Seterus (formerly IBM Lender Business Process Services)
ConsumerAffairs Unaccredited Brand
This company is the biggest scam going on these past few years. Seterus bought my mortgage without my consent or knowledge. This is NOT the company I signed contracts with and did not agree to do business with them. I would have never accepted an offer from them. I have tried several times for a loan modification which they never respond to and tell me that won't stop foreclosure and then we never hear back about a modification. They refuse to work with anyone in either a modification or repayment plan. They keep adding fees increasing what I owe and it had never went down. They sent nasty people harassing us at our HOME... offering us money to leave the house in 10 days. I gave this persons number to my lawyer because he continued to call and threaten to come with police to make me leave in 15 mins saying I won't be able to get my things if I didn't take his offer.
My lawyer called him and he then became nasty with him until he was told that he can finish the conversation in court with a judge. That's when he stopped. There were harassing calls as well. And weekly sending people to take pictures of my house. I only owed 150,000 on a house worth well over 200,000 and they won't work with us. The scam is they foreclose on a house that they bought out for 150,000 then refuse to work with or help homeowner. They then foreclose and resell the house for over 200,000 making a profit of over 50,000 of my money! This is theft through a loophole!
Funny thing is they did the same to 2 other family members! For my parents they were sending in PAYMENTS and Seterus told them they can't take their payments. What's up with that? My parents house too was worth well over 500,000 and they foreclosed even though my parents were sending in payments that water is claimed they could not accept. I hope there is a class action started because I want my $226,000 back that my house is worth that they stole from me through a shady loophole.
I received a statement for the month of December for the amount of $849.53. I sent a payment for that amount, however I get a call from Seterus saying my bill is $9 hundred plus dollars. I asked why when the statement sent read $849.53. Her answer was, "You have to remember that when the statement was sent you had overage in your account but you had fees that took the overage."
I asked what fees. All she could come up with is cooperate fee. I asked what cooperate fees. Her reply was property assessment fees. Which was only $15 dollars. I have had nothing but bad experience since my loan was turned over to this rip off company. From not being able to get an answer about why am I paying escrow when I have my own homeowners insurance and taxes. I am doing my best to improve my credit score to get away from this company. I believe they are taking advantage of their customers and an investigation should be started. Martisha ** is the most unprofessional, rude individuals I have encountered.
I would to join the class action against Seterus. They would not give me the $ amount of my loan before transferring my loan to another vendor LoanCare. The amount of my loan to LoanCare is inaccurate since I was unable to get final information from Seterus. I would like some additional assistance in obtaining the correct information prior to Seterus transfer of my mortgage. Although I had lawyer assist me they failed to respond. The information I requested is still with Seterus.
A few years ago my mortgage was transferred from Countrywide to Bank of America. I was making bi-weekly payments. My payments were automatically deducted from my account twice a month. Bank of America serviced the account for about 3 months before it was robo-signed to Lender Business Processing Services... a debt collection agency. This surprised me since I had never ever in my was late in paying any bill. I could write a very long book on the troubles I had with LBPS and then Seterus. I'll try to be brief. When LBPS took over the debt my mortgage payments were being taken out of my account but not credited to the mortgage. Several calls to LBPS were fruitless until I was told they did not accept bi-weekly payments. But the money was out of my account... Just not credited to the mortgage.
I was told to refinance (at great expense to me... And my home was due to be paid off in just a few years). This went back and forth for quite some time. I refinanced and figured that this would eventually get straightened out. I was so naive. When LBPS did changed names and became Seterus I was told to refinance AGAIN! HUH? Bank of America never looked at the mortgage. My mortgage payments were on time. As were all of my other bills. I had a stellar credit rating. It was robo-signed to LBPS so they could make some money.
I really tried to keep my home payments up to date. But I think they wanted to churn the mortgage again and again so they could make some money for them. ME? They didn't care. They were focused on getting their hands on my 950 square foot two bedroom one bath home. I don't know why. Bottom line; I used all of my savings, liquidated my investments, cashed out my retirement accounts, maxed out my credit cards, filed for bankruptcy in an attempt to save my home. Eventually lost my home of 30 years to foreclosure. This problem started with Bank of America but the eventual fault is with Seterus.
I reached out to this company when my husband originally we can to try and get a mortgage modification. When my husband of over 25 years passed away in October 2016, I decided to do the deed in lieu. They were so unorganized that I was getting calls from two or three different departments who didn't know each other was already calling. At that time I told him, "Forget it. You guys just foreclose. You're too unprofessional to deal with."
A few days later I got a call from a lady in what was supposed to be they did another department I was offered monies for relocation assistance. Let me reiterate I was offered it, I did not ask. From April until May 31 of 2017 I spoke to someone always a different person once a week at least. When you checked it was supposed to arrive within 30 days hadn't arrived after three months, I started calling and every time was told a different date that this check would be issued. They went as far as to make a tracking number with Federal Express on May 31, 2017. They sold my loan June 1, 2017. When I called again on June 4, 2017 I was advised they could no longer speak to me because I was not a customer.
After many months of dealing with a new mortgage company I was told today that this collection of thieves and liars Who prefer to be known as "Seterus" previously known as IBM something does not even offer a relocation assistance program. So every time I called every different person I spoke with consciously lied. They cannot speak to me because I'm not a customer yet they are still reporting late payment and in arrears to the credit companies. This is the worst of the worst. How could a band of thieves and liars call themselves a business. Because of the name change in previous litigation is very obvious at this "company" that the practice continues of lies and deception got them in trouble in the first place. My advice, stay far away.
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I have called 5 times for a month, requesting a payoff quote from Seterus. I was told today it could take another 2 weeks before I get the payoff quote. I was also told that they are adding a few on top of what I owe. Evidently, being in foreclosure a while back prevented the release of the payoff quote, according to the agent today. Why the previous agents did not resolve this problem a month ago, or last week, is also unknown. Avoid this company like a bad disease.
I have been waiting for this company to provide me a breakdown on an overage for over 3 months. Waiting on a letter since August. Gave them until Oct 15 to respond… Or we head to the next level. They have now realized that I mean business... My heart aches for all the individuals who have been getting the runaround from these mongrels. Spoke with two ** today who apparently reads from a script. They tried taking over me and when I advised them of the federal regulations governing their behaviors and advised them that I have a law degree the attitudes changed. Stay the course, they will try to frustrate you, their business practices are questionable and if you can cease doing business with them… Run...
Our Mortgage was first with Countrywide, then Bank of America and then Seterus. Our initial experience was horrific. Terrible customer service and the supervisors were even worse. Kept losing paperwork, saying behind on payments, used a suspense account. This company can't even answer your questions. Put you on hold for 20 minutes and come back with the same old written script and never give you the actual answer to the question you asked. And trying to get them to give you documents is like pulling a mouth full of teeth! Maybe by the 3rd request you will get it. They also pull this you have to do a loan modification and don't tell you all the documents you need to send. Never contact you and then lie! Tell you one thing and then call you 20 times a day saying they don't have a payment and you can't pay this way or that way and then lose the payment.
Now paying a lawyer to prove I made plenty of payments even more and they still deny I made payments when it is in black and white in their face. Now I have to for the third time go have the bank statements reprinted on my closed accounts that will cost me once again! In the meantime I have to let the guy who bought the mortgage inspect my home of 20 years and have him send random people to take pictures of my house for insurance. How do you insure something already insured? Seterus are lying robbers and have made me insecure in my home and humiliated.
Seterus never notified me with a "welcome package" and I continued to make payments to CITI. Those first two payments were lost in space, which had a trickle-down effect making all of my payments late, put in 'suspense'. Their documentation is unreliable. One employee told me on the phone that at the beginning of 2017 their computers weren't processing paperwork because Seterus didn't make payments to the computer company!!! When they finally started processing my info 3 months later, they continued to shortchange me, send conflicting documents and payment amounts. Oh, they also changed my payment amount randomly, put my money 'in suspense' and said that I didn't make a payment that month. Really, I am ready to have a nervous breakdown!!! I can't listen to that recording one more time!!!
Long story short, my property has been sold, and yet my name is still on the mortgage paperwork stating my property is now going into foreclosure when I DON'T EVEN OWN the property anymore! No one at this terrible business knows what they are doing and no one even knows my property has been sold!! How is this even possible and now I'm facing a foreclosure on a property that is no longer even mine, someone else owns it! Can anyone offer any advice at all as I get nowhere with any representatives at Seterus. Does anyone know the law firm that represents them?
Took over my mortgage 3 years ago. Took a year to get my address correct (mortgage address). Every month different payment amount. Combined modification mortgage and charging interest on whole thing. (25% supposed to be deferred). Customer service horrible. Fraudulent accounting practices. Need to be stopped! Will participate in class action lawsuit. Filed complaint with state attorney in Florida.
I called today and questioned why ten years ago when I bought my house I paid 175K and when I did The mortification 10 years later it was still 175K when all they did was raise the interest rate and length of loan. When Tonya couldn't explain it to me so I understood she got very nasty with me and asked why was I asking the same question over and over again. This company absolutely suck. I'm going to hire a lawyer at this point cause I feel like I'm being taken advantage of. I would just let them have the house but I do like it there. But for anyone else I wouldn't recommend them to my worst enemy.
I am in for a class action on Flood Ins. scam and anything else against them and KFB. My Flood Insurance went from 600$ py w/ contents to over 2k w/o contents on a 90k loan and property appraised at 140K last yr. They said I had to have replacement coverage for flood. I complained and KFB reduced it to 193k and sent me 100$ check back. I told KFB agent "I don't care who says what this yr, I want 90k$ policy and no more." So today I get a check for 1186.00 from Ky. Farm Bureau and payment letter from Seterus with 2009.00 payment to KFB for flood ins. So both are running a scam of some kind.
Loan sold to Seterus with no notice. I prepay my mortgage monthly, so it has never been late, plus we pay additional monthly. Every experience I have had with Seterus has been awful. I am refinancing just to move my loan away from them. My latest experience with Seterus: June 2nd, 2017: Sent the necessary forms and payment to Seterus, to request cancellation of PMI. June 7th, 2017: Seterus received paperwork and check, as shown stamped on CK# **. June 8th, 2017: Seterus sent a letter acknowledging receipt of necessary information and payment. Informed Elaine that an appraisal had been ordered and an appraiser would be in contact in approx. 3 business days.
July 6th, 2017: Elaine called Seterus customer service, spoke with Christine **. Christine reviewed the account notes and saw the above mentioned correspondence between Elaine and Seterus. Christine sent an email to the escrow department to inquire about the delay on the appraisal, as nothing had been noted in the Seterus system. Christine suggested that Elaine call back in a few days to check on the status again.
July 12th, 2017: Elaine called Seterus customer service, spoke with Alicia **. Alicia reviewed the account notes and saw the above mentioned correspondence between Elaine and Seterus, along with the email request from Christine. Alicia again informed Elaine that there have been no responses and no additional notes to the account. Alicia would again email the escrow department to inquire about the status. Alicia set up a call back to Elaine for approx. 6PM on 7/18/17, rather than having the customer call back again.
July 18th, 2017: By 6:45PM, Elaine had received no call from Alicia with Seterus, so Elaine called Seterus customer service again. Elaine spoke with a customer service representative (did not get her name), who again confirmed that nothing had been accomplished, no response had been received from the escrow department, no other notes had been posted to my account. This representative wanted to send yet another email and asked Elaine to call back in one week. Elaine informed the representative that this was no longer acceptable and she would like to speak with a manager. After holding for several minutes, Elaine was able to speak with manager Cindy **, who promised to escalate the issue and give a return call on 7/19/17. She also stated that she would inquire about giving a credit for the two months of PMI charged and paid, while this has been going on.
July 19th, 2017: Cindy ** did call back and informed Elaine that she was able to speak with the escrow department to get the name of the company responsible for conducting the appraisal review. She spoke with Old Dominion to get this file moved to priority and someone would be in touch with me by close of business on 7/21/17. She also left her direct number with Elaine to contact her back, should there be any additional issues with the PMI cancellation or appraisal review. July 21st, 2017: No call concerning an appraisal. July 24th, 2017: Elaine gave a call to Cindy **, to inform her that there was still no call from the appraisal company, but received her voicemail. Elaine did leave a message for Ms. **, but never received a call back.
July 27th, 2017: Elaine called Seterus customer service, spoke with William **, to request a refund, as Seterus has not held up their end of the agreement. William put in the refund request and informed Elaine that it would be 2-3 weeks for processing. William also instructed Elaine, if contacted by the appraisal company, do not schedule the appraisal, since we were cancelling this request and refunding the fee. As of 08/09/17, we are still waiting for our refund. July 31st, 2017 (9:34am): Elaine received a voice message from Catherine with Destiny appraisals, to schedule the appraisal for my refinance. Elaine did not return the call, as this service had already been cancelled.
August 7th, 2017: Elaine received a bogus letter from Seterus, dated 08/02/17, stating that they were unable to get in contact concerning the appraisal and therefore were refunding the cost of appraisal. This is bogus because Elaine had already requested a cancellation and refund, but this was not mentioned. The letter sent was drafted to make the company look as though there was no negligence on their part, which is false. Elaine did everything that she was responsible for: no late or missed payments on this mortgage since inception with Seterus, as we prepay monthly; enough equity built up into the property, as the current loan amount is approx. $106K and the equity is approx. $170K; complete the request form and pay the appraisal fee, all which were done. The assistance given by Seterus to complete this task was ridiculously poor.
As a tax payer, I fought in the home owner fraud crisis, where banks/ lenders defrauded Americans. What I found was that Seterus was part of a scheme manipulated to remove the names of criminal banks and to give the appearance of servicing homeowners, when in fact they were a shell to attempt to reduce liability from banks that were in violation of lending laws, servicing laws, foreclosure laws, and several RICO laws/regulations. One bank in particular paid over 30 billion in settlements to avoid allowing the public to see the egregious violations, such as using the "blank endorsed note" as a means to trick municipal courts into believing that they had legal standing when in fact evidence showed they sold the notes into a public security trust and had no legal standing.
This was the biggest financial fraud in American history and the CEO of the two largest banks, the head of treasury and the head of New York Fed were in on it. Seterus was an organization that provided relief for the banks that were in violation and it was an additional attempt to hide fraud, displace Americans, and violate homestead laws.
HORRIBLE, HORRIBLE, HORRIBLE. Will not recommend them to anybody. I'm in the midst of refining my house and Seterus, Inc is my current loan. Getting ppwk from them takes days. It's always 7-10 business days to get it back to you because you have to go through different departments to request them and once you request them, you have to wait 7-10 days to receive it even through a fax. But when you're in 15 days grace period of paying your payment, they call you and ask you when you are going to make a payment.
Our Mortgage was first with Countrywide, then Bank of America and then Seterus. Our initial experience was horrific.. Terrible customer service and the supervisors were even worse. It went on for several years. I complained to Fannie Mae (the owner of our mortgage) and I wrote letters to Seterus that went to their Consumer complaint Department. It was there that my correspondence started to be addressed by a wonderful lady named Sarah **. Believe it or not, she has changed our opinion of Seterus.
We are now in a modification that has helped us save our home, reduce our monthly payment and now includes an escrow to pay our taxes. Before we had to come up with $5,000 for our taxes and that burden is lifted. Yes, we still have to pay, but the modification makes it a lot easier. Sarah is always available to help and explain any issue and works diligently to help the customer. My advice... Write letters, include all details, contact Fannie Mae if they own your mortgage. Do not waste time calling customer service... They are of no help.
Today I asked for my pay off quote and lo and behold I received it right away. I immediately sent the money through my online banking so they will receive it tomorrow. I have talked to them today and was told that my escrow and release of deed should happen within 30 days (we will see). All in all my experience hasn't been quite the nightmare that others have experienced.
Last year when I started to pay significant amts off on my principal I experienced some difficulty getting the funds properly allocated, at one point they had me paid about 6 months in advance. I spent much time and talking but they always seemed to get it straightened out before the next month. I found the best way to pay the monthly payment was brought my online banking bill pay feature. They always wanted me to do it through their bill pay or authorize hem to deduct it every month from my account but I like being the one in control.
I have learned a lot dealing with this whole pay off thing with Seterus. Now I hope they get everything right with the pay off. Using your online banking bill pay will make it much easier to keep control over your payments. Logging on to their website frequently will also let you know exactly what is going on with your acct so you can nip issues in the early stages rather than be taken by surprise months later. I am not saying that working with Seterus has been easy but I am sharing the ways that I have discovered work.
Also recommend doing your own amortization schedules. They are easy to do and bankrate.com has one that I have used many times. If you use that then when you talk to them you have numbers at your fingertips that help you better explain your problems. I wish everybody luck in dealing with this very difficult company, and wish me luck that my pay off with them goes smoothly without some of the bumps in the road I have read about and prepared myself for.
This company is a complete rip-off! Our home was initially financed through CitiMortgage. They sold our loan to Seterus. We have paid our mortgage faithfully for 10 years - no going into default, hardships, or anything like that! Recently we noticed that our principal amount doesn't seem to be moving even when we pay extra. The problem seems to be that we have an escrow account, so their response has been that our taxes or insurance was more. Okay, we're pretty sensible people; so we never fought that a whole lot. We were offered a great refinancing rate with the opportunity to pay off our home in less than half the time that we still owe. Seterus has put up every stumbling block possible to prevent this. All we need is a current mortgage statement and they refuse to send it out. They have repeatedly lied about not being able to fax from their home location and state that they use another company to fax.
They can't give you a specific time; one day they told me that it takes 3 to 5 days and another day they told me 10 business days. It has now been over a month, and I still don't have it. They put you off and off in hopes that you will stop asking. The people working for them also are rude and sarcastic! They attempt to read notes from every call but when you correct them by stating that's not true or not what we discussed - they act like you are crazy. I made it a point not to lose my composure with any of them. I let them know that I, too, document every time that I have called in requesting documentation. They even cut me off stating that I hadn't made my loan payment and I had to tell them that my loan payment is set up on auto-draft for the 15th of each month! I would give them a 0 if it were available! I hope someone sues their butts! All I want to do is get away from them!
11 years perfect payment history. March payment coupon had wrong address. Corrected issue then April’s payment went to escrow and Seterus hasn't corrected their issue and it's now June 12th and only way to make a house payment is by phone since they refuse to send a bill for the month, 8 times since March I have called them plus faxed them. I'm about ready for some legal help.
My original loan with CitiMortgage and was sold to Seterus loan servicing. I was in a trial modification and had retained an attorney who was able to arrange the trial. My payments were not late and after the three months a final modification was sent to my attorney in which he was dismissed prior to the first payment of the trial. The attorney sent the modification back to the lender and I did not know where it was so I contacted the lender and they said, "You didn't sign the final but you sent it back." Explained the situation with attorney and it didn't work so I then was in default. Then I paid $8700 to bring the loan back to normal as they said it was but then two weeks later they sent me another bill for $2500. I am dying and my wife is very ill and these people are rude and refuse to help us keep our home. We were just paying out money and they kept giving us sale dates. What can we do?
I have a similar story to many of the reviewers here so I won't waste your time repeating mine. We had a mortgage with Chase that was bought by Seterus. We had no say in the matter. Seterus is absolutely the worse company ever. Every review on here is accurate in that Seterus intentionally will waste your time, energy and take your money. Their customer service staff is only allowed to read from their inane scripts. You can hear the frustration in the employees voices, they may want to help you but they can deviate from the script. Get away from Seterus as quickly as possible.
I have had many poor experiences with IBM-LBPS/Seterus. They would misappropriate my payments all the time by applying the entire amount to a 'suspense account,' which is illegal. To put them on the right path, what I had to do is send a letter along with each payment telling them how to apply each payment and stating clearly any other application thereof is fraudulent and punishable by fine and/or imprisonment. If one does not know how to figure out the interest portion, here is the formula: (i*Loan Balance)/12, so if you owe $100,000 and your interest rate is 6%, your interest portion is figured accordingly: (.06*100,000)/12 = $500. That is the only way I could straighten them out, so I had no further problems.
As I spoke with the Seterus representative in April and again June 1. It was obvious they are trying to steal my dad's house. They got the loan from Bank of America. My dad went into the hospital from a broken hip. He got behind on the mortgage. He worked out an agreement for a modification. Their terms were a 90 trial for an automatic withdrawal each month on the first and if he honored it, he would receive the modification documents in the mail. I told him he better call before April 1 since he never received the documents to double check on things. The representative on the phone said that since my dad DID NOT PAY his original 90 days, payments on time, he did not get the modification granted. I took the phone with permission to speak and said, "Ma'am... we have bank statements that show you people took the mortgage out of the bank every month and the payments have cleared."
The lady on the phone put us on hold and YES, LO AND BEHOLD... "Oh my, yes, I DO SEE WHERE YOU DID PAY. LET ME ESCALATE THIS RIGHT AWAY TO MY SUPERVISOR." SHE SAID... “And get you your documentation in the mail. And, let me get this fixed where it will show you did pay on time.” So, we asked, "Will the automatic payments remain from now on?" “Oh no.” she says… "You have to verbally allows us to do another 90 days." What??? Why?? we asked. She said, “Because...” so, my father authorized verbally another 90 day auto withdrawal for his mortgage payments. While we are still waiting for the modification documents in the mail… you know, the check is in the mail? Well, here we are, June 1 tomorrow, and, Seterus has been blowing up my dad's phone, so we called them back...
LO AND BEHOLD, AGAIN!!! The representative is trying to collect payment for JAN, FEB AND MARCH of this year and we had already supposedly resolved this the last time. I told her, "Look, you better get into your notes and get this fixed. I don't know where you are putting my dad’s payments, but he has been making them.” She said that it shows that he did not make his payments. I wanted to scream. I said to her, “You better go through the notes and find where he paid or I am reporting them to the feds for fraud, money laundering, and mortgage fraud". AND I DID, I REPORTED THEM TO THE FBI. I SURE AS HELL DID. THIS REP told us that the money was never credited to my dad’s mortgage…?
She claimed there was a "glitch in the system" and again, he had to verbally authorize his auto withdrawal... And then they raised his mortgage claiming a delinquency in the ESCROW… ALL OF SUDDEN. THIS IS SUCH **! THIS COMPANY IS COMMITTING FRAUD. IT’S FRAUD 101. GO TO THE REVIEWS. Go see what they are doing to everyone… We all need to go to the FBI, report mortgage fraud page and report them. Do it.
If I could rate Seterus a -0-, I would. This is the worst experience I have had with a home loan. Their customer service is terrible, rude, non-responsive. It is impossible to communicate as you have to go through 10 menus to get a person, they don't email, only fax and mail... who does that? Loan was sold by Chase to this group, if you have a loan with them refinance or do whatever you have to, to get rid of them. Paid my loan, on time, for over 5 years, getting ready to sell and they added an additional $800 to my balance, on my Pay Off statement, claiming the legal / administrative fees were from 2012. Never reflected on my statement for 5 YEARS, no notices sent, they will not provide detail, will not respond. How they can still be in business as I see hundreds of reviews with similar experiences, is beyond me. Something needs to be done and I will make sure I complain to every agency available and will go legal. It is not the amount, it is the principle.
We recently sold our home and have a contract on another home. Got a call today from the title company as they are needing the payoff of our mortgage from Seterus. Seterus is quoting 7 to 10 working days to prepare a simple payoff quote. The title company says every lender or mortgage servicing company they contact always provides payoffs in 4 to 5 days. 7 to 10 is not only ridiculous, it is causing us to delay the closing on both the sale of our house and the purchase of the next house. That translates into rescheduling all of the utilities, the movers and is a general pain because Seterus is so far behind the times with technology. To rub salt in the wound, I can go online with Bank of America, who is our lender on our second mortgage, and get an instant payoff online. We did not choose Seterus as our loan servicing company, they were forced upon us. If you have a choice stay as far away from this company as possible.
These people are the scum bags of the earth and once you find yourself having to deal with them be prepared for the nightmare of your life. My loan was sold them by Chase and at that time I was experiencing a hardship due to the lengthy recovery from a neck surgery. When I called Chase after selling an asset to phone in 2 payments was when I was told Seterus was my service provider now. They demanded I make all 3 payments and their fees or NOTHING!! It was one lie after another. When I would gather up funds they would just tack on more fees. 10 months of pure hell and the only way I was able to get the foreclosure stopped was by coming up with almost 15,000 and demanding everything in writing before wire transferring the funds. I also consulted with a Fannie ** loan counselor. That was a key factor I believe.
You can expect to be on the phone NO less than 40 minutes per call and never will you be able to talk to the same person. If you get a manager named Anthony HANG UP!! He is the devil himself and took pleasure in tacking on over 2,000 in fees once I had come up wit the reinstatement figure given and a day late due to their Loss Draft Service Dept. QBE. They are a bunch of incompetent morons and Seterus is a bunch of lying crooks.
We had nearly 100K in equity in our home and they were foaming at the mouth to get their hands on it. They were trying to out me in a hole so deep I could never sell enough assets off in time to get out. So they thought. Demand everything in writing and find a local HUD housing agent to assist you. NeighborWorks is one in my area. I am recently current with my loan and thinking of selling it just to be rid off these slimy scum bags. If you find yourself in the same place with them as I did, I am very sorry for your misfortune.
Seterus is stealing my escrow. Escrow fell behind in 2016, in 2107 sent amount to catch up. In 2017 made payment with additional amount to cover all escrow needed for 2017. Trying to make payoff. Seterus is asking for the same amount that I already included with payment. Plus for my payoff amount they asked for bogus amount above my normal payment amount to cover escrow. If I sent in the amount they are asking for to cover escrow I would be approx. 800.00 over the amount needed for escrow. And they have not paid my past due Real Estate taxes yet. So wish me luck with this well known unethical 'debt collector'. Fannie Mae you should be proud. I'm sure you have lots of very happy customers. By the way, they take 35 days to respond to a fax. They ask that you call them that way there is no written proof of your correspondence. Cover yourself when dealing with a less than trustworthy corporation.
I am going to sell my house just to get away from this company. This is what happened to me. I contacted Seterus, Inc. in late June of 2015 and I informed them that at that time I was caring for a family member who had been diagnosed with terminal cancer. He died on 06/29/2015. He lived in Westchester County, NY and I live in Suffolk County, NY. I informed the person I spoke to that due to mounting expenses related to the care of my family member the July payment would be late, a few days beyond the 15 day grace period. Those expenses included daily round trip travel in excess of 100 miles and round trip toll charges that in the NY metropolitan area are simply outrageous. My expenses also included airline tickets for elderly relatives who lived out of state.
"You don't have to make a late payment," I was told. The Seterus Customer Service Rep. presented the option of dividing the July 2015 payment into 6 monthly installments that would be added to the subsequent monthly mortgage payments but that in order to do so I would have to set up automatic withdrawals of the corresponding amounts from my checking account. I specifically asked if this arrangement would negatively impact my credit report and was assured that due to the fact that the payments had been set up as auto-pay, this would “not even show up on the credit reports, guaranteed”. As a result of the information provided to me by their employee, I agreed to the arrangement.
Needless to say, the assurances given me were incorrect, either the person I spoke to was woefully misinformed or they flat out lied to me for reasons I can only speculate upon. Not only did the late payment appear on my credit reports, it appears as 6 months of late payments. (Equifax) Also, what they told me was a processing fee is listed in their written response as a late charge assessment. In the first place, had I been truthfully informed, I would not have agreed to this arrangement. In future financial dealings, that one late payment could be explained and the explanation bolstered by showing the death certificate, etc. But 6 late payments is another matter entirely. And second, there were not 6 late payments; the subsequent payments were made automatically and on schedule. I discovered this in March of 2017 when I went to get "Pre-Approved" for a vacation property I was interested in purchasing.
I contacted Seterus and requested by phone and in writing that the negative information be removed from my credit reports. Their written response was that they reported the dates that the funds were received and how they were applied and that these payment histories details the installments were satisfied outside of the month that the payments were due. Subsequent telephone calls requesting to speak to a supervisor were met with stall tactics. No one is ever available. They then claimed that the decision was not made by Seterus employees but by a consumer government affairs committee and that Seterus has no decision making power in this instance and that as far as they are concerned this is a closed matter.
Obfuscate, stall and lie must be the marching orders this company uses. Their people are either poorly trained and do not have a clue as to what they are talking about or they are well trained to lie and say whatever they have to in order to get at your money. We have no choice as to who our mortgage company transfers the servicing to but if your mortgage servicing gets transferred to Seterus, look out. I would suggest to you that if your state allows it, record your telephone conversations with Seterus and keep the recordings until your mortgage is paid off in full, keep copies of all your correspondence including cancelled checks, etc. They are not a reputable company and are not to be trusted. Count your fingers immediately after you shake their hand.
The disrespect we have received from Seterus Inc is horrible. They played with my account! I have a business account on file!! That only I'm authorized only to uses! They called me and my husband when we had a payment behind! I'm mean 8 time a day calling back to back until 9 pm!! They called my husband who is not authorized to make payments on my business account but bothered my husband so much that they authorized a payment when he did not have permission! I told them that we did not have fund but they went ahead and charged my business account! That made me fall in default!
I told them we did not have funds and they continued to charge my account when I had no money in it! Then they did this three time with unsuccessful attempts due to no funds in account! So then they cut me off from making payment over the phone! I asked for managers to call me back and they never did! They lied to us and took our Mortgage from 30 yrs and made it 40 years! That's flipping fraud!!! I need a lawyer in regards to this complaint! This is BS!!! How this company Seterus Inc can destroy people credit! Like they did ours! I'm outraged over what they did to us! And need a top manager to call me!!
Seterus (formerly IBM Lender Business Process Services) Company Information
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- Seterus (formerly IBM Lender Business Process Services)