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Specialized Loan Servicing LLC – CFPB Complaint

By on January 24, 2018

Date Received: 2018-01-03T00:00:00

Product: Mortgage debt

Issue: False statements or representation

Consumer Consent Provided to Share Complaint: Consent provided

Consumer Complaint: Loan matured XX/XX/XXXX.

Loan extension was requested prior to maturity but terms of modification were never disclosed to me. I was not willing to pay trial payments without knowledge of the modification terms.
In XX/XX/XXXX, I requested a payoff amount to pay loan in full. I received a payoff quote charging me interest up to the end of XX/XX/XXXX which is way pass the maturity date. I requested to have an updated payoff with interest up to the maturity day. the investor stated this is not allowed. I checked the credit agreement today on XX/XX/XXXX and no where in the agreement it says they can charge interest past maturity. in fact, there is language that talks about a balloon payment at maturity where all interest and principal is due up to that point. that is all I want to do – I want to pay the account accurately and in full up to the maturity date. they stated if I pay less than that then the account will reflect as settled and non paid in full on my credit history. I do n’t agree with this. in addition, today ‘s representative ” XXXX ” stated that there is default language in the agreement that states they can charge interest pass the maturity date. this is a lie as nothing is stated in the agreement regarding default. he proceeded to hang up the phone when I asked for the language he was referencing.

Company: Specialized Loan Servicing LLC

State/Zip: FL 331XX

Company Response to Complaint: Closed with explanation

Was Company Response Timely: Yes

Did Consumer Dispute Company Response: N/A

Complaint ID: 2771210

The above data is from the Consumer Financial Protection Bureau. Keep in mind that every company will get a complaint from time-to-time, even the great ones. But there are a few key data points that will give you an idea about how well the company values their customers and handles consumer issues.

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Look at the item Company Response to Complaint: and Did Consumer Dispute Company Response: to get a better idea of how this was resolved. And the field Consumer Complaint: can give you some context of the issue.

In particular what you are looking for was that the company response was timely and that the consumer did not dispute it. The posting of complaints has proven to be a valuable resource for both companies and consumers.

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