At the law office of Ira J. Metrick, we have defended borrowers against foreclosures from many different mortgage servicing companies including Seterus.
Seterus is the mortgage servicing subsidiary of IBM. Previously known as Lender Business Process Services, IBM rebranded their mortgage servicing division Seterus in 2011. In their capacity as a mortgage servicing company, Seterus manages the day-to-day administration of mortgage accounts, including collecting regular monthly mortgage payments and pursuing foreclosures against borrowers who have fallen behind on their payments.
Seterus services many loans for Federal National Mortgage Association, also known as Fannie Mae.
Seterus has gained a reputation for being difficult for borrowers to deal with, and often appears on lists of mortgage servicers with the most complaints. Seterus has hundreds of complaints on Consumer Affairs, the Better Business Bureau, and the Consumer Financial Protection Bureau, ranging from abusive debt collection practices, to problems processing mortgage payments, to wrongfully pursuing foreclosure.
Seterus Loan Modification & Foreclosure Information
On their website, Seterus outlines a number of options for homeowners struggling to make their regular payments or facing foreclosure, including:
- Staying in your home
- Repayment Plans
- Loan Modification
- Transitioning out of your home
- Mortgage release (formerly known as Deed-in-Lieu of Foreclosure)
- Short Sale
Recently, Seterus has obtained pools of non-performing loans from Fannie Mae on the condition that they offer loss mitigation solutions to borrowers, if possible. As a result, if your loan was recently transferred to Seterus, you may be able to receive a loan modification.
If you are facing foreclosure on your mortgage serviced by Seterus, we can determine the type of modification you may be eligible for, and we can give you an estimate of the modification payment terms.
Some attorneys that may represent Seterus include:
- RAS Citron
- Phelan Hallinan Diamond & Jones
- Stern Lavinthal & Frankenberg, LLC
- Powers Kirn
- Pluese Becker & Saltzman
Helpful NJ Foreclosure and Loan Modification Resources
- Foreclosure Defense Overview
- New Jersey Foreclosure Timeline
- New Jersey Sheriff Sale FAQ
- New Jersey Sheriff Sale Timeline
- New Jersey Loan Modification Information
Contact Ira J. Metrick Today
If your mortgage is serviced by Seterus and your home is facing foreclosure, contact us today. We can discuss your situation and help you determine if you are eligible for a Seterus loan modification. We also offer aggressive representation to assist in the loan modification process.
We can also ensure that the lender has followed all proper foreclosure procedures and has not violated your rights as a borrower. These violations can include, but are not limited to:
- Pursuing a foreclosure or sheriff sale while your loan modification application is still being reviewed (also known as Dual Tracking).
- Refusing to honor or review your loan modification.
- Not responding to your loan modification application within 30 days.
- Refusing to accept your mortgage payment or mortgage reinstatement.
- Declaring you in default and threatening foreclosure even though you are up to date on your payments.
If any of these or other situations have happened to you, contact the law office of Ira J. Metrick today to discuss your options.