1. Welcome to Tacoma World!

    You are currently viewing as a guest! To get full-access, you need to register for a FREE account.

    As a registered member, you’ll be able to:
    • Participate in all Tacoma discussion topics
    • Communicate privately with other Tacoma owners from around the world
    • Post your own photos in our Members Gallery
    • Access all special features of the site

Seterus... and you thought BOA or City Bank were crooked

Discussion in 'Stocks & Investments' started by XXXX, Feb 16, 2014.

  1. Feb 16, 2014 at 2:08 PM
    #1
    XXXX

    XXXX [OP] Well-Known Member

    Joined:
    Sep 1, 2011
    Member:
    #62715
    Messages:
    20,895
    Gender:
    Male
    First Name:
    sKiP
    Vehicle:
    05 Prius
    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????
     
  2. Feb 16, 2014 at 2:25 PM
    #2
    ImpulseRed008

    ImpulseRed008 Gone But Not Forgotten

    Joined:
    Sep 9, 2008
    Member:
    #9104
    Messages:
    46,186
    Gender:
    Female
    First Name:
    Susan
    SC
    Vehicle:
    08 PreRunner SR5 V6 w/tow pkg
    OEM SS tube steps, Access LE tonneau cover, pop n'lock, AVS in-channel vent visors, stubby antenna, Wet Okole seat covers, bed mat, rear diff breather mod, 4 extra d rings in bed, K&N air filter.
    :eek: I'd refi asap.

    When I bought my house, the bank told me who the mortgage was being sold to and I've been lucky, no more sales. :pray: I don't get sold to a crappy place like that.

    Time to dump everything Citibank if they are going to do that crap
     
  3. Feb 16, 2014 at 2:28 PM
    #3
    XXXX

    XXXX [OP] Well-Known Member

    Joined:
    Sep 1, 2011
    Member:
    #62715
    Messages:
    20,895
    Gender:
    Male
    First Name:
    sKiP
    Vehicle:
    05 Prius

    I did when I got my tax rebate back. Paid my credit card off and I closed the account.

    Wonder if that and my recent payments towards principal gave me a red flag ?
     
  4. Feb 16, 2014 at 2:32 PM
    #4
    ImpulseRed008

    ImpulseRed008 Gone But Not Forgotten

    Joined:
    Sep 9, 2008
    Member:
    #9104
    Messages:
    46,186
    Gender:
    Female
    First Name:
    Susan
    SC
    Vehicle:
    08 PreRunner SR5 V6 w/tow pkg
    OEM SS tube steps, Access LE tonneau cover, pop n'lock, AVS in-channel vent visors, stubby antenna, Wet Okole seat covers, bed mat, rear diff breather mod, 4 extra d rings in bed, K&N air filter.
    Hmmm wouldn't have thought that, but, you never know.... unless selling yours frees up the $$ for them to offer another mortgage to someone at a higher interest rate. It's all about the almighty $ for the greedy SOB's
     
  5. Feb 16, 2014 at 6:50 PM
    #5
    Joe D

    Joe D .

    Joined:
    Nov 13, 2011
    Member:
    #66942
    Messages:
    7,203
    I'm guessing Seterus can only enforce the mortgage terms that you already had with CITI. I wouldn't be overly concerned with it. I would be interested in hearing if something different happens.
     
  6. Feb 16, 2014 at 7:13 PM
    #6
    XXXX

    XXXX [OP] Well-Known Member

    Joined:
    Sep 1, 2011
    Member:
    #62715
    Messages:
    20,895
    Gender:
    Male
    First Name:
    sKiP
    Vehicle:
    05 Prius

    Per law yes, but from my reading they are the pirate ship of mortgage companies. I have heard they delay payment acceptance and do just about anything they can to screw you over. Late payment fee's of $80 per day...shit like that.

    I created an account today and sent them my first payment 1 month early as I plan on doing for all of my payments. That was even a hassle. The only two free ways to pay are by mail or automatic withdraw. I allow no companies the right to withdraw money from my account after Toyota credit took out two truck payments at once by error and screwed me over years ago so that's out. I also do not trust the mail in this instance. That leaves me with two ways to insure payment and both cost money. Seterus will process my payment online for $5 or Western Union can do it for $12.50.

    Ill keep paying them early until I can refi but Ill be dammed if I'm keeping a loan for my house with the worst mortgage company in the US.
     
  7. Feb 16, 2014 at 8:23 PM
    #7
    Joe D

    Joe D .

    Joined:
    Nov 13, 2011
    Member:
    #66942
    Messages:
    7,203
    $80 a day! Holy shit, and companies wonder why they have a bad name. States regulate payment fees differently. So the bullshit is, if you lived in a different state (maybe) Seterus might have to accept "one time" EBTs or phone payments.

    I don't blame you for changing lenders. It sucks to always feel like you have to be on the watch or risk getting fucked over.

    "On September 2, 2010, BBB recognized a pattern of complaints from consumers regarding customer service and billing issues. Consumers allege Seterus Inc fails to respond to written or phone requests for assistance. Consumers further allege Seterus Inc fails to correct billing errors, such as inconsistent billing statements, paperwork delays, unexplained fees and other problems relating to the transfer of loans from the previous lender."


    Above quoted from the BBB. Sounds like a good place...we can only hope the go out of business.
     
    Last edited: Feb 16, 2014
  8. Feb 16, 2014 at 8:32 PM
    #8
    Smar969905

    Smar969905 ToyotaLover

    Joined:
    Feb 28, 2012
    Member:
    #73827
    Messages:
    4,669
    Gender:
    Male
    First Name:
    Zach
    Deer Park, WA
    Vehicle:
    06 Dodge Ram - mine, 16 T4R - wife's, 11 Taco - totalled
    BAMF LCA Skids, ATO IFS Skid, OME 3" with 885 coils, tow package w/brake controller, 31" hankook dynapro atm, custom pin striping, tie down points in bed, custom trailer damage, big ass dodge type towing mirrors
    Wife and i bought our first house 2.5 years ago, and the mortgage was sold twice in that time, so 3 different companies that we paid our mortgage to. Don't remember who first was, second was BoA, and last is M&T bank out of new york.

    where i am, they can sell the mortgage as much as they want, but it is still the original terms that i work with.

    Good luck dealing with them.
     
  9. Feb 17, 2014 at 7:05 AM
    #9
    on2wheels

    on2wheels Member

    Joined:
    Jan 18, 2014
    Member:
    #120895
    Messages:
    13
    Gender:
    Male
    I refinanced with Pentagon Federal Credit Union about two years ago, and have been very happy there. They also have some of the lowest rates typically. Just thought I'd pass the recommendation along.
     
  10. Feb 21, 2014 at 7:49 AM
    #10
    theredofshaw

    theredofshaw Well-Known Member

    Joined:
    Aug 10, 2010
    Member:
    #41484
    Messages:
    6,115
    Gender:
    Male
    First Name:
    John
    Reno/Sparks, NV
    Vehicle:
    not a taco (guess that means I can be a MOD now)
    (totaled) 2011 Tacoma DC
    somehow they back are up to a B- rating...and only showing one outstanding customer complaint...odd...

    our loan was sold to Chase shortly after we bought our home and fortunately we haven't had any issues...on their bank side, I will never bank with them AGAIN.
     
To Top