They agreed to give me a loan modification at a set rate and term. Then a couple of weeks later when we were ready to finalize the deal they tell me that in order to get the loan modification I first need to go into forbearance for 6 months (paying less than the typical monthly amount due). And that when I go into forbearance that it would be reported to the credit bureau as if I was being delinquent on the account (even though they’ve agreed to a certain lowered payment each month). I’ve never been late on one payment for anything and have excellent credit". The problem is that I can no longer afford the house (it’s an investment property that collects less than what is owed due to the current state of the economy so I’m having a hard time keeping up with the payments) and they want me to essentially ruin my credit before they will modify the loan/. THEY ARE FREAKIN’ NUTS!!!!! And keep in mind that if I hadn’t asked them about this they never would have told me that the forbearance would ruin my credit?. THEY ARE A BUNCH OF CROOKS & THEIVES!!!! Apparently it’s “company policy” to force the home owner to ruin their credit before they will help". I believe they do this so that at the end of the 6 month forbearance they can go back and check your credit and, because now it’s ruined, they can use that as an excuse to deny you the lower interest rate that they originally promised or deny the loan modification all together'. I believe this because they wouldn’t even guarantee in writing that they’d modify the loan after the 6 months of forbearance as agreed,. So I’d essentially be taking a risk in hoping that they follow through with their promise of the loan modification'. If you see their name RUN as fast as you can'. DO NOT DO BUSINESS WITH SETERUS!!! AVOID THEM AT ALL COST!!! 1282d18



  Comments (1)
1. Written by In the same boat on December 5, 2011 from san antonio, texas, US
Yep, loan mods from any mortgage holder go through the same crock. We really were in need of a loan mod when Chase held the loan before selling to Seterus, but we were given the same crock of going into default, losing credit points by hundreds then MAYBE they would approve a loan mod. They get away with this because the politicians left loopholes in the recovery acts. Blah

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