Specialized Loan Services LLC Discussions - Short Sale Superstars2024-03-29T12:18:56Zhttp://shortsalesuperstars.com/group/specializedloanservices/forum?feed=yes&xn_auth=noURGENT: SLS forcing use of Auction.com now?tag:shortsalesuperstars.com,2020-11-18:3468065:Topic:4330482020-11-18T14:52:16.775ZNeil L.http://shortsalesuperstars.com/profile/ShortSales
<p>Does anyone have a way to get out of SLS forcing us to use Auction.com when we already have a buyer and a contract in place? The Seller can't legally get out of the contract so I don't see how the lender can force the seller to sign an auction.com agreement. </p>
<p></p>
<p>Auction agreement is here: <a href="https://www.sls.net/forms">https://www.sls.net/forms</a></p>
<p>Does anyone have a way to get out of SLS forcing us to use Auction.com when we already have a buyer and a contract in place? The Seller can't legally get out of the contract so I don't see how the lender can force the seller to sign an auction.com agreement. </p>
<p></p>
<p>Auction agreement is here: <a href="https://www.sls.net/forms">https://www.sls.net/forms</a></p> FYI - Specialized Loan Services Horrible to Deal Withtag:shortsalesuperstars.com,2015-06-17:3468065:Topic:3656892015-06-17T17:54:29.028ZBarbara A. Reaganhttp://shortsalesuperstars.com/profile/BarbaraAReagan
<p>Unbelievable. I had a listing in the Richmond area that has been under contract for a year - seller lives in Japan. SLS holds both first & second - but, according to them, even though it is the same bank, it is, in their eyes, 2 different banks that hold the mortgages and they don't communicate with each other. SLS continued to ask for bank statements, but apparently in Japan, the banks there do not produce monthly statements like US banks do, but you can get a ledger accounting of…</p>
<p>Unbelievable. I had a listing in the Richmond area that has been under contract for a year - seller lives in Japan. SLS holds both first & second - but, according to them, even though it is the same bank, it is, in their eyes, 2 different banks that hold the mortgages and they don't communicate with each other. SLS continued to ask for bank statements, but apparently in Japan, the banks there do not produce monthly statements like US banks do, but you can get a ledger accounting of your bank account, which is in yen. SLS could not figure this out and kept asking for monthly bank statements. My seller finally had the manager of the Japanese bank put something in writing stating that banks over there do not issue monthly bank statements. Talked to SLS at the end of May, and was told by the negotiator that once she got all the documents from me via fax (which was sent to them on May 29), she would order the valuation. Yesterday, I got a call from an agent who said he opened the lockbox and the key in the lockbox would not open the door. It appears that SLS sent out someone to go in and change the locks on the house, as well as cut the grass! When I asked the agent if he was there to do the valuation, he said no, that he wanted to look at the house since it was being sold at auction at the courthouse at 2:30 that afternoon. My seller says that he never received notification that foreclosure auction had been scheduled. SLS did not indicate any foreclosure auction was scheduled. In doing a little digging around, it appears that the foreclosure sale date was set on 5/20/15 for auction on 6/16! It is now too late to do anything and my seller is devastated! SLS horrible to deal with!</p> SLS is forcing my Seller to Foreclosure or Deed in Lieu/Will pay them $2,500?tag:shortsalesuperstars.com,2014-02-25:3468065:Topic:3449382014-02-25T16:11:11.291ZAmber Castonguayhttp://shortsalesuperstars.com/profile/AmberCastonguay
<p>We have had 4 offers on a property that SLS is servicing, the house has broken water pipes, SLS first said the Investor wouldn't take less than $330,000, the offer is in the $170,000's. I had to do an updated CMA, twice now they want to net $225,000 and so we would need an offer of $289,000, still way off. My question is How can SLS do this? Are they properly informing the investor and even if they are going off of sq. ft. doesn't the age of the house have any affect? The Seller's paid…</p>
<p>We have had 4 offers on a property that SLS is servicing, the house has broken water pipes, SLS first said the Investor wouldn't take less than $330,000, the offer is in the $170,000's. I had to do an updated CMA, twice now they want to net $225,000 and so we would need an offer of $289,000, still way off. My question is How can SLS do this? Are they properly informing the investor and even if they are going off of sq. ft. doesn't the age of the house have any affect? The Seller's paid $218,500 in 2010, this house is not worth $289,000. I am wondering if anybody has any insight or suggestions on how I can approach this. Thank you.</p> SLS Continues to Increase their NET!!!tag:shortsalesuperstars.com,2013-11-12:3468065:Topic:3379812013-11-12T20:22:09.817ZJoyce Bryanhttp://shortsalesuperstars.com/profile/JoyceBryan
<p>November 12, 2013 - Regarding SLS as the 1st lien holder...they verbally told us what they needed to net and every time we found a buyer to come up to what they want to net they increase their net. They drag on with this process endlessly until another BPO is required every 90 days. We have had this property BPO'd (3x's and Appraised). Now come on.... an <b><br></br></b>"APPRAISAL" in JUNE 2013 and SLS still ASKED FOR AND WANTED MORE than the appraised value of the property in June 2013!!! (by…</p>
<p>November 12, 2013 - Regarding SLS as the 1st lien holder...they verbally told us what they needed to net and every time we found a buyer to come up to what they want to net they increase their net. They drag on with this process endlessly until another BPO is required every 90 days. We have had this property BPO'd (3x's and Appraised). Now come on.... an <b><br/></b>"APPRAISAL" in JUNE 2013 and SLS still ASKED FOR AND WANTED MORE than the appraised value of the property in June 2013!!! (by $3,000 plus, the buyer agreed not to prorate taxes). YES, it has taken an additional 5 MONTHS to get a new net from SLS. The house was last BPO'd in September 2013. Seems like SLS and the bank they are negotiating for wants to DOUBLE-DIP for additional monies when they foreclose. Going back on the market today OVER $15k ABOVE MARKET VALUE.....THANK YOU SLS!!!! If you have any other info for us please post. Reporting to FTC A MUST!!!!</p> Specialized Loan Servicing second lien, Nationstar first lientag:shortsalesuperstars.com,2013-05-15:3468065:Topic:3139652013-05-15T16:34:42.248ZJulie Lyonshttp://shortsalesuperstars.com/profile/JulieLyons
<p>I have a short sale, Nationstar is the first, SLS is the second lien, Nationstar is allowed by HAFA rules to pay SLS 6% not to exceed $6000. Nationstar is offering $3000 which is slightly higher than 6% since my seller owes $39000 on the second lien. SLS called my seller and said we want a higher second lien concession, but will not tell me an amount. I do not like to be stuck in the middle of two banks like this.</p>
<p></p>
<p>What percentage amount is SLS looking for? 10 Percent? 12…</p>
<p>I have a short sale, Nationstar is the first, SLS is the second lien, Nationstar is allowed by HAFA rules to pay SLS 6% not to exceed $6000. Nationstar is offering $3000 which is slightly higher than 6% since my seller owes $39000 on the second lien. SLS called my seller and said we want a higher second lien concession, but will not tell me an amount. I do not like to be stuck in the middle of two banks like this.</p>
<p></p>
<p>What percentage amount is SLS looking for? 10 Percent? 12 Percent?</p>
<p>Does anyone have any experience with SLS/aka Bank of America in second lien position? I actually have not had this problem in the past with Bank of America, so I imagine it is SLS acting as the servicer</p>
<p>Thanksj</p>
<p>Julie Lyons</p> Specialized Loan requesting payment before adjusting approval lettertag:shortsalesuperstars.com,2013-04-04:3468065:Topic:3073492013-04-04T14:25:05.429ZKeji Ogunleyehttp://shortsalesuperstars.com/profile/KejiIuyomade
<p>I have short sale in which I'm on the other side(buyer's agent). The property has two liens( Indymac & Specialized Loan). First lien approved the short sale with 10% of the 2nd to SLS,however SLS wanted additional fund and buyer is willing to increase the offer,but 1st will not allow additional fund,but they wanted the buyer to send the money to them before they issue another letter for what was approved. I informed my buyer this does not seem right to me and advised them to talk to an…</p>
<p>I have short sale in which I'm on the other side(buyer's agent). The property has two liens( Indymac & Specialized Loan). First lien approved the short sale with 10% of the 2nd to SLS,however SLS wanted additional fund and buyer is willing to increase the offer,but 1st will not allow additional fund,but they wanted the buyer to send the money to them before they issue another letter for what was approved. I informed my buyer this does not seem right to me and advised them to talk to an attorney.. Has this happened to anyone before?</p> Does SLS Have There Own HAFA Matrix?tag:shortsalesuperstars.com,2012-10-01:3468065:Topic:2696382012-10-01T20:55:31.556ZKelly W. Maynardhttp://shortsalesuperstars.com/profile/KellyWMaynard
<p>Quick question: Does SLS have a printable HAFA Matrix like Wells Fargo does? </p>
<p><br/>Thanks!</p>
<p>Quick question: Does SLS have a printable HAFA Matrix like Wells Fargo does? </p>
<p><br/>Thanks!</p> 926 Days on Market - 11 Buyers - Finally CLOSEDtag:shortsalesuperstars.com,2012-08-02:3468065:Topic:2564262012-08-02T14:59:55.799ZThom Colby CA Brkr 888-391-5245http://shortsalesuperstars.com/profile/ThomColby
<p> </p>
<p>So this "saga" started in January 2010. This was a BofA 1st and an SLS 2nd. I could write a novel on this one but I won't. Here are the highlights;</p>
<p> </p>
<p>1/2010 listed at $499K (Seller adjusted price down to $385K during the listing)</p>
<p>3/2010 Offer #1 $430K - BofA counter at $502K - Buyer walked</p>
<p>6/2010 Offer #2 $400K - BofA counter at $602K - Buyer walked</p>
<p>9/2010 Offer #3 $390K - BofA counter at $625K - Buyer walked</p>
<p>1/2011 Offer #4 at $360K -…</p>
<p> </p>
<p>So this "saga" started in January 2010. This was a BofA 1st and an SLS 2nd. I could write a novel on this one but I won't. Here are the highlights;</p>
<p> </p>
<p>1/2010 listed at $499K (Seller adjusted price down to $385K during the listing)</p>
<p>3/2010 Offer #1 $430K - BofA counter at $502K - Buyer walked</p>
<p>6/2010 Offer #2 $400K - BofA counter at $602K - Buyer walked</p>
<p>9/2010 Offer #3 $390K - BofA counter at $625K - Buyer walked</p>
<p>1/2011 Offer #4 at $360K - BofA counter at $430K - Buyer walked</p>
<p>2/2011 Offer #5 at $360K - BofA counter at $440K - Buyer walked</p>
<p>6/2011 Offer #6 at $355K - BofA issues "Declined, Offer too Low" - Buyer walked</p>
<p>9/2011 Offer #7 $413K - BofA issues "Declined, Offer too Low" - Buyer walked</p>
<p>11/2011 Offer #8 $375K - BofA issues "Declined, Offer too Low" - Buyer walked</p>
<p>12/2011 Offer #9 $385K - BofA counters at $395K - Inspections Fail - Buyer walked</p>
<p>03/2012 Offer #10 $385K - Offer accepted and approval letter issued - <strong>SLS wants $9,000 more than BofA will provide - they will not waiver</strong> - Buyer will not pay the extra $ and the property failed multiple inspections - Buyer walks.</p>
<p>05/2012 Offer #11 $335K - Offer accepted - same issue with SLS, Buyer pays $9,000 to SLS on the HUD.</p>
<p>08/1/2012 Transaction closed</p>
<p> </p>
<p>So, after 926 days, 11 offers, 10 Buyers walking away, BofA finally closed on an offer that was 22% lower than the orginal offer of 2.5 years ago and 22% lower than their lowest counter of 1.5 years ago! BofA has had to pay taxes and City Fines for "lack of upkeep" during this time. BTW, the property was vacated 2+ years ago with no utilities the entire time. This property also failed inspections</p>
<p> </p>
<p>Although I love working with BofA, I just don't get the logic on this one.</p>
<p>And, SLS was not the easiest people to work with.</p> SLS second won't allow BUYER contributiontag:shortsalesuperstars.com,2012-05-01:3468065:Topic:2317782012-05-01T20:08:14.406ZAmy Summershttp://shortsalesuperstars.com/profile/AmySummers
<p>I have a short sale with Ocwen as the 1st. We have approval from the 1st with a maximum of $6000 to the 2nd (SLS). SLS negotiated down to $8400. Buyer agreed to contribute the additional $2400. Now SLS says that they cannot approve it because CA law (have a call into CAR legal hotline) does not allow seller OR buyer to contribute and that in can only come from the first. Ocwen states that under no circumstances will they pay more than $6000. Both are purchase money loans. Anybody ever…</p>
<p>I have a short sale with Ocwen as the 1st. We have approval from the 1st with a maximum of $6000 to the 2nd (SLS). SLS negotiated down to $8400. Buyer agreed to contribute the additional $2400. Now SLS says that they cannot approve it because CA law (have a call into CAR legal hotline) does not allow seller OR buyer to contribute and that in can only come from the first. Ocwen states that under no circumstances will they pay more than $6000. Both are purchase money loans. Anybody ever deal with SLS on something like this?</p> SLS First and Only Lien: Questiontag:shortsalesuperstars.com,2012-04-23:3468065:Topic:2295882012-04-23T21:39:17.453ZKelly W. Maynardhttp://shortsalesuperstars.com/profile/KellyWMaynard
<p>Hello,</p>
<p>I am about to take a short sale listing tomorrow where the first and only lien is with Specialized Loan Services LLC. I have noticed that many of the members in this forum have SLS as a 2nd. Has anyone had them for a 1st lien, and what has been your experience? This is the first time I have ever dealt with SLS. I appreciate your advise. </p>
<p>From everything I have read on their website, it looks like you wait until you have an offer before submitting the SS package. Is…</p>
<p>Hello,</p>
<p>I am about to take a short sale listing tomorrow where the first and only lien is with Specialized Loan Services LLC. I have noticed that many of the members in this forum have SLS as a 2nd. Has anyone had them for a 1st lien, and what has been your experience? This is the first time I have ever dealt with SLS. I appreciate your advise. </p>
<p>From everything I have read on their website, it looks like you wait until you have an offer before submitting the SS package. Is that correct?</p>
<p>Thanks!</p>