SLS Shaking Down Homeowners Over Zombie Debt They Don't Owe

 

SLS Shaking Down Homeowners Over Bank Of America Zombie Mortgages. Problem Is, SLS Can’t Prove They Own The Debt.

sls shaking down homeowners

Is SLS shaking down homeowners again? It appears they are. This time like a mafia crime boss.

Unfortunately, this time it appears Specialized Loan Servicing bought a U-Haul truck full of worthless paper from Bank of America. Yet, that hasn’t stopped the lender from trying to play Tony Soprano. 

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 paper to any sap servicer and investor. BofA charged off the majority of these loans as being uncollectable.

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. 

Read More at MFI-Miami

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