Seterus, Inc. - Success with Loan Modification
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
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