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This scam company should have it`s business license pulled in every state. I see their are class action lawsuits starting - GOOD!

Three times I have paid on principle, and they have taken it upon themselves to take additional future mortgage payments out when specifically told not to. This is fraud plain and simple. It takes hours, and mental distress to get things fixed. Hope everyone reports them to Better Business Bureau, their states banking authority through attorney generals office, and Federal Trade Commission.

I also had issues when Bank of America gave my account to them as I mailed check in with no notice. So Bank of America receives my mortgage payment, and my new company Seterus starts charging me late fees even though I explained I sent it to Bank of America.

Took 3 months to fix that. Worst company ever!

Product or Service Mentioned: Seterus Mortgage.

Reason of review: Problems with payment.

Preferred solution: Pull business license, prosecute for fraud.

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You are right, it is illegal to apply payments to apply overage payments on future installments or even to apply the overage to escrow. You need to compose a letter with each payment stating to the company how to apply the payment.

I know it's a pain in the butt, but I am telling you from experience.

In case you don't know the formula, it is: Interest Portion = (Interest Rate * Principal)/ 12, so if you owe $100,000 and your interest rate is 6%, the interest portion is calculated so: I = (.06 * $100,000)/ 12, i.e. it $500.


Make sure you send "EVERY" payment in via certified mail, return receipt, signature required - write the Certified Receipt number on the check and payment stub - keep the post office copy and when you get the green card back file everything together. When your check clears the bank make sure you make a copy of it.

Keep a well documented file of everything, everything, everything. Also fax or send (via certified mail) for a QUALIFIED WRITTEN REQUEST (google for examples) which they must respond to in 5 days per federal regulations RESPA.

Seterus is committing financial fraud and should be put out of business

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