Specialized Loan Servicing Warning! Specialized Loan Servicing Is Shaking Down You Down Over Uncollectable Zombie 2nd Mortgages
MFI-Miami is issuing a Specialized Loan Servicing Warning!
Armies of bottom-feeding lawyers armed with thousands of zombie foreclosures coming to your front door! They are barging down the doors of courthouses across New York like Walmart shoppers on Black Friday hoping to shake down unsuspecting homeowners.
About five years ago, bean counters at Bank of America figured out a way to make a few bucks. They decided to sell their worthless 2nd mortgages to any sap servicer and investor.
They loaded up bankers’ boxes full of these garbage loans and put them in storage units around Dallas, TX and Charlotte, NC.
Then, like a scene out of Storage Wars, second-tier and third-tier servicers like SLS would bid on the hundreds of bankers’ boxes in the storage unit.
Most of these loans were charged off over a decade ago. Therefore, they are nothing more than worthless paper. So, servicers like SLS ended up like a contestant on a game show who the picks the empty mystery box.
Specialized Loan Servicing Warning! The SLS Shake Down Of Homeowners Is Borderline Harassment
The first being lack of standing. The vast majority of the time, SLS cannot prove they have legal standing to foreclose. But, Why?
They lack the original wet-ink copy of the note. This is a requirement in most judicial foreclosure states. SLS also needs to be able to validate the dollar amount of the debt. However, in 99.9% of their zombie loans, they can’t.
Many of these loans are also past the 6-year statute of limitations. Like with most zombie debt, a lender will pop out of the blue usually 7-10 years later to try to collect on the debt.
However, most states like Florida have a 6-year statute of limitations. The statute of limitations bars lenders from coming after you after 6 years. However, check with a lawyer because the statute of limitation laws may vary from state to state.
SLS knows all this. Yet, it doesn’t seem to stop them from trying to shake down and threaten homeowners.
Specialized Loan Servicing Is Playing The Nigerian Prince Email Numbers Game
They use the same methodology as Nigerian email scammers. If SLS spends $10,000 harassing 50,000 people eventually 50-100 people will get fed up and give them money. As result, SLS could potentially reap a 500% ROI.
The only problem for the homeowner is if they succumb to the pressure of SLS and give them money. As a result, the homeowner could harm themselves in long run by doing this.
If a homeowner gives SLS money, the mortgage is now technically re-instated. This would allow SLS to refuse future payments and initiate foreclosure.