IBM LBPS

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.

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....

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 victim of this crisis and this bank is proving to the public that corruption is okay for big business. These banks received bail outs.

Where is my bail out from this crisis? My children and I live in a 1,200 sq. foot home in NY and this is what the bank wants to take away from us and throw us on the street in the middle of the winter.

This is the way big businesses treat single mothers who are trying to secure a future for their children. I worked hard all my life just to loose everything.

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.

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

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......

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.

:cry

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

:( I have put in for 3 request on a loan modification every time a rep. tells me im missing this or im missing that> i even paid this capital loans co.

over twice my mortgage and they got no where with them!

Ugh....this is totally obsurd. :cry

You have to keep calling and keep records of everything and keep sending in the paper work they gave me an apollo mod and dropped my mortgage $400 per month. Just dont let them intimidate you.

I was trying for a loan modification with Bank of America and then Seterus has my loan. They now say that I have to start all over and re-submit all the paperwork without telling me what they need..and yes I do agree the rep was rude. And how can they do loan modification?wouldn't they have to be a loan co.?

:cry Seterus is a joke, I'm thought I was suppose to be working on a modification and I received papers today that Seterus is trying to foreclose.

Feel all of your pain, these fools keep trying to double take my monthly morgage payment, they take the first one, then try and take a different amount the very next day, can you say overdrawn($25.00) each time and they try 2 or 3 times. finally caught on to this and called after letter comes to house stating you can't use web pay, called 3 days ago and still waiting for return call....This company sucks. Lets see how they like my congreeman snooping around as why they are double dipping!

I too had the same issue as everyone.. we went from Chase to IBPS to Seterus..

and has never been late. Now with the economy the way it is I tried to refinance and see if I was qualified for a modification and Sterus told me i was not qualified until a few months later.. what would make the difference from February to April.. Nothing.

and the reps are rude all the TIME.

and is not helpful. You would think that someone who needs to be paid on a monthly basis would assist a home owner is trying to secure that.

We haven't missed or made any late payments, but get a reciept a few days after payment & we have late fees??? I can't wait to get away from this company! We contacted our lawyer and they have ALOT of the same complaints about Seterus & are looking into the problem.

To Buster33

You accuss Seterus of being CLUELESS about refinancing. NEWS FLASH!!! They are not a bank and can't refinance you.

CALL QUICKEN LOANS FOR HELP. THEY WILL HELP REFINANCE YOUR LOAN FOR SETERUS. :) :zzz 8)

Thanks to every one on this review i was really going to go forward with company but after looking at all these review im thinken twice about this thanks so much ....

My home loan was sold several times before reaching LBPS, but I started my attempted loan mod in November of 2009 because I was approaching $175,000 in negative equity despite being completely current on my loan and putting 10% down at closing in March 2007 (falling home values). I believe I was still with Metlife in November of 2009, but it was sold to IBM sometime in the following year. It was a year before I was approved for a 4-month trial modification with no details for a permanent mod beyond the amount of the trial payment. I could not get any info on the prospective rate or principal reduction. It appeared that they were structuring the payment as a percentage (maybe 31%) of my monthly income.

To complicate matters, I had a 1st and 2nd loan (from the original purchase structured as an 80/10/10). The 1st loan was sold a few times, but the 2nd loan was basically maintained by the original lender, though they got confusing as to what there actual name was (First Horizon or CCO Mortgage?).

I was not able to schedule payments online because they were not full payments, so I had to pay a fee to schedule the payments over the phone. They actually would not let me mail in the payment either. At least the customer service reps were helpful enough (though that was probably because I was making payments). When I informed them that I was not receiving statements, though, and requested one, they informed me that they do not send out statements during trials...something about not wanting to confuse their customers with the numbers and application of funds. I later found out what they meant by the allocation of funds when they accidentally sent me a statement because of an accounting error on their part. I am excellent at math, but I had a great deal of trouble sorting out what they had done. After about a month of constantly calling them in whatever free time I could manage, I spoke with a loan servicer who informed me that they were making double payments to my escrow account and subtracting the extra amount from my interest payment each month. She tried to explain to me that it was because my escrow appeared to be short for making the next property tax payment. However, when I called her bluff on that and explained that my escrow was in fact not in any danger of shortage, she came clean that it was an accounting practice used to make me appear more delinquent on my loan. She further explained that the company's practice was to not approve any mods in which the borrower was not at least 60 days delinquent. The problem was that I was simply not far enough behind yet (because I had made every payment asked of me since 2007).

I then contacted a very good realtor, with high recommendations to begin the process on a short sale, but continued making my payments through my 7th trial payment (on what was supposed to be a 4-month trial). Some basic math revealed that a 60-day delinquency would actually take about 9 payments (not 4) without any accounting gimmicks on their part. I also got a potential buyer within the first month of contacting my realtor and was already 3 months into the short sale negotiations providing them with all the necessary documents including updated financials every month. The drawn-out short sale negotiations and mis-allocation of funds led me to stop paying after my 7th payment (though I forgot about my autopay on my 2nd loan which made one more payment before I cancelled it). It took another 2-3 months, but I was finally approved on my short sale with the buyer who had been waiting for about 6 months, and I started looking to move out of my home. Unfortunately, my buyer had some emergency come up and backed out at the last minute after waiting for 6 months.

At about this same time, my lender came up on their annual audit of my escrow account and calculated that I had an excessive balance of $2589 (because of their previous fraudulent application of funds). They sent me a check for a refund of the overage with an expiration date of 180 days from issuance. I misplaced the check for about 3 months with some of the loan paperwork, not realizing at first what it was. However, when I went to cash it, well in advance of the expiration, I was shocked to find out that it was declined and my bank charged ME $12 for it. I was in negotiations by that time with another buyer (same terms as the first, but about $2000 more). In September 2011, I moved out of the house as a result of the original housing hunt and the expectation of a shorter process the second time around. I had already had agents hired by my lender trespass on my property on 3 separate occasions to verify occupancy prior to my moving. I know this because I challenged one of them in my backyard causing him to run away. I caught up to him with a clipboard in hand in my front driveway at which time he confessed what he was doing and was scared because he was expressly told not to make contact. The previous time he (or perhaps another agent) had waved at my 2-year-old son through the backyard sliding glass door when my wife was home alone with him & I was at work (that is contact to me). My wife ran and hid with my son. When I called and complained about this, IBM claimed ignorance of any occupancy check.

In February 2012, my 2nd buyer's offer was finally approved, but with only a 12-day expiration for receipt of funds. We started the process and immediately requested an extension. We received an additional 10 days for our efforts and no more. As we rushed to complete the short sale and buyer's loan funding, on day 21 of 22, we discovered a lien on the title that looked sketchy at best. It was for $19,999 with no name given and a phone number that came up Out of Service. Further tracking led us back to our primary lender (who had changed their name to Seterus, Inc. by this time--same company, new name). We tried to reach the lender by phone, but we were told that only the title department might have information on the questionable lien. However, they don't take phone calls. We were told to fax the documents detailing the lien to the title department and they would get back to us in about 72 hours (a request for a hold on the expiration was refused). Within 72 hours, our home was auctioned off in foreclosure status.

It turns out that the lien was placed by a company hired by our lender to "preserve" the property and winterize the plumbing system. Apparently our lender did not pay them, but the lien was placed on my property without any notification

I would also ask that someone look into potential fraudulent application of payments. I am in good standing on an interest only loan and pay more than my interest amount each month which should in theory be applied to principal.

Seterus has taken it upon themselves to apply my overage to the next 3 months of interest. Despite having called on several occasions to have my payment application corrected they continue to revert back to prepaying my interst.

The concept is absurd and the fact that it is occurring the last months of the year leads me to believe they are manipulating the numbers for their benefit. I have to audit my own statements each month to keep them correct.

what a mess.

Seterus refused to take my mortgage payment over the phone yesterday. Asked why, the representative told me he could not talk to me about my loan without the consent of my attorney?!

When I threatened to contact my attorney general, he simply told me that the last 3 payments were held in a suspense account and that my loan was in the process of foreclosure. I am confident based on statements reflecting mortgage payments to them that I have a strong legal case against them for deception and fraud.

We have rights too as consumers. I'm not rolling over for this.

I went through an 11 month job loss and after almost 2 years I finally got LBPS to say they had a work out for me with a lower payment. I called every few days and they told me the paperwork had been sent and just to wait for it.

Finally after almost 4 weeks I got to someone who found out that they "forgot" to enter a code into the computer to issue the paperwork. As they were now in the process of selling the loan to Seterus, they did not have time to redo the paperwork now and send it. Due to this it took Seterus 6 months to do another work out for me that left me at the same interest rate and over $400 more per month than what LBPS had told me would be my new payment. When I told Seterus that they should be able to do similar to LBPS they just told me they did not have the same programs as LBPS and this was the best they could do.

I have all of this documented and asked for copies of my files from Seterus but they told me their files are private.

Now I find out that Seterus is just a new name for LBPS I really see the scam going on. If there is a class action count me in.

WE HAD OUR MORTGAGE WITH CITI mortgage, THEY TOLD US THE LOAN WAS BOUGHT,TRANSFERRED OR SOLD TO LBPS. SINCE THEN WE HAVEN'T RECEIVED A MONTHLY ESCROW STATEMENT.WE TRIED TO MODIFY THIS LOAN AND THEY SAID THEY COULDN'T HELP US.WERE UNABLE TO PAY ONLINE AND ARE MADE TO PAY BY PHONE WITH ADDITIONAL CHARGES.

LBPS cutomer service is the worst service I've ever experienced. They ask you 20 questions before you can ask them anything.

They act like you're not going to pay your mortgage.

I am glad to see someone finally taking legal action. I've never experienced bad service when my loan was being processed by Chase.

"Whoever you originated your loan with is your lender."

The word, lender, has no meaning at all in this context. What's important is #1 who is the "servicer"...

#2 who owns the "servicing rights" and #3, who is the "investor".

From what I can tell all loans at Seterus/IBM Lender have Fannie or Freddie as the "investor". That's our tax dollars at the moment.

One manager I spoke with broke things down like this. Whoever you originated your loan with is your lender.

They may also be the servicer of the loan.

Many loans are sold in large groups(hundreds of thousands of loans) to investers, but that the loan is still being serviced by the originator of the loan. If you ever get behind in payments, but then catch up or ask for a loan modification then your loan may be looked at as less valuable or risky and then the investor changes your servicer to someone like Seterus(IBM) to harrass you into collecting the money.

I had a mortgage with Citi bank. After I applied for a mortgage reduction they sold my mortgage to IBM.

They promised me a loan modification screwed up my credit score.

They held a payment back to give me a late mortgage payment, They were charging me late charges for payments made on time. I WANT TO SUE!

Type your message here

Always, always pay in a money order, cashier's check and make a copy. Do not agree to pay online or through the phone.

Always send your mortgage payment ahead of time -like a week before it is Due. When they send you an "Account Statement" always look it over. And depending on what state you live in and have a complaint against them contact the attorney generals office and BBB.

Look into The Fair Debt Collection Practices Act - Example:

12-1*-108.

Unfair practices.

(1) A debt collector or collection agency shall not use unfair or unconscionable means to collect or attempt to collect any debt, including, but not limited to. the following conduct.:

(a) The collection of any amount, including any interest, fee, charge, or expense incidental to the principal obligation, unless such amount is expressly authorized by the agreement creating the debt or permitted by law: Good luck

I see this is an older post, but, I am having a horrible time with Seterus. Any help would be greatly appreciated

Seterus told me I qualified for loan mod., just "make three payments at lower rate and that will be your new payment. " They did not send out paperwork at that point.Made three timely payments at lower rate they said I owed tens of thousands after three months because partial payments don't count and in foreclosure.

I NEVER would of agreed to that. Would not give me correct balance, said I don't automatically qualify as they told me I had.

After 18 years in this house I may lose it. I needed to get added to lawsuit.

How can I get added to this lawsuit against Seterus?

My loan was sold to Seterus as of October 1, 2013 and it has been a nightmare ever since. Trying to modify my mortgage is a joke!

They offered a monthly mortgage amount that was twice my previous monthly payment! My email is: angee314@***.com Thanks!

I have been screwed over by Seteris please give me advice they don't even have my address correct on original mortgage and threatens to foreclose on me every other month. Modified my lian without my consent. Help me lojackss1@***.com