Anyone successful with SLS permanent loan Mod?

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
18,837
48
48
San Diego, California
www.LoanSafe.org
Hi,

I've been trying to get a loan mod since november 2011.. Has anyone had success with this company, if so, please share!

Hello CaMom818,

Yes, there have been many members here who have received a permanent modification from SLS. They are definitely a difficult servicer to work with and will send you in circles trying to complete the process. Have you been turned down for HAMP since you first applied with SLS?

There are several members n the following threads who received a modification from SLS.

http://www.loansafe.org/forum/making-home-affordable/86537-got-hamp-sls-dont-know-terms-though.html

http://www.loansafe.org/forum/bank-america-home-loans/50994-update-specialized-loan-servicing-sls-deceit-lies.html
 

camom818

LoanSafe Member
Feb 8, 2010
21
0
0
Granada Hills, CA
Hi Evan thanks for passing along those links. It seems as if SLS is dual tracking me because a notice of default was issued on our property on 10/4/13 while I am in the process for a loan mod? So no, I haven't been told anything about not qualifying for HAMP. They actually said today that my loan mod was denied because of excessive forbearance. I'm going to email the CEO John Beggins and see if that will get me anywhere!
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
18,837
48
48
San Diego, California
www.LoanSafe.org
SLS never sent a denial notice before issuing the NOD?Also, are you sure it was an actual NOD, or was it a "Notice of Intent to Foreclose?" If so, the Notice of Intent is not the same as an NOD and doesn't mean the foreclosure process has begun. This is a general notice any borrower will receive once falling behind more than 60 days.


Homeowner Bill of Rights

The bill would prohibit a mortgage servicer, mortgagee, trustee, beneficiary, or authorized agent from recording a notice of default or, until January 1, 2018, recording a notice of sale or conducting a trustee's sale while a complete first lien loan modification application is pending, under specified conditions. The bill would, until January 1, 2018, establish additional procedures to be followed regarding a first lien loan modification application, the denial of an application, and a borrower's right to appeal a denial.

The bill would prohibit recordation of a notice of default or a notice of sale or the conduct of a trustee's sale if a foreclosure prevention alternative has been approved and certain conditions exist and would, until January 1, 2018, require recordation of a rescission of those notices upon execution of a permanent foreclosure prevention alternative.

Violation of Rights

The bill would authorize a borrower to seek an injunction and damages for violations of certain of the provisions described above, except as specified. The bill would authorize the greater of treble actual damages or $50,000 in statutory damages if a violation of certain provisions is found to be intentional or reckless or resulted from willful misconduct, as specified. The bill would authorize the awarding of attorneys' fees for prevailing borrowers, as specified. Violations of these provisions by licensees of the Department of Corporations, the Department of Financial Institutions, and the Department of Real Estate would also be violations of those respective licensing laws. Because a violation of certain of those licensing laws is a crime, the bill would impose a state-mandated local program.
 

TomEason

LoanSafe Guide
Jun 18, 2009
12,390
85
48
SF Bay Area CA
Hi Evan thanks for passing along those links. It seems as if SLS is dual tracking me because a notice of default was issued on our property on 10/4/13 while I am in the process for a loan mod? So no, I haven't been told anything about not qualifying for HAMP. They actually said today that my loan mod was denied because of excessive forbearance. I'm going to email the CEO John Beggins and see if that will get me anywhere!
It's not likely you'll get the response you're seeking if you only email the CEO. In my experience, mailing a letter is much more effective.
 

camom818

LoanSafe Member
Feb 8, 2010
21
0
0
Granada Hills, CA
Thank you for the input, I will mail a letter today. I actually got a response via email this morning for the first time saying that I was denied the HAMP tier 1 and tier 2 modification based upon them being unable to create an affordable payment equal to 31% of reported monthly gross income. And denied for tier 2 based upon a negative NPV. BUT, they had my gross income understated by alot, and property valued too high. So, I'm going to try the appeal process and say their numbers were wrong but does anyone know of an NPV calculator that can help me identify what numbers may work? My husband has changing gross income ranging from $6000 to $8500 per month because he works for the studios. I believe they have a hard time assessing his monthly gross.. we have tax returns that will prove an average of $7500.
 

camom818

LoanSafe Member
Feb 8, 2010
21
0
0
Granada Hills, CA
Hi Evan, Yes it was an actual NOD issued by Regional Trustee Services Corporation (foreclosure attnys i'm presuming) We received about 6 of them via certified mail.. How do I fight that they violated my bill of rights?
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
18,837
48
48
San Diego, California
www.LoanSafe.org
And denied for tier 2 based upon a negative NPV. BUT, they had my gross income understated by alot, and property valued too high. So, I'm going to try the appeal process and say their numbers were wrong but does anyone know of an NPV calculator that can help me identify what numbers may work? My husband has changing gross income ranging from $6000 to $8500 per month because he works for the studios. I believe they have a hard time assessing his monthly gross.. we have tax returns that will prove an average of $7500.
You definitely should file an appeal immediately showing that they valued the property too high and your husband's income was understated. Keep in mind that if he's a W2'd employee they are going to base his earnings off his current YTD to determine an average, not what he made last year or the year prior. Here's the NPV calculator, plug your correct numbers in there to see what you come out with.

https://checkmynpv.com/

I would also contact the LMHC like Tom has suggested, they have had much success with other members and will review your overall situation to determine which program(s) you may or may not qualify for..
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
18,837
48
48
San Diego, California
www.LoanSafe.org
Keep in mind that a Notice of Intent may come certified mail as well and is often sent out multiple times to the borrower. Does the notice contain this language:

"If the default is not cured on or before XX/XX/2013, the mortgage payments will be accelerated with the full amount remaining accelerated and becoming due and payable in full, and foreclosure proceedings will be initiated at that time. As such, the failure to cure the default may result in the foreclosure and sale of your property."
 

TomEason

LoanSafe Guide
Jun 18, 2009
12,390
85
48
SF Bay Area CA
Hi Evan, Yes it was an actual NOD issued by Regional Trustee Services Corporation (foreclosure attnys i'm presuming) We received about 6 of them via certified mail.. How do I fight that they violated my bill of rights?
Which of those "rights" are you referrring to?
 

camom818

LoanSafe Member
Feb 8, 2010
21
0
0
Granada Hills, CA
The wording is as follows

:Notice of Default and election to sell under deed of trust"
I believe it is definitely the official NOD because it was filed in official records recorder's office, los angeles county california
 

camom818

LoanSafe Member
Feb 8, 2010
21
0
0
Granada Hills, CA
Homeowner Bill of Rights

The bill would prohibit a mortgage servicer, mortgagee, trustee, beneficiary, or authorized agent from recording a notice of default or, until January 1, 2018, recording a notice of sale or conducting a trustee's sale while a complete first lien loan modification application is pending,
 

TomEason

LoanSafe Guide
Jun 18, 2009
12,390
85
48
SF Bay Area CA
Homeowner Bill of Rights

The bill would prohibit a mortgage servicer, mortgagee, trustee, beneficiary, or authorized agent from recording a notice of default or, until January 1, 2018, recording a notice of sale or conducting a trustee's sale while a complete first lien loan modification application is pending,
Thanks for that. I trust your loan mod application package is complete, i.e. no missing documentation, and is currently under active review.