IBM LBPS (Seterus) is playing a game with mortgagees.

70 of 144 Lbps Reviews
Issue not resolved
Jul 08, 2011
review #247709

I am having pretty much the same problem other people are with IBM LBPS (soon to be Seterus).I contacted t hem in jan.

2011 for help with my mortgage. I did not qualify for hamp but qualified for a mod 24. THey never sent out paperwork for it and I called them 2x to ask where the paperwork was. Got different answers.

Then two weeks before my foreclosure sale date, they called me and said they messed up and didn't send out the paperwork and I had to start all over. Suddenly I didn't qualify for the mod 24 and unless I wired them money, they would go ahead with the foreclosure auction. Filing BK was my saving grace there, but now I am stuck in a paperwork nightmare....they never seem to have the right paperwork needed and I have to fax something else in.

I'm afraid they are buying time until the BK discharges so that they can start foreclosure again.I really am beginning to dislike this company!!!!!!

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70 of 144 Lbps Reviews
Anonymous

Oct 14

They are the most underhanded company I am the unfortunate holder of one of they're modification loans

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interesting

May 23

FANNIE MAE IS STILL GIVING OUT LOANS TO THE PEOPLE TO GET THEM INTO A HOME INSTEAD OF RENTING....WITH NOTHING DOWN....SO when three or five years are up they sell them to other companies for investment so they are the problem.

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DO NOT ANSWER THE PHONE

May 23

This is the way they work but they are in debt with homes that they cannot re-sell...because of location and lack of work in area...homeowner associations attached to these homes makes it even harder. Maybe this is a blessing that they lack professionalism and that you should file bankruptcy or file for reverse mortgage. God works miracles and that the signs for this company is folding...FANNIE MAE WILL BE HELD ACCOUNTABLE....

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Maria Kolodziej-Ronkonkoma NY

Jan 21

I purchased my Florida home in 2006 for $242,000 and in 2009 I found out it contained toxic Chinese drywall. I am not able to live in the house, unable to rent it or sell it due to the toxic chemicals found in the drywall. My builder got paid by the bank and filed for bankruptcy. I got a mortgage from Chase bank who sold the loan to Seterus when they found out about the toxic drywall. In 2006, Chase bank appraised my home for $242,000 and now are refusing to give me a copy of the original appraisal that was done on the home. My home is currently in foreclosure and Seterus/Chase is suing me for the balance on the home which is $152,000.00 because I signed a promissory note that indicates that I receive the home in the promised condition. Obviously, I did not receive the home in the promised condition as is stated in my contract. The bank appraised the home and it is considered appraisal fraud because it is not valued at $242,000. Its current market value is $28,5000. But that is not good enough for Seterus to accept. They are trying to place a judgment against me and take my NY home which is the only thing I have left. I cashed all my retirement investments to pay for attorney fees since 2009. But the Seterus bank will not give up until they throw me and my children out on the street. They are determined to get the balance of $152,000. I already gave the bank 100,000 and it doesn't include upgrades on the home. They are not satisfied with what they already received. I am the... Show more

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scared

Aug 27, 2013

My loan was sold to this company. I never missed a payment, never had a late payment. Nevertheless, they began a systematic harassment, calling constantly and suggesting my payment would be late, I wouldn't pay, insurance hadn't been paid, taxes weren't paid. The rep was intimidating and nasty. It became so intense that I paid off the loan to get rid of them because I was so sure they were trying to build a case (completely false) to foreclose. Stay away from this company.

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Hildred1

Mar 18, 2013

This comp sucks. They Denied me 3times for a loan Modification. I went thur a comp called Credibilty just to do a 3mos trail period. And The bad thing about this! This is a Non owner occupant. You would think that they would try to help they customer. They have a lot of :upset people working for them. :zzz

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 Banging head on wall

Feb 17, 2013 Grand Rapids, Michigan

I have been trying to refinance my home for a year now and my credit has been demolished due to false credit info concerning late payments.
I have disputed the claims with credit companies several times and each time I think it has been fixed, a new false late payment shows up, keeping me from re-financing my home. Ready to send my keys to them......

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Wild goose chase in MA

Nov 15, 2012

I advise everyone hear to sell your properties if you can, even at a loss to get out from under the mortgage handler, Seterus. For some reason I believe the gov't has hired this company to quietly foreclose on people's property by stringing them along to make it look like they are trying to help Americans get back on their feet, but their true mandate is to foreclose on properties under the radar so as not to bring to much attn to this nations forecloure crisis.

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Sudi

Jan 09, 2013 Paducah, Kentucky

Seterus is a collection agency and some how they got into the mortgage deal. I am with you, the problem is you can not sell your house. We had ours on the market for two years with no offers.

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Amy

Nov 09, 2012

:cry
Seterus is a horrible company. They keep telling you they want to help you, but they do nothing. The worst customer service ever.

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kimberly, florida

Nov 02, 2012

I too have had my loan sold by chase to seterus. I have been underwater since the economy went down hill. I have tried to work with seterus over and over. Their people are totally rude and clueless. I dont believe there is a "loan modification" program that is spoke of on tv. I have been in touch with the HArdest Hit Program, didnt QUALIFY CAUSE I WASNT GETTING UNEMPLOYMENT, THE HOPE PROGRAM, THEY WERE VERY NICE BUT JUST COUNSELORS, THEY REALLY MADE AN EFFORT TO HELP BUT WHEN THEY THREE WAY CALLED SETERUS AND SAID THEIR CONVERSATION WOULD BE RECORDED THE GIRL WITH SETERUS SAID NO WAY THAT SHE COULD BE RECORDED, WHY??? MAYBE BECAUSE THEY ARE FILING UNTRUE STUFF WITH THE CREDIT AGENCIES?? WHEN IS IT TIME TO GET A LAWYER? DIDNT QUALIFY FOR HARP, DONT KNOW WHY, AND I KEEP TRYING FOR THE HOME MODIFICATION BUT NO LUCK.IS THERE ANY REAL HELP OUT THERE FOR THE FORMER MIDDLE CLASS???

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goose

Jan 11, 2013 Chicago, Illinois

Stop Paying your mortgage to Seterus. I went through the same thing. 4 months later they were happy to modify my loan. Your credit will be shot for a while no matter what you do. take my advice, it worked

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hopeless

Mar 07

I stopped paying for 4 months and it was funny how all of a sudden they were eager to worked with me. I was told to ask for debt for giveness for my house for which it is at least $70,000 less then what I owe on it. Seterus said they don't participate in that program but would give 2% for 5 years then the 6th year goes up 1 pt/year upto 4.25 for life of the loan. (40yrs) If i pay on time every month for each year they will knock $1000 off principal for the first 5 years total of $5000 off principal.

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Goose

Jan 11, 2013 Chicago, Illinois

This is a totally irreputable company if you can call it one. You have to play the same hardball tactics they do to get anywhere. It feels like I am talking to a bunch of college drop outs when I have the displeasure of calling this place

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Seterus has bad and illegal bu

Nov 01, 2012

I've never written an unflattering review before, but my experience with this company is horrible. This is a long review, but it is only a snap-shot of the many months of my time to resolve this issue. My credit score is in the mid-700s and I've never been late on a payment. Based on my research, my loan was included in a batch of loans sold from Chase to Seterus. Like most Americans, my house is under-water. So I decided to take advantage of HARP, however our local lenders only participate if PMI is not attached to the loan. Also, Seterus referred me to Quicken Loans for refinance who also require PMI be removed (because per Seterus' Customer Service, they don't do mortgages??). I was advised by Quicken and local lenders to ask Seterus about automatic cancellation of PMI because I was already under 80% of the initial loan value. Seterus quoted me information on borrower-requested cancellation but said I needed to pay more to reach 78% for automatic-cancellation. The difference between borrower-request and automatic-termination is the need for an appraisal, so opting for the method not requiring an appraisal, I sent them a check. PMI was not cancelled. I called them again and they said it needed to reach 77%, and I sent another check. When nothing happened, I called again and Customer Service would only discuss borrower-request cancellation. At this point, Seterus representatives stated they had never heard of automatic-cancellation and I was pressured to send... Show more

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jay

Dec 06, 2012 Menomonee Falls, Wisconsin

wow if this didnt hit the nail on the head!!! was looking into harp program found a guy to review my status on my current loan i'am paying 6.75% interest only loan (first 10 years) and iam under water due to the market so the guy told me he could get my rate down to 3.6% closing cost added in etc etc...to make a long story short iam *** because i have PMI insurance on this loan...setrus will not work with you !!! there a real peace of *** i will just let the house go----this is very sad and hard to do...but they force you to do this

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Angee

Sep 25, 2013 Chicago, Illinois

Wow, Nov 1. 2012, who was your attorney?? I want to use them. In the vein of being proactive, my "servicing of my loan" with seterus won't start until October 1, 2013. I do not want to get involved with them and if I can avoid them before Oct 1st, I want to. I'm sure what they are doing is illegal on so many levels. Thanks for the posts here, they have been very helpful. :)

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thomas

Oct 16, 2012

Like the rest of you I constantly get reminders that the payment is due on the first. Usually comes by the 5th then before the 16th (the grace period) I get an invoice showing now 2 months due......Then even though I have sent enough to cover the late charge and 1/2 of an escrow bill I received, I am reminded I owe a late fee and the escrow. Chases paperwork said all excess monies went to outstanding balances. Seterus has never had any other paperwork, so I dont see why they dont do the same thing. They really want our houses not our money.

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anonymous

Oct 05, 2012

I'm glad to see I'm not the only one harrassed by these idiots....they call me every month during the grace period that my payment is overdue, threatening bad credit, foreclosure, etc. Just got my call today, on the 5th! Hello!! Really!! Thanks,Chase, for selling my mortgage to a collector, not another mortgage co.

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korbelme1@live.com

Sep 19, 2012

bank of america just sold our loan to this place. am i ever glad i looked this place up. i for one do not need any more stress in my life especially like the hassels this co. seems to give everyone. what individuals do not understand is that these co want your money early so they can make interest off from it. if you wait until grace period they do not make anything on our money. :eek

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