- Report: #781841
Report - Rebuttal - Arbitrate
Complaint Review: Seterus
SeterusBeverton, Oregon United States of America
Seterus LBPS Seterus is your Enemy! Beverton, Oregon
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Now I am aware that once the original loan value reaches 77% that they must automatically remove the PMI but I wanted to see if they would offer this as an option. The first customer service rep was rude and told me that under no circumstances would they remove the PMI without an appraisal. I then wrote a letter to Setarus requesting that they return the money that they had coerced from me and give me a written explanation of how to remove PMI from my loan. Nearly two months later they returned most of the money with a written explanation but never mentioned the 77% as an option. They are also assessing late fees for on payments not made during the time that they held my 34K hostage. AMAZING!
Here is a company with an underwater mortgage and a current customer who not asking for anything but to help shore up their position by giving them additional principal. I can only assume that as a servicer there is a financial gain for them keeping the mortgage in a riskier position. A mortgage company that acts so aggressively against the best interest of the overall economy should be thoroughly investigated. Beware of IBM Lender Services / Severus, document all interaction no matter if you are customer in good standing or not. They are not partners they are predators. My only saving grace is that I am in a position to make additional investment in my home and refinance with a more reputable institution.
This report was posted on Ripoff Report on 09/27/2011 09:19 AM and is a permanent record located here: http://www.ripoffreport.com/r/Seterus/Beverton-Oregon-97076/Seterus-LBPS-Seterus-is-your-Enemy-Beverton-Oregon-781841. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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