Comments on: Specialized Loan Servicing Redux: Bizarre Statement Adds to the Confusion

By: Lindsey

Lindsey — Mon, 15 Feb 2010 12:46:41 +0000

This company is unbelievable. They bought a loan from GMAC 2 years AFTER it was discharged through chapter 7 bankruptcy. Then I called then to advise them of this, and 3 days later it shows on my credit report that it has been charged off with a remaining past due balance of $6,900…….Not quite sure how this is even possible since I have not been legally binded to this debt for 2 1/2 years.

By: Mike

Mike — Tue, 09 Feb 2010 15:07:37 +0000

Specialized Loan Servicing is not an American Company. They were bought by Shinsei Bank of Tokyo back in 2008. As a taxpayer who bailed out GM, this is not sitting well with me. They take our money not once, but twice and now are sending it overseas! What loyality and patriotism GM has! I will be contacting my Congressional representative and expressing my feelings. I encourage everyone else to do the same.

By: Ron

Ron — Tue, 05 Jan 2010 20:16:15 +0000

I have also been srcewed by SLS. GMAC sold my HELOC,no late payments, exel.credit etc.First they added a prepayment penalty to my loan,I had to get removed.Then they said I filed for bankruptcy (not the case)and my line of credit has been frozen,I would never borrow a dime from GMAC,SLS ever again.They told me “I have to clear up a bankruptcy that never happened.Just love all the hope and change we are getting from the goverment geting into the mortgage busniss.Also they tell me they have the right to enforce debt acceleration.

By: Jeff

Jeff — Wed, 30 Dec 2009 23:20:56 +0000

The government is requiring GMAC to bring in more capital. So what if they took good loans prepared accounting entries to make the loan (loan number) disappear from their accounting records, appearing that the loan was sold, transferred, or assumed, moved the asset to GMAC Trust and hired a questionable firm like SLS to service the loan. Could they hide the true nature of the asset in the GMAC Trust and disguise the liability and make it look like they raised capital, when they in fact did not? If they did something like this, would it be to mislead the Federal Government into thinking they raised more capital and they really did not? Could this be legal? Someone needs to take a look at GMAC’s creative accounting. Something stinks.

By: NOVA

NOVA — Thu, 10 Dec 2009 02:43:37 +0000

GMAC had been giving me 14 days grace period for 3 years to pay my10% loan – guess what, a soon as SLS took overthe loan, they declared me late on a whole bunch of payments even though that is what GMAC agreed with me to do in exchange for me paying direct from my checking acct – worse, GMAC sent me a letter stating that this service WOULD be transferred – it was not! I got hosed!

Then, SLS declares me in pre-foreclosure and in addition to the fees for late payments to GMAC which GMAC still says was timely, SLS orders a home inspection and charges me $10.35 more on top of all this!

this is insane – never trust GMC or Specialized Loan Serving LLC. it’s like GMAC got into financial trouble so it sold ff all its 10% equity loans in Virginia to a bunch of GANGSTERS – i.e., Specialized Loan Serving, LLC.

I called SLS aout this and they just said – check your note, its all there – well I did chek my note and no property inspection fee is listed – and no right of subsequent purchaser of the mortgage exists to collect late fees which arguably the previous mortgage owner could demand either.

This is insane! We need a class action lawsuit or FTC intervention NOW!!!!

By: Vic

Vic — Wed, 18 Nov 2009 22:40:31 +0000

Just got my 10% transferred from GMAC. My payment was $246 and $28 was going to principle. Made my first payment and only 94 cents went to princple??? I will never pay off this loan. This is reidiculous. When I called these people where morons and said those are your new terms.