Specialized Loan Servicing, LLC or SLS is a residential mortgage servicing corporation based in Colorado which receives a lot of consumer complaints to our law firm for debt harassment. Find out who they are, why they might be calling, and how you can stop them.
What is Specialized Loan Servicing?
SLS’ headquarters is located in Highland Ranch, CO. They also have offices in Arizona and a payment processing center in Atlanta, GA. The BBB indicates that SLS was founded locally in 2003, and incorporated in Delaware in the same year. The BBB opened its file on SLS four months after SLS’ initial founding. The main web address for this company is www.sls.net, but the BBB lists a secondary site at www.samreo.net. Buzzfile indicates a founding date of 2011, an estimated annual revenue of $183.4 million, and an estimated staff of 1,258 people at the headquarters location.
SLS is not a collection agency, but they sometimes operate in a similar capacity. SLS describes itself as an asset management company and works exclusively with real estate loans, many of which are delinquent; thus, like collection agencies, SLS’ processes delinquent debt, but their efforts are focused on home foreclosures rather than credit card balances.
Normally, approving a home loan requires an applicant to appear at a lending institution such as a bank or savings and loan. After lending managers determine the borrower’s ability to successfully assume the loan, the bank exercises its professional judgement to either approve or deny the loan. The new homeowner typically pays off the loan over a course of thirty years. The bank’s interest in providing this service is realized in interest income and the potential for refinancing based on property improvements and appreciation.
As a third-party servicer of mortgage loans, SLS does not issue home loans. Instead, they work with financial institutions after loan signing to purchase home mortgages, often without the knowledge or consent of the borrower. SLS claims the benefit of this service is to provide more effective and profitable loan servicing. SLS also operates a group of affiliated loan service organizations, including Altavera Mortgage Services, Capital Markets Cooperative, Computershare Loan Services, and Mortgage Solutions.
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Complaints against Specialized Loan Servicing LLC – SLS
The Better Business Bureau lists 359 complaints closed against SLS in the past three years, with 126 in the past 12 months. Only 38 of these complaints have been resolved to the satisfaction of the complainant. Many of the complainants indicate that their mortgages were sold without their consent, and that SLS institutes new methods of distributing mortgage payments that result in increased interest rates, missed payments, late fees, and reports of delinquencies on their credit reports. The 63 negative reviews allege openly abusive customer service and fraudulent business practices. Justia lists at least 50 cases of civil litigation naming SLS as a defendant.
SLS Contact Information
Specialized Loan Servicing, LLC
8742 Lucent Blvd., Ste. 300
Highlands Ranch, CO 80129-2386
Understanding Your Debt Collection Rights
Federal laws protect you. The Fair Debt Collections Practices Act (FDCPA) regulates the behavior of collection agencies by prohibiting actions such as the use of abusive or threatening language; harassment; or the use of false or misleading information to collect a debt. The FCRA regulates how collection agencies and creditors report delinquent debts to credit reporting agencies. Additional consumer protection laws include the Telephone Consumer Protection Act (TCPA) and the Consumer Financial Protection Act (CFPA).
But here’s the rub: If you want to enforce your rights, or recover money for violations — you need to sue. These laws provide individuals like you with a means to seek monetary damages in court. For example, the FDCPA allows consumers who have been violated to recover damages of up to $1,000, plus attorney fees and court costs.
Ready to Stop the Harassment?
The Lemberg Law legal team is committed to holding debt collectors accountable, so complete our form for a FREE case evaluation, or call 844-685-9200.
What Our Clients are Saying
“I was almost going nuts receiving calls every afternoon from a person using profane language to push me to pay debts I don’t owe. Someone I trust referred me to Lemberg Law, and I don’t regret having contacted them. The attorneys were very kind and always available when I needed them.”
“Thank you for standing with me Lemberg Law. I was so afraid I could lose my job because of a caller who called my job number 4 hours straight back to back. He not only harassed and threatened me but also abused workmates who received the call when I wasn’t around. Since I solicited for your services, I’ve had a peace of mind, and I’m happy because of the few dollars I got as a settlement.”
“I just called in to thank you for the incredible help you offered to my sickly father who was bothered with frequent calls from scammers. At a point, he just wanted to pay them to get rid of all the annoyance, but because of Lemberg Law’s assistance, he got free help, and the bothering calls ended immediately.”
Can You Help Me Delete Specialized Loan Servicing from My Credit Report?
Chances are we can. Call us to today and we’ll tell you how we can help.