Seterus (formerly IBM Lender Business Process Services)ConsumerAffairs Unaccredited Brand
Our loan was sold to Seterus without our consent and we have been living a nightmare ever since. Seterus charges all sorts of astronomical fees and can't give an explanation of anything when you call. You can never talk to the same person twice, and they never tell you the same thing twice. This company uses the threat of foreclosure to cheat innocent people out of their money. Fannie Mae should be ashamed to deal with this company and if someone begins a class action suit, I would be a part of it. They try to force you into a modification that will have you owing triple what you owe on your home.
Thanks to HSBC's deceptive escrow practices landed us in bankruptcy to avoid foreclosure. You owe $4000. go to pay it, "We can't accept it." Now it's $8000, go to pay it, "We can't accept it..." On and On. 3 months before discharge of bankruptcy Nov. 2015 the loan is transferred to Seterus. Nov 19 they send a letter: Unpaid Interest: $5010.58. Foreclosure: $564.92. Advances on behalf of borrower: 564.92. Valuation Costs $85.00. Sent to lawyer and mailed a letter reminding them of our bankruptcy.
Then force placed $5500.00 windstorm insurance on the account. HSBC did not require windstorm ins. Seterus did not notify us until December 24. RESPA requires they send 2 notices before force placing a policy. Immediately obtained private insurance and notified them in January. In March they still had no record of receiving it. I sent it by fax and mail and the agent sent it. In January bankruptcy ended, Seterus signed the notice of Final Cure Payment, meaning our account was paid and current up to Jan 26 and we would begin making the payments effective Feb 1, 2016 (bankruptcy trustee made the payments during bankruptcy).
By March our account was "still in bankruptcy status and they were not allowed to talk to us." Lawyer had to send letter again. By June we haven't received statements or anything so we call, still in bankruptcy status. Lawyer sent letter again. Sometime around August I'm locked out of the website to pay. Call, it's in bankruptcy. Talked to someone who seemed helpful and said he took care of it.
December 2016 we receive no escrow statement but a fat escrow refund check for $2700 overage. Fast forward 2017 still not receiving statements. (ALL payments to date are made 3 days before due. Locked out of website intermittently which indicates they put us back into bankruptcy status. (our poor lawyer) Sept 2017 we're hit by hurricane. So we call about forbearance JUST IN CASE. Both out of work over a week, no electricity and damage to the house. Bankruptcy status, talk to bankruptcy dept. She disparaged every person in the company. How stupid they are, incompetent, she sees it all the time, they enter the wrong codes, she could kick someones **.
She tells me, "Forbearance is not automatic, you have to be approved (NO YOU DONT) it will take 2-3 weeks before they notify you, you have to sign and return for the program to become active." Meanwhile 90 min later she claims our account is out of bankruptcy and all is good. My husband and I decided that we did not need/want to use the forbearance partially due to Seterus incompetence. No added nightmares needed.
December we receive our FIRST STATEMENT EVER. Showing a payment past due. Called. RUDE, no help, can't find or explain anything just "you have to write to request account history." I did. Received it, jibberish. Lawyer fees, inspection fees, corporate advancement fees. Almost $1200 in fees. Sent copies of all payments including bank statements. Called again. Tried to explain, had a manager involved. This time they say it goes back to the account with HSBC (It can't. Seterus signed Final Cure. We started at 0 except principal balance). They get nasty, "I'm not a bankruptcy lawyer. You have to call the records dept. They're not here now call tomorrow. Oh and by the way your account IS IN Forbearance." (We never signed the agreement).
Now I go back to my lawyer. Sent for QWR, and authorization for the lawyer to talk to them. Takes them 4 weeks. Which, they declined to answer 40% of the questions. Meanwhile I go online to pay, locked out again. Call to make a payment, go directly to bankruptcy dept. "Are you represented by a lawyer? We can't talk to you unless your lawyer sends letter that you can. Lawyer is the guardian and gate-keeper of your account" Really? I just want to pay.
Then I get the berating, 100 questions. To date, there is no clear accounting of the supposed late payment but they aren't charging any late fees. Lawyer fees will be more than the supposed shortage so I'm banging my head against the wall and looking into Hope.org and local mortgage help. Wish I could get out from under them but credit post bankruptcy. :-/ Oh and they have never recorded our account on our credit so technically we have to mortgage but thankfully aren't reporting the "past due payment." Sorry all.
If I could give Seterus a negative rating I would. Customer service is terrible. You talk to different people and you get different answers. They haven't even had the right customer service hours on their company letterhead and their website for YEARS. Really too many bad experiences to mention. I have dealt with them for nine years and it gets worse every year. I really do not see how such a poorly run company can even stay in business. Fannie Mae open your eyes and realize what type of company you are doing business with!!!
This company sucks! Every time I call they have a different answer. I ask for a supervisor and she says "have a nice day" and hangs up on me. So I get nowhere and have to call back and get another person who gives me a different answer. I call to tell them that they are not sending me a statement. Every month I have to do this. It's ridiculous. They say my name is not on the loan. I tell them it's my husband name and he passed away 4 years ago and already sent them all the paperwork. Also have been paying them all along. I have been married 51 years and they have all the information they need but continue to ask for more information every month. Very stressful. After finding they have this site just for complaints I am now extremely alarmed. Might have to sell my house to get away from this company.
I am reading some of the reviews here about Seterus Mortgage, and I understand now why I am been treated so unfairly. I have been paying my loan for the last 17 years. On November of 2017, I totally forgot to pay my payment. I didn't realized that I had missed it till I was ready to pay December. Oh! my God. I freaked out and will pay it asap. January came and I paid it. I still didn't have the money to pay November, I was still on top of it and will send payment asap. I get a 10 page letter saying that my house was in foreclosure. I couldn't believe what I was reading, I wanted to cry. I said, "I am only one month behind, how can they?" And had to go to court to settle this problem including paying court cost and fees!
I have been in Bankruptcy. Will finish in September of this year. I have the Bankruptcy lawyers helping me to solved my problem. As of today, I didnt have to go to court, but agree to pay the November payment. But it get better, they said I owe one more!... So an extra payment came out of nowhere. I said no, I only owe one... Well, they want my bank record payments for the last 5 years to prove them right, and go to court. If I am right, thats fine, but I'm responsible for court and lawyers fees... I am not paying lawyers fees. It can cost hundreds, even if I am right, it don't make sense. I am waiting to sign a letter saying I will pay 2 month. Got 90 days to pay. I hope that's all it takes, cause after reading all the reviews, I don't trust Seterus anymore. God willing I will never miss a payment again, cause I don't like that feeling of losing my home. Good luck to you all.
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My experience with Seterus has been fair. They do try to keep in track of financial expenses. And they are pushy about it. I finally figured it out. They need to protect their investment, and need to know if you can pay the amount requested. They have helped me a lot to keep things intact and catch up my balance. I have been working with them for about 4 1/2 years. And I do dread talking to them, because of the pushiness. Otherwise they are ok.
I have been fighting nasty old, phony Bank of America and come of their "co-conspirators" for over 8 years on 5 initial loans I thought we being originated and "table funded" by Countrywide Home Loans who had some very nice people. In 2008 I was notified that Bank of America had allegedly bought out CHL and that is when my problems all started. They have never answered the actual questions on who really holds the loans (is in possession of them) after the alleged sale from CHL to B of A. Their various law firms have never been able to provide proof of anything other than forged, fabricated, phony, and robosigned documents which clearly serve as nothing more than smoke and mirrors.
B of A "service transferred" four (4) of my loans (1 to Shellpoint and 2 to Seterus) and they are merely phony, pretend servicers (glorified debt collectors) who do everything within their power to steal one's property on behalf of greedy, racketeering Bank of America who acquired my loans supposedly from CHL. One of their law firms in Colorado even got busted and fined by the Colorado Attorney General for their practices and overcharges in foreclosures ($650,000 fine) and still doing business based upon all the phony documents from various "paper mills" around the country like in Ventura, CA, Texas, and Broomfield, Co.
Check out the 10th Circuit Court of Appeals in Colorado in George et al. Vs. Urban Lending Settlement Services and Bank of America relative to all this racketeering. Also there is one law firm allegedly doing a class action suit relative to this case who will make millions while us lowly property owners will only receive pennies on the dollar which I refuse to be a part of and they turned me down anyway and I had the five loans!!! Go figure. It is most difficult to win when the cards are totally stacked against one and your own government is part of the whole scam!!!
Seterus is a ripoff loan servicer. Their policies and procedures take advantage of those with financial difficulties. In particular, holding your hazard insurance repair money and forcing you to fill out and notarize a 23 page document that requires you to use an outside contractor. So complicated that I have had 6 contractors refuse to fill out these forms and move on to other jobs. My house remains damaged while they put up more hoops for me to jump through. I am forced to file a lawsuit in order to get my home repaired. In my opinion they should be responsible for all additional damage that is occurring while they hold the repair funds hostage. DO NOT do business with Seterus!
Our experience with Seterus has been a NIGHTMARE! Our original mortgage was for $96,000 in November of 2005 then our mortgage went to CitiMortgage and it was modified in 2011 for $110,800.00. CitiMortgage never adjusted the insurance coverage to cover the new amount of the mortgage. They transferred the mortgage to Seterus in 2014! They only covered the amount of the original mortgage because they say they don't review new accounts to determine the correct amount of coverage to place on a home! They just match whatever the previous company had for the amount of coverages! In May of 2016 Our family home was destroyed by fire! Seterus's insurance (QBE) only covered $96,000.00. For the complete loss of the structure.
To date they have disbursed only $20,000.00 toward all the debris removal/cleanup and replacement of the structure. They require bigger and better than what was there and since we couldn't cover the cost to replace the home to their required specs, we asked if we could apply that money toward the mortgage, we were told we could not pay any of that toward the mortgage unless we had enough to pay the full balance due, then it would be accepted!
We are currently living in a very run down double wide next door until we can figure out a way to comply. We have plastic over the roof so the rain won't downpour in and have stuffed the holes in the walls and floor enough to keep at least some heat in and this winter has really been difficult. I have been disabled since 1997, prior to becoming disabled, I worked a full time job and 2 evening and weekend jobs and I have helped many people down through the years whether it was helping type and file paperwork they needed or fostering children from drug related homes for Department of social services.
The NC DSS can't help in this situation because they classify me as a homeowner even though I have a mortgage and they don't handle legal issues such as these! My disability check only goes so far and my own health is not good at all. When I look into the face of my 14 year old son, I can't help but hope that surely there is someone or some agency that can give me some guidance or stand up for our rights! Please if anyone has any information on programs in regards to mortgages or maybe even legal guidance in regards to similar predatory loan/insurance circumstances that someone is facing please share! Thanks so much and blessings to all!
In the past 12 months I have been dealing with nothing but rudeness at the hands of Seterus. I also had a loan which was purchased by Seterus without my consent. Due to financial issues I have been having to pay my monthly payments a few days late. In early December I called to make my November payment and the supervisor I dealt with would not agree to take the full payment for November unless I made the arrangement for December. He threatened to place my home into foreclosure even though I was not even 30 days in arrears.
He strong armed me into a payment agreement which I knew wasn’t a good idea. Today when I called to let them know I could not meet the agreement - rather than just postponing the payment until my funds were available like I requested - the supervisor spoke to me in a very condescending manner continually asking me how did I expect to make my payment if I didn’t have the funds right now. His suggestion was to break down the due payment into the next three months changing my payment from around $1000, to over $1600. In what world does $1000 divided into 3 payments calculate to over $1800.
In trying to just stop the withdrawal from my account the Supervisor would not listen to anything I was trying to communicate to him and basically told me to shut up and listen to what he was saying and when I could have the ability to listen I could call him back and he hung up on me. This supervisor is the same person who bullied me into an agreement that I knew wasn’t a good plan. If you are trying to make payments of any kind most businesses would accept money toward money due. Wonder why they don’t? If anyone seriously files a class action suit against these bullies - count me in!!!
My loan was sold 2 years ago to Seterus from BOA. I was one month behind when it was sold, but I caught it up and I'm currently on time. My beef is this - when I call to ask a question I get harassed to the point of actual threats to give my financials, which I refuse to do. I have never in my life been treated so badly and I really think this company is a scam of some sort. If anyone has a class action suit or wants to join me - let's do something about these people. I've read tons and tons of information here and other places on how they are stealing homes and making lives miserable. I have about $800 in late fees, so they say from my previous lenders and I'm wondering how it works with those?
I have always heard you can pay the end of the loan. When they first acquired my loan, they sent people to take photos of my house and I was one month behind, and had made arrangements to pay with them, which I did, yet they still came to my home. As I said, I'm current, but I want to put the word out there that this is worst mortgage company EVER - and I'm sure nobody would chose them on purpose. As soon as I'm able, I'm re-financing elsewhere. I hope we all do the same and put these crooks out of business.
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.
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!
Seterus (formerly IBM Lender Business Process Services) Company Information
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