HOW THE SLS SCAM WORKS
This is a letter we sent to our attorney to explain how the SLS scam works. We are publishing it in the hope that others will better understand what’s happening to them and why its impossible to deal with this company as they have the mentality of looters.
Our rental house is about to go into foreclosure. We’ve been battling a company called S.L.S. LLC (Specialized Loan Servicing) for 10 months. At the beginning they pretended to be a legitimate company, with a special program designed to modify our mortgage interest from the 91/2% percent we were paying to a more reasonable rate, (in our case around 6%), which we agreed to). Then as the imaginary escrow was getting ready to close, SLS personnel posing as professional finance officers who were actually call center workers, with no expertise in finance, working off a prepared script, began to feign the need for additional documents, which they already had in their possession. It finally came out, that they had never even submitted the paper work to the lender. The whole process was part of a scam to string along the homeowners, as long as possible, so as to be able to mount up tremendous charges to the underlying mortgage holder, that SLS was supposed to be servicing the loan for. They did this by telling us the exact amount of the new payments and interest, and appraiser came out to look at the property, etc, etc, etc… Each week SLS would have their call center people call with another phony call and the need of “one more thing”. This is a very clever and subtle scam. The result is that the property holder’s credit is damaged by the lies of the phone center people and eventually they are left unable to refinance with a legitimate company, the property goes into foreclosure, the mortgage holder gets a property back at a loss of thousands of dollars, and in the end I suspect FHA, Freedie Mac and Fannie Mae get stuck for millions of dollars of tax payers money. And SLS continues to get richer one call at a time. At first, we thought it was just us, but we went on line and found that this was part of a system wide scam as we read what other people had to say it was the exact same story as ours. Even though we have letters and tapes documenting these events I’ve come to believe there’s nothing we can do to change the outcome and we are really getting tired of fighting these people.