Anyone deal with Specialized Loan Servicing?

Anyone know anything about this company?

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Permalink Reply by Jon Griffith on June 11, 2011 at 9:18am
What the employee who makes $10/hour is told to tell you and what they'll be forced to do are two different things.  The 2nd is holding the worst hole cards in the deck and you know what they are, yet they still bluff.  Call their bluff.  Find the right person and they'll have no choice but to comply.  It's diplomacy and creativity that will help you succeed now.  Escalate, escalate, escalate.  If the next "escalation" doesn't work, escalate again.
Permalink Reply by T Larsen on June 11, 2011 at 9:56am

They wouldn't let the short sale happen on my side unless $5,000 was brought to the table.  Not only did they continue hitting me with home inspections (even though only 1 was needed), but they killed my credit by immediately putting 120 days past due on every payment.  How am I 120 past due with them when they get the loan transferred to them at 30 days PD? 

You will most likely have to suffer their wrath, as they are pretty horrible.  As Jon said, the $10/hr employee doesn't care and they won't do anything to help.  Follow the path Jon said, as they are very unorganized and their communication is HORRIBLE!  Even when talking to them about things they said and scheduled, they had NO idea.  Very sad company and I hope they go under.

Permalink Reply by Stephanie Sabo on June 12, 2011 at 5:30am

I have a 2nd with Chase right now where they won't take less than $14.9K (10% of 2nd balance.  BofA won't allow more than $6K. BofA negotiator said he doesn't care if the extra $8K is paid or where it comes from as long as it's not on Seller's HUD and only on Buyer's HUD. Buyer is willing to pay it since they're getting property for well under other comparable sales (BofA approved sales price prior to offer).  So I asked escrow if I could have the $8.9K difffernce put on the Buyer's HUD only and she said yes, nothing wrong with that. Just submitted to Chase and hoping for an approval. I am only doing this because the BofA negotiator said to, probably wouldn't have tried it other wise...

Permalink Reply by Elena Pavlova-Nott on June 9, 2013 at 8:04am

I can see how two HUDs would work but on the approval for the 2nd will be the full amount. They will review the 2nd approval anyways. Please let me know how it works out. Thank you!

Permalink Reply by Amy Merrill on June 12, 2011 at 6:44am
Yes, very difficult to deal with. They were sending agents with no knowledge of the area to do bpo's.  The agent called my client for access for the bpo, told him he had no knowledge of the area & that he was basing his value on the assessment since they are always accurate.  SLS would not approve the short sale until the buyer had an appraisal, but would not guarantee a time frame for approval of the short sale. This was the only buyer that we had in 9 months. The sellers are now doing a deed in lieu.
Permalink Reply by Jon Griffith on June 12, 2011 at 11:43am

BofA is following Freddie Mac guidelines of allowing 10% up to $6,000.  The 2nd should know that they won't be getting more than $6,000 from the 1st.  They're lucky they aren't stuck with $3,000 like it used to be.  The negotiator's opinion about where the money comes from is irrelevant because there are a myriad of illegal things you can do to produce that cash.  So if they're encouraging you to break the law, they're implicating themselves.  There are also legal ways to bring more money to the table.  If the buyer is willing to bring the extra cash, then by all means.  Now you know one of the alternate ways to close the gap on balance deficiencies. 

 

Of course, if we let them push us around like this, they will continue to do so.

Permalink Reply by David C Swanson on June 12, 2011 at 10:50pm
I've only had one Short Sale experience with SLS and it was not good.  They held a $100K second on my Seller's condo that was a total of $200K upside down.  Since he was military and special forces, he did not want to have any negative marks on his credit, so never missed a payment. SLS refused to take less that 50% of the their second lien, which of course was totally unacceptable to first lien holder.  They were total hard-ball - would not give contact info for supervisors or managers.  Just held firm that he must not have a hardship if he is making his payments - EVEN THOUGH HE WAS PERMANENTLY RESTATIONED OVERSEAS, PAYING $2500/MO FOR AN EMPTY HOUSE, AND GOING BROKE!  They were very cold and rude. Fortunately we were able to qualify for the military's Houseing Assistance Progam (HAP) and finally closed with the 4th set of buyers.
Permalink Reply by Libby Neil on November 26, 2012 at 7:59am

Does anyone have an escalation contact for SLS?  BPO was order Nov 7 and reorder on 18th and still no word of BPO agent coming out.

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