Watch your cornhole if you try to pay your debt off quicker....
Citibank just sold my mortgage to Seterus after I paid them 5k towards my principal debt last month. Ive been a customer of Shittybank for almost a decade and never once made a payment after my grace period. Recently I have been making small additional payments of a couple hundred towards the principal and last month I made a 5k payment.
Yesterday in the mail I get a letter stating Shitty has transferred my mortgage to Seterus. So today I do some research on the new company and holly shit did they throw me to the wolves. From what I am reading online Seterus is basically a criminal organization who makes money by buying mortgages that are not under water, have good payment history, and have equity then using anything they can to turn the account into default so they can foreclose. I read numerous stories about them foreclosing due to $10 discrepancies. Sounds crazy, but they do it. You can tell a company is bad when the third link after a google search is the BBB and once you click on it you see hundreds of incidents.
"The Council of Better Business Bureaus report that with nearly 17,000 inquiries to date, Seterus is one of the most-inquired about businesses in the nation."
"It's primarily service claims. They have not posted their payments properly, can't get them to call back and fees that are unaccounted for," said Jerry Tipton, with the Greater East Tennessee Better Business Bureau.
He also says with nearly 400 complaints, the company's F rating has been changed recently to NR, not rated. "That means the company has contacted the bureau system in Oregon and asked them to personally evaluate all their complaints and try to help them resolve these," Tipton explained."
Time will tell what I'm dealing with, but just from what I have read Ill be trying to refinance very soon. I looked at rates a few months ago and decided to keep everything as is. Now I'm thinking it's time to pull the trigger and get away from these clowns. The real issue is lets say I refi - whats to stop a scumbag company like Seterus from buying my loan again????