Phoenix, Arizona
3.3K views 329 comments
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I am having pretty much the same problem other people are with IBM LBPS (soon to be Seterus).I contacted t hem in jan.

2011 for help with my mortgage. I did not qualify for hamp but qualified for a mod 24. THey never sent out paperwork for it and I called them 2x to ask where the paperwork was. Got different answers.

Then two weeks before my foreclosure sale date, they called me and said they messed up and didn't send out the paperwork and I had to start all over. Suddenly I didn't qualify for the mod 24 and unless I wired them money, they would go ahead with the foreclosure auction. Filing BK was my saving grace there, but now I am stuck in a paperwork nightmare....they never seem to have the right paperwork needed and I have to fax something else in.

I'm afraid they are buying time until the BK discharges so that they can start foreclosure again.I really am beginning to dislike this company!!!!!!

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Anonymous
#884591

They are the most underhanded company I am the unfortunate holder of one of they're modification loans

interesting
#818670

FANNIE MAE IS STILL GIVING OUT LOANS TO THE PEOPLE TO GET THEM INTO A HOME INSTEAD OF RENTING....WITH NOTHING DOWN....SO when three or five years are up they sell them to other companies for investment so they are the problem.

DO NOT ANSWER THE PHONE
#818668

This is the way they work but they are in debt with homes that they cannot re-sell...because of location and lack of work in area...homeowner associations attached to these homes makes it even harder. Maybe this is a blessing that they lack professionalism and that you should file bankruptcy or file for reverse mortgage. God works miracles and that the signs for this company is folding...FANNIE MAE WILL BE HELD ACCOUNTABLE....

Maria Kolodziej-Ronkonkoma NY
#776464

I purchased my Florida home in 2006 for $242,000 and in 2009 I found out it contained toxic Chinese drywall.I am not able to live in the house, unable to rent it or sell it due to the toxic chemicals found in the drywall.

My builder got paid by the bank and filed for bankruptcy. I got a mortgage from Chase bank who sold the loan to Seterus when they found out about the toxic drywall. In 2006, Chase bank appraised my home for $242,000 and now are refusing to give me a copy of the original appraisal that was done on the home. My home is currently in foreclosure and Seterus/Chase is suing me for the balance on the home which is $152,000.00 because I signed a promissory note that indicates that I receive the home in the promised condition.

Obviously, I did not receive the home in the promised condition as is stated in my contract. The bank appraised the home and it is considered appraisal fraud because it is not valued at $242,000. Its current market value is $28,5000. But that is not good enough for Seterus to accept.

They are trying to place a judgment against me and take my NY home which is the only thing I have left. I cashed all my retirement investments to pay for attorney fees since 2009. But the Seterus bank will not give up until they throw me and my children out on the street. They are determined to get the balance of $152,000.

I already gave the bank 100,000 and it doesn't include upgrades on the home. They are not satisfied with...

Where is my bail out from this crisis? My children and I live in a 1,200 sq. foot home in NY and this is what the bank wants to take away from us and throw us on the street in the middle of the winter.

This is the way big businesses treat single mothers who are trying to secure a future for their children.I worked hard all my life just to loose everything.

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scared
#707638

My loan was sold to this company.I never missed a payment, never had a late payment.

Nevertheless, they began a systematic harassment, calling constantly and suggesting my payment would be late, I wouldn't pay, insurance hadn't been paid, taxes weren't paid. The rep was intimidating and nasty.

It became so intense that I paid off the loan to get rid of them because I was so sure they were trying to build a case (completely false) to foreclose.Stay away from this company.

Hildred1
#624938

This comp sucks.They Denied me 3times for a loan Modification.

I went thur a comp called Credibilty just to do a 3mos trail period. And The bad thing about this! This is a Non owner occupant. You would think that they would try to help they customer.

They have a lot of :upset people working for them.:zzz

 Banging head on wall
Grand Rapids, Michigan, United States #610318

I have been trying to refinance my home for a year now and my credit has been demolished due to false credit info concerning late payments.

I have disputed the claims with credit companies several times and each time I think it has been fixed, a new false late payment shows up, keeping me from re-financing my home. Ready to send my keys to them......

Wild goose chase in MA
#569395

I advise everyone hear to sell your properties if you can, even at a loss to get out from under the mortgage handler, Seterus. For some reason I believe the gov't has hired this company to quietly foreclose on people's property by stringing them along to make it look like they are trying to help Americans get back on their feet, but their true mandate is to foreclose on properties under the radar so as not to bring to much attn to this nations forecloure crisis.

Sudi
to Wild goose chase in MA Paducah, Kentucky, United States #591347

Seterus is a collection agency and some how they got into the mortgage deal. I am with you, the problem is you can not sell your house. We had ours on the market for two years with no offers.

Amy
#566886

:cry

Seterus is a horrible company. They keep telling you they want to help you, but they do nothing. The worst customer service ever.

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