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Treasured Social Butterfly

Re: My Mortgage just got transferred to a company called SLS (Specialized Loan Servicing)

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jn83324047 wrote:

THANK YOU ESPER...IT'S JUST THAT THIS COMPANY HAS A REALLY BAD REPUTATION ON THE WEB.  HUNDREDS OF PEOPLE ALL ACROSS THE NATION CALLING THEM CRIMINALS OR DISHONEST.


@jn83324047 Yes, I think that's reason to watch that the terms of your loan remain the same with this new company. (check @GailL1's answer for loads of good data on this) If anything is out of whack, take action, pronto.

 

Best wishes on this.

 

 

"The key to success is to keep growing in all areas of life - mental, emotional, spiritual, as well as physical." Julius Erving
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Re: My Mortgage just got transferred to a company called SLS (Specialized Loan Servicing)

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THANK YOU ESPER...IT'S JUST THAT THIS COMPANY HAS A REALLY BAD REPUTATION ON THE WEB.  HUNDREDS OF PEOPLE ALL ACROSS THE NATION CALLING THEM CRIMINALS OR DISHONEST.

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Valued Social Butterfly

Re: My Mortgage just got transferred to a company called SLS (Specialized Loan Servicing)

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@jn83324047

 

Mortgages can be transferred at anytime and some will experience multiple transfers throughout the life of the loan.  Once the loan is in place, it only has to be serviced -

 

However, there are important things which you should do to make sure that the transfer is sooth and that your mortgage loan balance is correct and payments are/ and have been applied correctly.

 

Anybody that gets a mortgage should do an Amortization Schedule and check off all the things that pertain - balance, interest rate, payment application is correct to all the various sub-types like principal, interest, escrow account, if applicable.  Then you can check it periodically against what your mortgage servicer says it is and if you don't agree, have at least a place to start on reconciliation.

 

If there is an escrow account, this too should be followed as to amount going in and amounts going out -

 

BankRate.com - Amortization Schedule Calculator

 

If you have one of these amortization schedules and update it with any added principal payment, then when a transfer or pay off or anything else, you can check easily for the amount and see if you agree with the mortgage servicer.

 

It is relatively easy to start one now if you know the specifics of your mortgage although if you haven't kept up with the balance for a decade, you might need a starting point.  Can you access your mortgage details either on a monthly/annual statement or online?

 

I do not know why they don't teach this to people buying a home - which is probably their largest purchase made on a time-based period.  By having such a monthly record check list, you can see progression in paying down that loan or any other additions that might show up indicating a problem, or at least a basis for investigating why your balance from your amoritzation schedule and their balance might not agree.  A few pennies this way or that way doesn't matter - that's rounding but anything else need to be reconciled.

 

I have made the suggestion OVER and OVER to our government mortgage overseers to supply one at closing and explain what it is and how/when it has to be updated like with additional principal payments or fees added for some reason - like late charges.  A couple of sheets of paper, a little ink, a couple of minutes of time is all that it would take - the info is readily available at the time of closing.

But I cannot seem to get consumers behind it because many know they cannot or will not keep up with it.

 

 

 

 

 

 

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Valued Social Butterfly

Re: My Mortgage just got transferred to a company called SLS (Specialized Loan Servicing)

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@jn83324047  That should not be a problem as mine was changed five to six times over the 30 years I had the mortgage loan. Just make sure you keep copies of everything that has to do with your loan. I did, I had a very thick folder. Never destroy any of this information until you receive ownership, the Deed, and paperwork showing your loan has been paid in full.

 

My house has been paid off for several years. 

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Treasured Social Butterfly

Re: My Mortgage just got transferred to a company called SLS (Specialized Loan Servicing)

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Hi @jn83324047 and welcome to the online community!

 

It isn't necessarily a bad thing that your mortgage was transferred (really: sold) to this new servicing company. The terms of your loan should remain the same. One reason banks and lenders sell mortgages is to free up capital so they can make more loans (and grab those origination fees, et cetera). 

 

That said, the fact that the new serving company does specialize in sub-prime loans does raise concerns. Here's a recent article about the ins and outs of the scenario in which your home loan has been transferred: https://www.mybanktracker.com/news/bank-sells-your-mortgage

 

An important snippet: 

 

"Mortgage companies have a legal obligation to protect consumers during loan transfers between mortgage servicers. That means paperwork should not be lost, servicers should not lose track of a homeowner’s loss mitigation plans, and they should not hinder a consumer's chance to save his or her home from unnecessary foreclosure. Understand that the process of transferring servicing rights is challenging logistically. It might involve moving thousands of loan documents, which explains why issues arise.

 

If your payment is returned and your servicer notifies you that it’s no longer servicing your mortgage, know your rights. You do not want to end up in situation where you receive a notice in the mail stating that you’re late on a payment — and then wonder confusingly why you were never notified that you needed to send your payment to a new servicer.

 

Understand that both your old and new servicers must notify you about the transfer of your servicing rights no less than 15 days before the effective date of transfer. If you never received the servicing transfer notice, you can also file a complaint with the CFPB online. You should also consult an attorney.

 

Remember, receiving a notice that your mortgage has been sold should not be taken personally. As long as you have been notified in a timely manner, your new servicer accurately lists your information, and you send in payments to the right address you should have nothing to worry about."

 

Best wishes,

Epster

 

 

"The key to success is to keep growing in all areas of life - mental, emotional, spiritual, as well as physical." Julius Erving
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My Mortgage just got transferred to a company called SPS (Specialized Portfolio Servicing)

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I was just notified my mortgage has been transferred from a major mortgage lender to a company called SPS who deals in sub-prime mortgages.  My Mortgage has never been Sub-Prime.  I have been in the same house for 24 years. (My account has been in good standing for over a decade.)  I Checked them out thru the BBB and on the web, and there's hundreds of complaints all over the country....anybody have any Ideas what's going on ???

 

Or Why they would do this

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