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Modification success with seterus?

Discussion in 'Loan Modification' started by losangeles, Feb 2, 2012.

  1. losangeles

    losangeles LoanSafe Member

    Seterus my experience for me and another person who had their servicing transferred from Bank Of America, Seterus was no help to anyone, they go through the motions and paper work and check everything out but I do not believe they are wanting to help regular people; Id like to know if they helped anyone with any sort of modification.

    After meeting in person, they told me --- The loan failed the imminent default test, at this time we cannot offer any retention options. Thank you. it took the 3 days after they ordered a estimate on the property which came back 140k underwater.
  2. Cat Damiano

    Cat Damiano Mortgage Wars

  3. losangeles

    losangeles LoanSafe Member

    Yes Cat Thanks, I already check that, modification success and transfers are 2 different subjects
  4. Cat Damiano

    Cat Damiano Mortgage Wars

    Right...............but those that were transferred are working on modifications which is why I suggested you ask if anyone has been successful with Seterus. Otherwise google it to see if there are successful modifications with Seterus.
  5. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    I personally haven't heard any success stories with Seterus as of yet...
  6. losangeles

    losangeles LoanSafe Member

    Question for Evan

    Seterus from what I have read on the site changed their name from IBM, from what they told me, they are a servicer and not a bank, it seems they do not participate in any of the government programs to help homeowners, and when you call the customer service, they say we are a debt collector, and in the post heading; people who were transferred to Seterus from BofA, most of them are tranfers from Bank of America with Fannie Mae backed loans, current on their loans from what I read, I am also current backed with FM but underwater and getting worse. My question is who can we turn to for help since Seterus is obviously NOT there to help and what is their angle in all this if you know?
  7. interesting...

    interesting... LoanSafe Member

    pretty sure Seterus deals with Fannie Mae owned loans exclusively. My chain went from New Century to Wamu to Chase to IBM Lender/Seterus. Remember that HARP 2.0 should be coming in March.
  8. tymandpeach

    tymandpeach LoanSafe Member

    What CEO's, VP's should be contacted to try to get Seterus or whomever to work with your mortgage? People have had luck with emailing bigwigs at Banks but since Seterus isn't a bank where do you start?
  9. Cat Damiano

    Cat Damiano Mortgage Wars

  10. freeme0215

    freeme0215 LoanSafe Member

    Applied for hardship loan with seterus about 2 months ago...sent all paperwork. heard nothing
  11. Cat Damiano

    Cat Damiano Mortgage Wars

    HI freeme0215,

    Are you contacting the RM assigned to your file, or waiting for a call? What are they saying when you call in to check on the status?
  12. freeme0215

    freeme0215 LoanSafe Member

    Just got in the mail, a trail loan modifcation for three months from Seterus
    NOthing in the letter about permanent loan mod numbers such as interest rate, monhtly payment,etc..

    Doing the trial period, we pay them for three months, they give us a permanent mod and if we do not like the terms, such as a high interest rate, etc. they have the 3 month trial period payments and we have not gotten a perm mod..

    Am I missing something here as to the scenario above?

  13. Cat Damiano

    Cat Damiano Mortgage Wars

    This is the way most modifications begin, so that they can monitor that you are able to consistently make the modified payment before granting a permanent modification. The trial will not have any information about the figures of the permanent modification. You have applied for a modification and this is how the process works. If your circumstance has changed and the trial payment is not affordable, then you will have to ask what other options are available for you.
  14. losangeles

    losangeles LoanSafe Member

    Congrads! on your modification with Seterus
  15. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    Congrats on getting approved to begin the trial period! Just make sure you make all required payments on time and expect to possibly end up making 4-5 trial payments before a final decision is made.

    Good luck!
  16. losangeles

    losangeles LoanSafe Member

    Turns out I did not get a modification from Seterus Inc. I was told I was approved from a Fannie Mae rep at a NACA event in Feb 2012, but it turned out not be true, here in California Gov Brown passed a law which goes in effect Jan 2013. They will negotiate with you for 6 months or so, have you fax stuff over and over and at the same time start forclosure proceeedings against you, that is what happened to me. I do not know if it was intentional or not but it is a bad surprise and I am not to happy about it, so the never trust what they tell you --
  17. interesting...

    interesting... LoanSafe Member

    I've just sent in my first trial payment. It's a Fannie Mae mod. My experience with them has been a little odd. I applied first with Chase, as I qualified for the HAMP plan. They turned me down twice... lots of re-faxing... first time it was turned down because all the documents weren't submitted (they were, they just kept losing them)... second time I didn't show enough of a hardship.... the loan was transferred to IBM/Wilshire Credit/Seterus... they sent me a letter saying I had been turned down.. which I thought was odd, 'cause I never applied with them and had already been turned down twice by Chase. I sent a QWR to see if they had messed something up there. They sent back all my previous applications with Chase.

    I think you have to miss payments to qualify with them or with Chase... just seems like that's the way it is... even though I was in a negative cash-flow situation they wouldn't qualify me. I had my hours cut in half, and had to stop paying... (I probably could have floated another year or so before I would have to stop paying at full-salary) I went 2 months with no payment, then faxed in another application (that standard "universal" application). They asked for stuff they didn't ask for before... I re-faxed... I re-faxed again... they aren't good at communicating what they need through the mail. It's like they have some kind of automated system that doesn't know what's going on. Talking with them on the phone cleared up some things. They seem to get more eager to call when you're getting closer to a notice of default... talking with them when they call, I could understand more about exactly what was needed. I re-faxed... re-faxed again... a couple conversations to clear up things... meanwhile I was getting calls from "Realtime Resolutions" who is a "vendor" for Fannie Mae. They setup an appointment to talk with a Fannie Mae rep. I faxed an application to them. Fannie is much better at communicating. They will use e-mail, and of course, this makes a lot more sense than automated form letters and phone calls. They can send you your documents back with notes/corrections. Fannie works in a way that makes sense here... electronic communication. IBM is soooo far back in time... stuck in the LaBrea tar pits of automated, slow, confused, an inpersonal business. Anyway, shortly before my phone appointment with the Fannie rep, they sent me a trial offer. I'll keep you all updated on how it goes and if it gets turned into a permanent modification.
  18. interesting...

    interesting... LoanSafe Member

    btw, the Fannie Mae lady also looked up a bit of information I had been looking for. My loan was sold to Fannie Mae one month after the origination. It was a no-doc loan from New Century. New Century had basically been banned from selling loans to Fannie around this time, but officially I think it was about 2 weeks later that Fannie stopped buying them. I had a theory that maybe my loan was Fannie because it was bought in as a security by Fannie, but nope...

    this is information that MERS would not release to me for some reason.
  19. davephx

    davephx LoanSafe Member

    Remember the servicer losses paperwork and makes it as difficult as possible since it makes huge profits by foreclosing not modifying.

    When its Fannie its the taxpayer that takes the loss. In theory they should want modification vs huge loss to taxpayer on foreclosure sale. But its head wants to clear out us deadbeats for the market to recover and also makes things hard to avoid what head guy thinks is greater risk of stretigic defaults by those capable of paying.

    But at least Fannie has more to lose (for taxpayers) where the servicer has huge incentive to have you give up and let them foreclose. At least in CA with more Dems in power have better laws than most of us where the Republicans have stopped most anything to benefit homeowners in State laws.
  20. interesting...

    interesting... LoanSafe Member

    I think the servicer also has an incentive... I heard someone say they are paid based on the principle they carry. So if they think you're going to pay... if they have a certain amount of faith in you, it's going to be better for them to keep the loan. They can always make their foreclosure fee dollars down the road.

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