Bank of America sold my mortgage last year to IBM Lender (they changed their name to Seterus this yr). Be wary of Seterus. They will hold payments until after due date so that they can collect late fees. Within two months of being with this lender, I had to start sending my payments via certified mail".
As I am so disgusted with this company and unable to refinance, I am sending them additional payments to be applied to my principal so that hopefully I can pay off my mortgage faster/. Both my mortgage and extra payments are being sent all in one check so there should be no confusion--right? Think again?. Because they can't get me on late fees, they are now holding that extra money for a few days and then applying it to my principal'. Why? Because they make their money through interest based on the principal balance of the loan, so those extra days that they do not apply it to my principal, I incur interest on/. May not be much money, but if they are doing this to thousands of customers, it does add up to a pretty penny along with the fact that they are probably receiving a considerable amount of money for late fees because they will apply the payments after the due date (if you don't certified mail your payments)".
Customer service is horrendous,. I hope this company gets investigated because their deceptive lending practices, at this point, should be considered illegal?. And shame on Bank of America to be selling their loans to this scam artist of a company. 12828e4
As I am so disgusted with this company and unable to refinance, I am sending them additional payments to be applied to my principal so that hopefully I can pay off my mortgage faster/. Both my mortgage and extra payments are being sent all in one check so there should be no confusion--right? Think again?. Because they can't get me on late fees, they are now holding that extra money for a few days and then applying it to my principal'. Why? Because they make their money through interest based on the principal balance of the loan, so those extra days that they do not apply it to my principal, I incur interest on/. May not be much money, but if they are doing this to thousands of customers, it does add up to a pretty penny along with the fact that they are probably receiving a considerable amount of money for late fees because they will apply the payments after the due date (if you don't certified mail your payments)".
Customer service is horrendous,. I hope this company gets investigated because their deceptive lending practices, at this point, should be considered illegal?. And shame on Bank of America to be selling their loans to this scam artist of a company. 12828e4
 Comments (1) |
| 1. Written by Charles on March 2, 2012 from stockton, california, US Be Wary INDEED! We inherited Seterus from BoA as well. As was our practice with BoA, we paid an 'extrea amount toward principal' to Seterus and discovered VIA a call to Seterus customer "(dis)service," that the extra amount we paid toward principal was "HELD IN SUSPENSE" and would be applied to the next regular mortgage payment INSTEAD OF mortgage principal. To add insult to injury, we were TOLD by Seterus that (in addition to clearly communicating our principal reduction intent with the mailed extra payment amount - we "MUST ALSO" communicate it directly to Seterus customer (dis)service "BY PHONE." Of course it'll be hard, if not impossible, to prove you ever made such a call - which is why Jathey "require" you make it! BoA sold its COWS to Seterus and it's MILKING/FORNICATION time. |
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