Home Loans and Support

Anyone have the BofA Modified loan transfered to Seterus?

Discussion in 'Bank of America Mortgage Help' started by ruious, Sep 17, 2011.

  1. ruious

    ruious LoanSafe Member

    Just got a letter from BofA Home Loans that as of Oct 1st, my loan will be serviced by Seterus Inc. out of OR.
    From the information I am finding online, they seem to be more of a collections type company.

    Would this be because my loan was modified in-house? I'm currently at the 2% interest step-rate, does the transfer of the loan retain all the parameters of the BofA modification?

    So far, no communication from Seterus even though I am supposed to make my October 1st mortgage payment to them.

    Interested to see if anyone got transferred to them also.

  2. stephanies

    stephanies LoanSafe Member

    Seems that this is part of the settlement that B of A as a servicer is making with its investors - to drop their lawsuits - that b of a will move 'high risk' mortgages to other servicers that will be more 'on top' of the service of the mortgage ...ie. more agressive. Interesting that you did an in house mod and that B of A still considers you a high risk loan... they are also considering filing BK on their countrywide unit, so not sure if that has any thing to with it, as BAC home loans is the countrywide division... I'm not an expert like others on this forum, just doing a lot of homework on my own, since my first and 2nd is with B of A, and they changed my servicer from B of A Home Ln to B of A NA in July, prior to me going late in August.... so, we all could be in for some fun surprises, as these guys get more aggressive. I like how the 'poor ' investors needs are more important than the homeowners that were sold a pile of crap by these guys when we took out our mortgages, and were not told that they were considered subprime products - at least the investors knew what they were getting! The servicing should not change your terms, but if B of A sells your mortgage, which I have read they are still doing, that could.... there is a great thread about mods that B of A is not honoring, esp if they were from CW. Good luck!
  3. Hiwahiwa

    Hiwahiwa LoanSafe Member

    Hmm? I just got a letter today as well. We went through a loan modification and have been making our new payments consistantly with no problems. I think it might be coming up on our first year of our new payments. Not sure if I understand out letter. It just says that our new payments are due Oct 1st, 2011 to Seterus, Inc. I can't find anything on this company though.
  4. Cat Damiano

    Cat Damiano Mortgage Wars

    Hi Hiwahiwa,

    Welcome to the forum and thank you for joining...........

    Information about your new servicer Seterus can be found here, hopefully for those going through the modification process they will be much easier to work with than BofA.

  5. ruious

    ruious LoanSafe Member

    Stephanies -

    Mine was also transferred from BAC Home Loans to BofA N.A. back in July. The notice I have now says that this transfer to Seterus supersedes the previous one .

    Hiwahiwa - we're coming up on one year of our modification too. No late payments either.
  6. Hiwahiwa

    Hiwahiwa LoanSafe Member

    For some reason, I cant get to this page.
  7. Cat Damiano

    Cat Damiano Mortgage Wars


    GOSSIPSAIGON LoanSafe Member

    i also received the letter yesterday about the transferof my loan to Seterus. I receiced the in-house step rate.

    GOSSIPSAIGON LoanSafe Member

    Have you received copy of your signed in-house mod back from BOFA?
  10. ruious

    ruious LoanSafe Member

    No returned signed copy of my modification, but I was told they don't "do that" and that as long as it all appeared online correctly, it was good.

    Everything has been updated in my online account and I have been making the new payments for 9 months.
  11. interesting...

    interesting... LoanSafe Member

    Got transferred to them a while back (from Chase... was Wamu... was New Century)... details are sketchy, but as far as I can tell they service Fannie Mae owned loans exclusively...

    This company is run by IBM now... I believe IBM bought Wilshire Credit Corp's (a large servicer of subprime loans) "core operating assets"... so the computers, employees etc... and BofA retained servicing rights to their loans or something... Not so sure IBM LBPS, now Seterus, owns any servicing rights... IBM is just using them to test their software for servicers or something like that. The contracts are, I think, strictly Fannie Mae... but I could be wrong there... I'm sure IBM will take any offers... though the Wilshire Credit offices are fairly small, and they seem to be taking on a hell of a lot of loans.

    I'm still pretty confused by the situation and if you look at the HAMP report cards for servicers, this company does not show up... but I think that's because they don't own any servicing rights, they are maybe a third party?

    Keep an eye on your credit reports... one of the three has both Chase and Seterus loans open, so it looks like I have two different loans... they report the total balance double what it should be. Still waiting for them to fix it.
  12. interesting...

    interesting... LoanSafe Member

    btw, I've never missed a payment, but I did apply for a HAMP mod when the program first came out. If they "flag" loans to be shipped over to IBM, I'm betting it was from a phone conversation I had... I remember the dude asking a question like "What do you plan to do?" and I replied "what are my options?"... and the phone call was over. We were discussing the mod I think... though in a really vague way... I was a little confused by the call... it didn't seem to have much of a purpose.... though in hind-sight I think the purpose may have been to flag it one way or another.
  13. fuentejps

    fuentejps LoanSafe Member

    same here. i was told as long as mod has been completed and updated your gtg. got my ltr regarding steruis srvicing today. the mod was approved by the investor to begin with. this is just a servicing change. im 1 year next mth. never late. inhouse boa mod. step mod. i would not be concerned. im not

  14. interesting...

    interesting... LoanSafe Member

    I've been researching them for a while now. You should be VERY concerned if you have an escrow account. They have been upping buffers and insurance requirements for people with escrows... so do keep a close eye on them. If they do anything with your insurance have your current insurance agent deal with them.
  15. interesting...

    interesting... LoanSafe Member

    here's some new news on IBM's mortgage stuff: "Armonk, New York-based IBM (IBM: 173.13 +0.08%), which offers mortgage servicing through its Seterus division, agreed to acquire Toronto-basedAlgorithmics, a risk analysis firm, for $387 million."

    who knows, maybe computers will be better to deal with than bankers?
  16. scabanana

    scabanana LoanSafe Member

    We got our letter yesterday and so did a friend of ours. Neither one of us are going through home modification process. That was a freaking joke. However, our mortgages were initially with Countrywide and I'm a little nervous this company is not going to be any better....at least for us. Will see - I have checked with realtors in the area and they have never heard of this company before either. Wishing the government would help us and not the big banks because it was their greed that got this entire country in the postiion it is currently in.
  17. lafont

    lafont LoanSafe Member

  18. scabanana

    scabanana LoanSafe Member

    Thank you but what I find bothersome is the fact our loan is being labeled as a "bad loan" when we have never ever been late, usually we are early with our payments but I guess this doesn't matter - I bet it's beause the loan originated with Countrywide and we all know what happened to them. Wish the government would do something about all of us who are underwater and can't finance without paying PMI!!!
  19. lafont

    lafont LoanSafe Member

    Who know why but you can bet this transfer will hurt you and benefit BOA. My guess is increased fees and new mod hell from Seterus (IBM) and release of future liability for BOA and their fraudulent servicing practices. Good Luck.
  20. Niccy_V

    Niccy_V LoanSafe Member

    My family and I recieved our notice about our loan being sold to Seterus, Inc. this week. Last year we had tried modifying our mortage with B of A, our mortage was modifyed and we "got the shaft". We were planning to try again this month but with the loan being sold we figure we should try with Seterus, Inc. in October. Has anyone tried to modify with Seterus? If so how did it go? From what I've read online my hopes are very low. Any thoughts?

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