So my second mortgage got transfered to what appears to be a bunch of crooks

[vapore0n]

I had a 33k loan with GMAC, and it just got sold to this "Specialized Loan Servicing" company. Thats their name. Their reviews everywhere are really bad. They have been calling everyday but leave the same pre-recorded message. I have yet to receive this month's statement. Ive read that they charge 10$ for processing fees

This is going to get uggly. Worst comes to worst, I pay it in full, but end up with 0$ on the bank account.

Should I take a loan out of my 401k to pay this? This may be another option. And now that my 401k has lost 40%, might as well put it to good use.

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[r0bman]

Oh yeah?

Mine got transferred to Bank of America.

[Brad Pittiful]

get another loan with another place...pay them off...then you get back to having a good place to deal with

[-=C=-]

Pay them with your bank's billpay system each month. That was there is a good trace of money changing hands. Don't send checks.

[rlhaddock]

Originally Posted by vapore0n

Should I take a loan out of my 401k to pay this? This may be another option. And now that my 401k has lost 40%, might as well put it to good use.

Remember, you only lose the 40% when you cash out. Unless you're old, you have a long time for the market to recover. And crash again. And recover again.

[ScubaruImpreza05]

Originally Posted by Brad Pittiful

get another loan with another place...pay them off...then you get back to having a good place to deal with

This is probably how I'd do it, if that is legal to do. Our loan got sold off by the original company (GMAC as well) but so far it has been smooth sailing. No odd charges or rate increases. We have the best lawyer in the Valley on our side if stuff does hit the fan.

[StuBeck]

Wait, wouldn't it be difficult to get a third mortgage considering our current banking climate being caused by multiple mortgages?

[Sideshowbob]

I would go open an account at a good local credit union and talk to them about it. They are usually more willing to work with their members.

[Jessie James]

Figure out the actual cost for that $10 fee over the life of the loan, Will it be less than a new loan? If so, apply elsewhere. If not, suck it up.

Or you could always review their terms and conditions. Chances are you can nail them on something they are violating and .... gotcha.

[kinkinhood]

If I remember the new laws getting passed they won't be able to snag you with the 10 dollar processing fee after January unless you're getting the payment posted that day.

[Baconsnake]

Processing fee for what? Paying your mortgage? Unless that is in your note, you can tell them to fark off.

And the market is in a little bounce right now, you take your money out and you'll lose any gains. That said, if it tanks again then you would have been better paying it off.

But I will say that SLS is not that great, but my experience is not as a borrower. Still, if you pay your mortgage on time, I can't see how there is going to be an issue.

[hondaeater69]

Originally Posted by StuBeck

Wait, wouldn't it be difficult to get a third mortgage considering our current banking climate being caused by multiple mortgages?

if the original second is closed at settlement, you're replacing a second w a second... no third involved.

however, the qualifying standards for seconds mtgs have gone quite a bit higher than where they were. might not be easy to find a company to even replace the second....

[vapore0n]

If I were to get a third loan to replace the second I would loose the 3.5% interest of that current one.
I could pay it off like I said, but Im going to need the money next year to refinance the first loan.
I know its a mess. All would have been good if the players had stayed the same through out the whole game.

[Jack ffr1846]

I say put the whole thing on your credit card.

[UKscooby]

Someone my wife works with did that for a year because her husband lost his job. Now they are about $80,000 in cc debt.

[vapore0n]

finally got into their website.

Pay via SLS Website

Click here to make a payment through the website for a fee of only $9.95.

You may use our SpeedPay option to make a payment over the telephone for a fee of only $9.95 by calling...

They can auto deduct the money directly from my checking account but that would be a really big mistake given all the complains Ive read about them.

At least next bill is due 11/1, I got time to figure out how to deal with this and get them to send me the bill if they dont.

[StuBeck]

Originally Posted by hondaeater69

if the original second is closed at settlement, you're replacing a second w a second... no third involved.

however, the qualifying standards for seconds mtgs have gone quite a bit higher than where they were. might not be easy to find a company to even replace the second....

Gotcha. Yeah, I don't think I would want to be in the second mortgage business right now. With declining house prices, I don't want to be part of someone's holiday plan.

[Spootypuff]

Originally Posted by UKscooby

Someone my wife works with did that for a year because her husband lost his job. Now they are about $80,000 in cc debt.

nelsonhaha.jpg

[SQ3.0dotJP]

Originally Posted by vapore0n

I had a 33k loan with GMAC, and it just got sold to this "Specialized Loan Servicing" company. Thats their name. Their reviews everywhere are really bad. They have been calling everyday but leave the same pre-recorded message. I have yet to receive this month's statement. Ive read that they charge 10$ for processing fees

This is going to get uggly. Worst comes to worst, I pay it in full, but end up with 0$ on the bank account.

Should I take a loan out of my 401k to pay this? This may be another option. And now that my 401k has lost 40%, might as well put it to good use.

its all your fault for not reading every single word of every contract

[f4phantomii]

I never let any company auto deduct directly from my account. I use billpay for everything. That way, if tough times hit, I have the option to *not* pay a bill. Fortunately I've never had that happen, but I don't trust anyone having access to my bank account.

You absolutely *do not* want to take anything out of your 401k to pay this off. If the Dow were flirting with 13k right now....maybe. But not now.

I'd go to a reputable bank and try and get a replacement loan. With mortgage companies, I believe they are required by law to publish the likelihood they will divest your loan to another company. Check into that and look for one that does not do it very often. Many companies out there divest 100% of the loans they make.

If you aren't behind on your payments, I'd continue making regular payments electronically as required. If they start hitting you with fees and charges....seek legal counsel. A person with good credit, who has made on-time payments and continues to make them in good faith, shouldn't be treated in this fashion. In fact, I'm pretty sure there are laws against it.

Some of these do sound bad.....

http://specialized-loan-servicing.pi...404117209.html

[jblaze5579]

I have BofA and they were "forgetting" to pay my home owner's insurance from my escrow account. They forgot for 6 months until my insurer sent me a letter wondering where the hell their money was.

[-=C=-]

Originally Posted by vapore0n

finally got into their website.





They can auto deduct the money directly from my checking account but that would be a really big mistake given all the complains Ive read about them.

At least next bill is due 11/1, I got time to figure out how to deal with this and get them to send me the bill if they dont.

I'm telling ya man, use your checking account's billpay option and pay them through that. Call them and get the exact details of how to pay them via billpay (or check) and then call your bank and explain the situation. They will tell you how many days to "buffer" for when you pay them through billpay if your bank has to cut an actual check to them.

I do this on our 2nd mortgage simply because it gives me a trace back to my bank and I never hear "we never received payment".


FYI, most of the time when you see "massive complaints" about a loan servicing company it is because they are sub-prime loans and the customers are in trouble paying their mortgages and then get frustrated at the options or lack of options that the servicing company gives them. The people that continue to pay on time typically have nothing to complain about since the place just posts your payments and moves on. They aren't the actual lender, there is a bank or banks behind them, they are simply a data processing center.

[24]

What's with this very recent trend of people putting dollar signs after the numbers? It's $10, not 10$.

Christ.

[sonicblue]

Originally Posted by vapore0n

I had a 33k loan with GMAC, and it just got sold to this "Specialized Loan Servicing" company. Thats their name. Their reviews everywhere are really bad. They have been calling everyday but leave the same pre-recorded message. I have yet to receive this month's statement. Ive read that they charge 10$ for processing fees

This is going to get uggly. Worst comes to worst, I pay it in full, but end up with 0$ on the bank account.

Should I take a loan out of my 401k to pay this? This may be another option. And now that my 401k has lost 40%, might as well put it to good use.

Oh, God, do NOT borrow from your 401K. Huge tax penalty for doing so.

[24]

Originally Posted by sonicblue

Oh, God, do NOT borrow from your 401K. Huge tax penalty for doing so.

What? There's no tax penalty from borrowing against your 401k. Only if you leave your job and default on the loan.