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

By: MichMich

MichMich — Fri, 21 May 2010 17:40:13 +0000

My husband passed away and gmac refused to talk to me eventhough I made payments and my name was on the deed. for 5 years they never talk to me. Now I have a closing and they won’t give me a payoff…………

GMAC refused to give me a pay-off and/or talk to me. had to hire atty for the closing, had to pay all kinds of charges and late fees. Charges of 170.00 plus per month listed as “reciept”. can’t find out what these chatges are…..account statement still reads gmac. I don’t understand need a lawyer…….

By: Pat

Pat — Tue, 16 Mar 2010 03:11:36 +0000

Got my Welcome letter last Friday…

The coupon said pay my payment….now I am confused.

My home was discharged in Chapter 7 bankruptcy in mid 08. We continued to make payments until we got behind and made by 60 days. On the 65th day I wired them everything i had which was 800.00 short of three payments in March 09. They excepted the payment and then refused all future payments and sending Notice of Default in early April 09.

Chevy Chase/ Capital One sold the servicing of a loan that was filed in Chapter 7 and discharged. The loan is in default by 11 months with a NOD in place and a foreclosure intent letter issued from MERS saying the note has been lost, stolen or destroyed!

Who the heck is MERS?

So how can they sell the servicing rights to someone else and worse yet who would buy it??

Something is not right here….

Could it be it got it off their books for accounting purposes and ship it on down the road for the next sucker!

I was never notified my loan was securitized, nor do the papers they filed in my Chapter 7 show any assignments to anyone but them. They even showed a copy of the note at the time of BK 7.

So how did they loose it all of a sudden?

Or did they lie to the court?

I got behind, asked for help was refused help and have been fighting ever since. I want my home, I can afford my home, I want to pay the right person if I can find them. After reading I am learning there is a reason they force you in to default. The incentive is huge for the servicer who can get you to foreclosure.

If you purchased or refinanced your home anytime after 2002 start educating yourself now please read http://www.Livinglies.wordpress.com or http://www.msfraud.org and find an attorney now!

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.