SLS was our 2nd mortgage on an 80/20. We lost our house to foreclosure but were able to sell it in a short sale. The 1st bank accepted a settlement and agreed that we would not owe a balance. SLS kept their option to either accept the settlement and release us from the loan, or accept the settlement as partial payment but still charge us the remaining balance.
The short sale closed in February. We did not hear from SLS for several months.in May we received a letter from SLS, on their letterhead, indicating our loan number, stating that the loan was satisfied and paid in full, and thanking us for our business. Also enclosed was a discharge letter from the county stating that the original loan had been fully discharged and released, and this information was filed with the county.
We were ecstatic!
A month later we received an invoice for the full amount of the origianl loan plus interest and late fees. We called SLS but they claimed they never sent us any letter of release from the loan. We faxed and mailed a copy of the letter to them, including the county's discharge letter.
Again, we received an invoice, now for a greater amount plus interest and late fees. We contacted SLS again, and they stated they did indeed receive our correspondence, but denied ever having sent us the letter of release. When asked how it could be we received this letter on their letterhead, the response we were given was that it must have been an error, that no record of such letter exists. Not only that, but the short sale did not take any amount owed off of the balance, and they reserve the right to collect on the original full amount.
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