Seterus/IBM Mortgage Company

Please tell me how I can make payments as required for over 15 years and owe over $10,000.00 more than I agreed to on my original mortgage? Seterus Mortgage company is trying to take my home!

I have been having major problems with Seterus Mortgage Company for over 1 1/2 years. They are still trying to foreclose on my house. I bought my house for $62,000.00 @ $496.27 per month, and have had the mortgage for 17 years, thus only owing 13 years.

Seterus is demanding a $72,996.00 payment in full... or they will "be happy" to modify my load for 40 years @ $980.00/month or they are going to foreclose!

I am 73 years old, disabled and live on SSI of $790.00 a month! They are fully aware that I cannot afford, nor could I qualify for a $980.00 a month loan! I need help immediately!

MORE DETAILED EXPLANATION: To whom it may concern:

I purchased this house, 12203 Plumbrook Drive, Houston, Tx 77099 in 1997. SunTrust Mortgage has held the paper on my house for over 10 years. For more than 3 years I was 2-5 months ahead on my payments; however I became very ill, was hospitalized with Pneumonia, COPD, Collapsed Lung, Lung Cancer, Heart problems, 2 Brain Aneurisms, and other incurable & inoperable diseases. Needless to say, I have been hospitalized numerous times and was unable to keep my payments up to date for the last year or so. I never let them become delinquent for more than a month or two without making them up.

I worked very hard to make up each month as soon as possible, as I was severely ill and in the hospital with negative expectations that I would be coming home. I sold many of my belongings to maintain my responsibilities and never fell more than two months behind.

SunTrust sold my account to a ‘so-called’ Debt collector/Mortgagee, called Seterus. (They advertise themselves as a collection company.) They told me that I was scheduled for foreclosure, that my house was going to Auction on October 21, 2013, and that I needed to do a Loan Modification on the loan immediately! I said I would like to find out more and consider it. I then found out that the said “Loan Modification” would be for 40 years (I owe less than 13 years on my present loan) and payments would be considerably more (over $900.00 a month) than what I have paid ($496.27) for the last 17 years!

Since I am 73 years old, I have had my property taxes deferred since 2007 and this seems to be where a good portion of the problem comes in. It seems that Seterus received my loan in March of 2013 and immediately decided that they needed to pay off my ISD Property taxes.

They didn't consult, confer, ask, and/or let me know what they intended to do! They just paid off my Deferred Alief ISD taxes, started an escrow account, raised my interest rates, extended my 13 year loan to a 40+ year, and doubled my payments! I have had my house for 17 years and have never had an Escrow account! I always paid my taxes & insurance separately! I still have separate insurance with ABC Insurance, (713-785-2138).

Both the County of Harris and AISD have documented that Seterus over-paid the taxes and refunds were disbursed to them.

SETERUS is now demanding an immediate cash payment of $72,621.25 or they will foreclose on my house! They will not accept my monthly payments and have returned them to my bank with notice that they are unacceptable!

I have talked with the Seterus representatives numerous times over the last few weeks, and they keep telling me that they will get it all straightened out, but that doesn’t happen! They admit that they should have consulted me before paying the taxes! Seterus claims that I am delinquent on my payments, however I sent them proof of payments from my bank and they are still determined to take my home away from me!

They have destroyed my credit and any chance I had of refinancing my house through the Presidents HOPE program, and/or any other that I have been able to locate. I am out of time, therefore time is of essence! I am seeking advice, assistance and a solution to saving my home, modifying my loan to a more affordable amount; remove all of the derogatory information and statements on my credit reports.

Please contact me as soon as possible to discuss any possibilities.

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