Short Sale With SLS"Specialized Loan Servicing"

Real Estate Agent with Red C Realty| Call 650-996-8961 CA DRE# 01468791

   Short Sale with SLS

Have you processed short sales with SLS "Specialized Loan Servicing"? I am trying to close a short sale in San Francisco with SLS. I notice that they are tough. SLS is the second lien holder, and Saxon Mortgage is the first. Here is my situation, after covering all the closing costs' expenses the first (Saxon) will be paid in full, the first principal amount; we have only 8k left. We are offering SLS the $8K, but they do not want the $8k only. They also want the seller to sign a promissory note for $15k at the close of escrow. Otherwise, they will not approve the short sale.  The client does not have the money to pay SLS. Please let me know if you have successfully closed short sales with SLS. Please share your experience. Thanks

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Mayra Espinosa Broker - Realtor

Mayra Espinosa-Realtor Broker Associate, Probate Certified, proudly Serving buyers and seller in Pacifica, San Bruno, Daly City, South San Francisco, Millbrae, San Mateo, Burlingame and all the San Francisco Peninsula communities


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IMPORTANT NOTICE Realty One Group Alliance, Mayra Espinosa is/are not associated with the government, and it services have not been approved by the government or the consumer’s lender. Your lender or mortgage servicer may not agree to change your loan and/or agree to a Short Sale. If you stop paying your mortgage, you could lose your home and damage your credit rating. You can stop doing business with Realty One Group at any time. You can accept or reject any offer Realty One Group obtains from your lender. If you reject the offer, you do not have to pay the company’s real estate commission as outlined in the listing agreement. There is no guarantee you will get the results you seek from a short sale. Realty One Group does not provide Legal or Financial Advice. Please seek legal counsel. Should you hire Realty One Group you may still communicate with your own lender. Realty One Group will not charge upfront fees under any circumstances to the homeowner.


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Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
Get It Done For Me Virtual Services

Mayra, we just got one in that is with Saxon. Have not dealt with SLS, These seconds are really taking a beating so they think that by playing hard ball they will get ahead, they need to get a grip on reality. If your seller had 8 grand they could be making their mortgage payments.
At this point, you need to get the seller on the phone with the SLS and plead their hardship. Katerina

Aug 27, 2008 07:23 PM #1
Richard V. Foster, Esq.
Nevada Perfect Homes - Henderson, NV
Broker (58356) - ABR/M, CREN, CRS, GRI, RRG, SFR
If the second is a total loss they are not willing to play because to process the documentation and protect themselves from the legal and tax issues cost them money. Think of it this way: You hold a second for $50,000 and the value of the home is gone down to the point that you have no way to recover any amount... You have two choices: 1. Pay the money for your staff and attorney to process the short sale... AND LOSE $50,000 on top of it. 2. Allow the first lien holder to foreclose and lose the $50,000 for free Either way the second is losing but by not cooperation with teh short sale they dont lose more on top of it all. If you understand that concept, you will have a much easier time with them. Personally with between 7 % and 8 % of short sales actually closing escrow nation wide, I don’t waste mine or my clients time with them... Best of luck... Richard
Aug 27, 2008 07:32 PM #2
Michael A. Caruso
Surterre Properties - Laguna Niguel, CA

No info on Saxon to share...but

I know of several agents hiring an independent representative to negotiate with bank(s) when they take a short sale listing.

Aug 27, 2008 10:17 PM #4

Remember to file a complaint with the FTC against Specialized Loan's practices: File a Better Business Bureau complaint too:

Jul 08, 2009 05:43 PM #5
Renee Gundlach  a single mother of two children and have been dealing with sls for a year and half. It's been nothing but a nightmare. I tried short sale, but they could never agree on a price so time ran out. They wanted 4000.00 to stop the foreclosure for 1 month. So all my had work went down the drain. I worked hard and had this house built, on my own in 2003. On May 4,2009 my house went into foreclosure, and I tried, but now we are homeless.

Aug 01, 2009 06:12 PM #6

Specialized Loan Servicing is not an ethical company. Just Google the complaints and you can see their true colors. File a complaint with the Attorney General of your state. Several states are investigating Specialized Loan Servicing for fraud due to the way conduct business. Los Angelas County, CA  has already gone after them and has won in court. Give the Attorney General's every help you can. This company needs to be shut down.

Feb 07, 2010 06:33 AM #7
Yuri Ramirez-Villanueva
Exp Realty of CA - Elk Grove, CA
Sacramento Realtor, (Hablo Español)

Hi Mayra

We are currently stuck on a deal because of SLS, were you able to salvage this deal or did it go to foreclosure because of SLS?

Apr 14, 2010 01:54 PM #8
Mayra Espinosa Realtor San Mateo Pacifica Homes
Red C Realty| Call 650-996-8961 - San Mateo, CA
Pacifica -San Mateo,CA Real Estate agent, Buy,sell

Hello Yuri,

Yes, I was able to close the short sale with Saxon and SLS at last; however it toke me more than a year close it and lost several offers, because buyers got tire waiting for SLS approval. After we have postponed Trustee Sales several times and thought we were not going to be able to save the house of an imminent foreclosure, an offer came in. We presented to Saxon and SLS again. The short sale was assigned to a new negotiator at SLS.  After many phone calls and going back and forth negotiating finally, SLS approved the short sale and we were able to close. Do not give up, keep negotiating. Good Luck!

Apr 17, 2010 05:25 PM #9

Hi Mayra


How much was the second with SLS? and how much did they finally accept to settle?  I have $170k with them their loan is outside the value of the house when the first loan taken into account. that means when my house is foreclosed by the first loan they got nothing.  I want to settle with them so they won't go after me because it is an HELOC, so it is a recourse loan.


thanks a lot

Oct 05, 2010 01:25 PM #10
barbra Orr

Look at you tube. Google SLS then see what the two Realtors say about them on You Tube.  They will not let you talk to a supervisor, I had them agree to take their lowest which was $2,500. Then when I call back they say the lowest is  $3,000.  I was on hold each time for 20 minutes.  If I were the new york bank of mellon  I would care about my reputation . 

Mar 14, 2011 05:59 AM #11

"I had them agree to take their lowest which was $2,500. Then when I call back they say the lowest is $3000"


How much is the orginal balance? Is it a HELOC ? I have a second with them.  About $160k they want 10% to settle.

Mar 14, 2011 12:12 PM #12
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