Consumer complaint received 2015-11-29
Company: Seterus, Inc.
State: TX
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Loan servicing, payments, escrow account

Complaint:
Dear CFPB, I submitted a complaint against the above Servicer on XXXX XXXX, 2015. I have received their response and would like to address several key issues that remained unresolved. The Servicer has not made any efforts to resolve these issues and instead provided explanations that are completely untrue and deceptive.I stated several deceptive practices and unscrupulous ways that this Servicer is involved in. above all, I described how this Servicer has been trying to engineer a default on my property by not applying funds they received on time and in a proper manner so they can foreclose on my property. It is noteworthy to say, that I have over 80 % equity in this property that makes it all more interesting for this Servicer to foreclosure and gain money from the deal.Prior to Transfer of my loan to this Servicer, I was approved for Loan Modification Trail Period and I started making timely payments ( condition of being approved ) based on the new payment plan. When my loan was transferred, the Servicer first acknowledged the Loan Mod Plan exists then after few months rejected and told me that is based on previous Servicer 's decision. However, the representative that I talked to on XXXX XXXX, 2015 ( few weeks after loan was transferred to this Servicer ) after speaking to her supervisor, she told me this is " an active agreement and since it is not expired '', therefore, Seturus will honor the Loan Mod Trail period and the conditional approval. After searching for some time she indicated that she sees the Loan Mod docs and the approval and she is going to send it to the " appropriate dept. '' for processing. However, after making XXXX more timely payments to Seturus ( XXXX was made to XXXX prior to the transfer ), the Servicer denied my Loan Mod and asked me to reapply and said the previous loan Mod is invalid since it was not decsioned by them. The Servicer put my loan in default with hounds of dollars behind in mortgage and refused to consider the trial period and the new payment plan. At this point they started the foreclosure proceeding. Based on the response I received from the Servicer on XXXX XXXX, 2015, Servicer claims that the Loan Modification Trial Period Plan ( Trial Period Plan ) and the documents " WERE NOT PROVIDED to them by CITIMORTAGE ''. Amazing story! The company further claims that during the XXXX XXXX and subsequent call I was advised to send the documents to them so they can process that. This is absolutely NOT true! During the XXXX XXXX call, I was told they located the file and I need to keep making timely payments. During the same call they offered me to pay the second trial period payment which I did. During the subsequent calls I was told that they will not honor the agreement since it is not through Seterus. I am attaching the approval letter in question. Other issues that are not resolved, are Seturus deceptive practices in terms of billing and properly applying the funds they received. Please see Seturus bizarre explanation regarding both issues ( billing and applying fund issues ) in their letter dated XXXX XXXX. They claim the " system issue ''. They claim, during " their review '' they realized funds are not properly applied. Keep in mind It was not their review but my complaint that triggered corrective actions. They are claiming funds was inadvertently reversed from my account then put back then removed. This does not seem to me a competent financial institution at best or a crook company looking to making money without any regards to laws at worst. Although, my financial situation has changed since XXXX of this year and I am able to pay my original payment without any needs for loan modifications, I believe Seturus has deprived me from my rights that provided to me under federal law during desperate financial needs so they can benefit substantially through illegal means and deceptive trade practices and cheating consum

Company response to consumer: Closed with explanation