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
More Review Details
You May Also Like
- "0.062% 30 year fixed interest rate. No PMI, no closing costs. Credit score= 598. Less than 30k TOTAL including buydown interest being paid on a 382k loan(405k purchase price) Naca is..."
- "Between August 2, 2007 and January 27, 2013 we were never late on our mortgage despite a rate of 8.25 % and it being 53% of the combined income..."
- "California - DOC Residential Mortgage Lending Act License (Branch) No Hide DetailsLicense /Registration #: 813G992 Original Issue Date : 03/08/2010Status : Voluntary Surrender Status Date: 11/15/2010Other Trade Names used..."
- "Business Advantage Gold somehow got hold of my mother's account information. Now she is indeed looking for a loan, she had some summer plans but an unexpected expense has her..."
- "I purchased much. Latitude touring 102T 225 65R 17,a set of 4 from Mavis co. The date was 4/27/2012.When my NYS inspection was done today 6/10/2015 there was 25,681 miles..."
- "This company has the worst return policy and the rudest customer service. They have the wrong part listed for a 1995 Jeep, send a part for a 2007 which..."
- "Roofer installed Ice & Water Shield UNDER Drip Edge thus directing water into soffit, should have been installed OVER Drip Edge! Roofer ONLY installed but one row of..."
- "In Oct 2009 I bought my Cane Corso named Cosmo from this breeder in Marysville PA. He died on Nov 12 2015 of bone cancer. He was only 6 yrs..."
- "Their you have they lose your package refuse delivery from Amazon ..."