Mortgage -- Struggling to pay mortgage -- Complaint #5827857
Complaint Overview
Complaint ID: 5827857
Company: Specialized Loan Servicing Holdings LLC
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Struggling to pay mortgage
State: New York
ZIP Code: XXXXX
Date Received: 2022-07-31T12:00:00-05:00
Date Sent to Company: 2022-07-31T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Dear Sir/Madam Re : Request for Review of Approved Mortgage Relief Option : Reference : XXXX XXXX XXXX Property Address : XXXXXXXX XXXX XXXX XXXX XXXX NY XXXX ; XXXX Loan # XXXX Reference the above approved mortgage relief options attached. For the avoidance of doubt, the XXXX retention option applied by XXXX XXXX XXXX al in 2016 which was applied by XXXX XXXX, the loan servicer then, before the loan was transferred to SLS are given below : 1. SLS did not use the information given by borrower to evaluate the modification contrary to RESPA and the CONSENT ORDER SLS signed recently with CFPB, but rather introduced some strange figures like TOTAL MONTHLY EXPENSES OF {$350.00} and XXXX TOTAL MONTHLY GROSS INCOME in order to generate the results which includes balloon payment of {$480000.00} to the loan structure ( See Exhibit 2B attached ) 2. SLS approved mortgage relief did not provide any change in the terms of the original mortgage like the interest rate remains at 4.575 % ) and number of years ( maturity remains at 30 years ) as per loan modification prescription. 3.Before the modification, the loan structure ( See Exhibit 2A attached ) consists : Interest Rate : 4.575 %, Maturity : 30 Years ; Total Payment Amount ( P & I+ Escrow ) of {$4300.00} + Principal Balance of {$460000.00} + Zero interest deferred amount of {$140000.00} + Arrears of {$180000.00}. Total loan Amount of {$710000.00} 4..After Your Modification as per your approval, the loan structure now consists : Interest Rate : 4.575 %, Maturity : 30 Years ; Total Payment Amount ( P & I+ Escrow ) of {$3800.00} + Principal Balance of {$710000.00} + XXXX Principal of 4.575 % interest of {$130000.00} + Balloon Amount of {$480000.00}. ( See Exhibit 2A attached ) Total loan Amount of {>= $1,000,000} 5. From the above, it is clear that no mortgage relief has been provided, but additional burden of {$730000.00} ( that is balloon amount of {>= $1,000,000} + zero interest deferred amount now converted to a 4.575 % interest current loan of {$250000.00} of 13 years term ) 6. Also bifurcating the 2nd interest free unpaid principal into 2 parts : a ) interest free portion b ) interest bearing portion violates the extant modification agreement signed with XXXXXXXX XXXX XXXX in XXXX. 7. Some provisions in this modification approval violates the provisions of the original mortgage Note and the Modification Agreement. Please note, that the terms of the loan or servicing guidelines are not to be changed according to Federal Laws when a loan is transferred in the secondary market. 8.Your extant response to Cfpb indicates that you applied some Investors Guidelines, which remain unclear, which is a violation of the originating loan agreement, the extant modification agreement, RESPA and extant Federal and New York State laws and servicing guidelines. 9.The loan is a XXXX Bank loan from a XXXX XXXX XXXX and not anInvestor loan. In view of the foregoing, I am submitting a new modification application; and appealing that SLS reviews the approved retention as per RESPA and the CONSENT ORDER SLS signed recently with CFPB. Thank you for the expedited action. Yours faithfully, XXXX XXXX XXXX
Frequently Asked Questions
What is Complaint #5827857 about?
Complaint #5827857 was filed against Specialized Loan Servicing Holdings LLC regarding Mortgage specifically about Struggling to pay mortgage. It was received by the CFPB on 2022-07-31T12:00:00-05:00.
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.