Seterus, Inc. - Success with Loan Modification

Issue not resolved
Nov 03, 2011
review #272546

I just wanted to post my recent experience with Seterus, Inc. My loan was transferred from Chase back in Oct 2010. I also filed bankruptcy (Chapt 13 - Debt repayment so that I could keep the house) the same month as I lost my business the same year. Initially I sent in all of my financial docs and heard nothing for six months. After calling and speaking with various customer service reps I got the direct number for the Bankruptcy Dept and from them on called them directly and was frequently told that my packet was missing a document or two. Seterus requires quite a number of docs for the "Making Home Affordable" Loan Modification application including 2 months of updated paystubs, two months of updated checking account statements, tax returns for last two years, the hardship letter, hardship financial data sheet, etc. Make sure you go through the entire checklist of docs and have everything before you fax it - use a cover page with your name and address, loan number and number the pages too.

I received my approved loan modification packet in early August with a 2% loan mod for the first five years and incremental yearly increases years 6-8 which cap at 4.5% for years 8-40. I did not qualify for a 30 yr mortgage so they pushed the loan out to a 40 year mortgage.

I just wanted to comment that I was thrilled to receive the modification and have been making regular monthly payments that I can afford. The key for me is that I called the Seterus bankruptcy department at least 1-2 times a week - I was relentless in my efforts to get the modification and would not let up on them. I faxed documents over and over again and called repeatedly - I can't say this enough. If you are missing one item on their checklist they will skip your name. There are thousands of people waiting on a loan mod. Don't give them a reason to bypass you.

Just wanted to offer some hope for those of you who are dealing with Seterus. Although they are listed as a debt collector, my experience with them was terrific and far better than my experience at Chase, and I am happy with a mortgage payment I can afford.

JS, New Jersey

c1922ab
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guest

Jun 03, 2013 Warren, Michigan

Although my story was a nightmare in the beginning with them, I kept pushing, calling, sending paperwork and demanding they help us. When we gave up and told them to *** with it after 10 months of arguing they SHOCKED us and sent us a modification. Before we paid 1270 (tax and ins. included), now we pay 828 (T & I included) we have a fixed 40yr with 5%. They have given us no problems. We made three payments (trial) then signed the final docs. just before our 4th payment.

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Muffington

Oct 17, 2012

I too am a testament or success story with a modification from Seterus. We were switched over in Sept. 2011. In Feb. 2012, we went to a HUD counselor who showed line by line what to do.

They will give you the tools you need to get started, but the blood, sweat, and tears are your own.

Long story short, we were offered a temporary mod from July thru Sept. of 2012. 1 month after the last payment was made, we recieved a package offering us a permanent modification.

Yes, we too were given a 40 year mortgage with a 4.625% interest rate which reduces our mortgage by about $700.00 a month beginning with the first payment to be made on November 1, 2012.

Desparate times require desparate measures, and sometimes under the right circumstances, this modification works for us.

I am able to afford the payments and I am able to sleep at night.

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falcon

Jan 07, 2013

i just want to know the amount difference between the temporary modification and the permanent modification? because i am into the same process and i am completing the final third payment of the temporary modification...i just want to forecast my definitive amount for my modification..keep waiting

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JS

Jan 07, 2013

Falcon,
I received my permanent loan modification in August of 2011 and what was included was the terms of the loan over the 40 year period. I received an interest rate of 2.0% years 1-5, 3.0 year 6, 4% year 7 and caps at 4.5% years 8-40. Over the past 18 months I have made regular on time payments, but they did not notify me when my escrow payments went up due to a tax increase, and I have no access to my seterus online account nor do I receive monthly statements and they do not report my payments on my credit report. I do find all of these things alarming, but I do receive an end of year statement. I can see why others here have been upset, but I was happy with the terms of my loan. Since so many customers have had issues with this mortgage servicer, I am not sure why the government and the attorney general has not demanded more transparency. I wish you luck with your loan. I am personally going to try and refinance with a more reputable servicer.

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falcon

Jan 08, 2013

first of all i wanna thank you for your prompt answer....sorry to hear your experience, hoping more luck on your future planning on refinancing... i just want to know if there was any difference between your trial payments and your final payments on your loan modification...i just finished my trial payments(3) of 1480 and i just wanna know if they are going to lower my payments more( i am still tight with this loan)

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JS

Jan 08, 2013 Overland Park, Kansas

You're welcome! I did not have a trial payment so I cannot really answer your question. Maybe others here can let you know. What I can suggest is that you call the seterus Bk department (I do not have number, but you can call the main number. Ask them to break down the payment - mortgage payment plus all of the escrow fees, which is where they hold the tax, hmi and hidden fees, if they are not included when you receive your loan pkg. Don't sign anything until they send you the breakdown of all fees. They will ask you to send your request in writing, which I usually mail and fax. Definitely worth the money to have a real estate attorney look it over before you sign. Make sure you know what you are getting into. Seterus is sneaky. Best of luck!

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falcon

Jan 08, 2013

thanks for your advise!! i will pay attention on the little letters in order to sign it... about the trial payments i suppose all modification processes are different.

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Home Mod

May 22, 2013 East Lansing, Michigan

We just signed paperwork for home modification. It is a 40 year loan at 4% interest. Our monthly payment was $10.00/month higher than in our trial period. I personally feel like this mod kind of stinks, but can't afford the non-mod payment. So hey I will be 80 when my house is paid off now, if I don't refi later or may extra payments. Good luck.

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I hate Seterus scumbags

Sep 05, 2012

How can anyone say they love or even like Seterus!? Modification!? Their modification is a rip-off!!! How come they actually make more money!? On my loan their additional interest over previous interets for 40 years is around $40,000.00 more!!!!!!!!!! I'm supposed to take the loss but they make a higher profit and they call it a help!? *** YOU! I didn't cause the market to colapse! Companies like theirs did!

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:)

May 14, 2012

the loan modification is ALOT of paperwork and as the other person said make sure you have ALL documents to make the process smoother and faster. it is is well worth the interest rate/payment to help anyone going through a hard time.. i just hope at some poing the market will come back around or it will not help in the end if your home is upside down by 75,000 or more..

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I LOVE SETERUS

Apr 03, 2012

They modified my loan and I am loving it. Seterus has been nothing but wonderful

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Anon

Dec 06, 2011

Will you please post the direct phone number?

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Jamie

Nov 30, 2011

do you still have the number to the bankruptcy dept?? E-mail me please @ jmcolligan@gmail.com

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