I lost my job several months ago but my wife was still working fulltime ; with our savings and freelance musician work for myself we were still too close to the financial edge so we decided to call IBM/LBPS who was in the process of re-branding to Seterus. We were offered a forebearance program which would require us to pay partial payments(about 25% less than our usual payment) for 3 months ; after the 3 months Seterus would decide if they would allow us to continue to make partial payments.The partial payments would destroy our credit and we would still be responsible for the part we didn't pay which could send us into foreclosure anyway. Do not trust Seterus for the following reasons:
1. Everytime we called we were given wildly varying information ; even from persons in the same department.
2.Seterus will not sign their own forebearance agreement/contract even though they require the borrower to get the contract notarized & signed and it has a section on the contract designated for a Seterus rep to sign
3.Seterus will not document on your monthly statement any payments during forebearance 90 day period ; they will place on your statement that you have not made a payment at all and apply your payments to the principle and charge late fees as well. 128295a
1. Everytime we called we were given wildly varying information ; even from persons in the same department.
2.Seterus will not sign their own forebearance agreement/contract even though they require the borrower to get the contract notarized & signed and it has a section on the contract designated for a Seterus rep to sign
3.Seterus will not document on your monthly statement any payments during forebearance 90 day period ; they will place on your statement that you have not made a payment at all and apply your payments to the principle and charge late fees as well. 128295a
 Comments (1) |
| 1. Written by DK on December 10, 2011 from chicago, illinois, US We are having the same issues with Seterus and even though we made forebearance payments on time-we get daily harassment calls each month-when we complain we get "sorry, it's the computer calling the number". Even with on time payments for forebearance-we get late fees. Now after the 3 month partial reduction in payments is over-Seterus will not continue the program and Seterus is demanding the reduction payments amount back this month-other institions add this to the back end of the mortgage. I need to know who I can file a complaint formally against them. I'm fed up with all the differing info they have told me and they have sent me. |
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