Mortgage -- Trouble during payment process -- Complaint #4462856
Complaint Overview
Complaint ID: 4462856
Company: Specialized Loan Servicing Holdings LLC
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Trouble during payment process
State: Illinois
ZIP Code: 604XX
Date Received: 2021-06-15T12:00:00-05:00
Date Sent to Company: 2021-06-15T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
My home is in XXXX XXXX Illinois. My mortgage was transferred to Specialized Loan Servicing XXXX phone # XXXX XXXX in XXXX. I have been trying to have my escrow account deleted since XXXX. They denied my request in XXXX stating that my loan-to-value ( XXXX XXXX must be reduced to 80 % Based on the CURRENT VALUE. In XXXX they denied me again stating that the XXXX must be reduced to 80 % Based on the ORIGINAL VALUE. By XXXX I have reduced my XXXX below 80 % of my Loan 's ORIGINAL VALUE. This time they denied me on XX/XX/XXXX Stating that the XXXX must be reduced to 65 % based on the ORIGINAL VALUE. I have complained by phone and have had many correspondence with supervisors in the escrow department. During some of these correspondence I have been told lies or misinformation such as that I could possibly have my home reappraised. After many hours on the phone I received a document on XX/XX/XXXX that based on my current XXXX that I now have a choice to delete my loans escrow account if I send a written request to them. They also stated that once they received the request they would be required to refund the existing amount in the account to me within 20 working days. I sent my request to delete the escrow account via XXXX on XX/XX/XXXX. I have since had many more hours on the phone trying to find out if they received my request. Now they are telling that the letter they sent me on XX/XX/XXXX was probably sent in error, that Illinois is the only state that requires the XXXX to be reduced to 65 %. I complained that there is more legal writing in this law than just the 65 % and that they need their legal team to interpret the entire law. I also have no clear answer from them on what value of my house they are basing the XXXX ratio on. The supervisor stated that they are reviewing their policies trying to determine why I have been mislead. They also stated that they are still trying to resolve this problem and allow me to delete my escrow but that in his opinion the outcome will not be in my favor. He was supposed to call me back by XX/XX/XXXX but I have not heard anything. So here I go again with many hours on the phone.
Frequently Asked Questions
What is Complaint #4462856 about?
Complaint #4462856 was filed against Specialized Loan Servicing Holdings LLC regarding Mortgage specifically about Trouble during payment process. It was received by the CFPB on 2021-06-15T12:00:00-05:00.
How did Specialized Loan Servicing Holdings LLC respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Mortgage) and describe your issue in detail.
Can I see other complaints against Specialized Loan Servicing Holdings LLC?
Yes, visit the Specialized Loan Servicing Holdings LLC company profile at readthecomplaint.com/company/specialized-loan-servicing-holdings-llc to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.