethnicity, age, and/or gender that are unrelated to creditworthiness, and 1 unjustifiable and unreasonable loan terms that maximize the lender 's potential earning capacity at the expense of the borrower. I was given two interest-only loans, my white neighbors got normal loans. The scheme was designed against minority homeowners, XXXX people, so that 10 years later they can circle-back-around and steal everything you worked for. SLS inherited XXXX culture, still targeting XXXX people with no regard. I'm demanding the {$35000.00} the interest you charged me. Here is your chance to pay me. I m also aware If your mortgage documents clearly show that your lender violated the TILA, you may have legal grounds to file a lawsuit. Victims who file a civil lawsuit against their lenders and win can collect monetary damages. If your predatory loan was a mortgage, you can collect up to twice the sum of finance charges your mortgage company levied against you. I am in contact with legal counsel.

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