SETERUS,INC has now surpassed BOA as the worst servicer for short sale programs in the US!

 To all,

I got a referral from the short sale guide network on 12-14-11

I listed the home and sent my 3rd party authorization in on 12-20-11 by fax

I called January 6th to see if they have the 3rd party authorization letter in their file so they could give me an update.Well here is what they said you need to have a third party authorization on the Seterus form and by the way,it needs to have a Notary to stamp it.I have done alot of short sales and this is the ONLY servicer I know so far that requires this step!Well ok so we get their form filled out on the 1-17-12 and fax it in on the 23rd of january 2012.Call them to get the status of  the third party authorization letter and now they say you will love this "we can not read it".Yes you heard me so I make another high quality copy and send another one on 1-27-12.I again call to check status and yes they tell me this time the loan # is not right.So again I have to fax again on 2-1-12 and they still can not read it clearly enough to talk with me.By this time you may be asking a question what is wrong with these people.In the mean time the clients are getting a call from the servicer about having a realtor come out and do a BPO.Because I'am a nice guy I go ahead and let her do this on the week of 15th of Feburary.I send the third party authorization again on 2-8-12.I again give it some time to get to the right people to verify they got the letter.I talk with them on 2-13-12.They still can not read it so in the meantime I have been asking for an email and they say that they do not use email at all.I again send the third party letter 2-21-12 that any idioit could read even if you are standing up and looking down to the floor.I check again on the 28th and lordy lordy they say that this one is good I asked about the file and they say it is set to Foreclose on March 6th 2012 and if you want to get this done as a short sale you will need to have a contract in before the 5th of march.Well I got a contract to them in the early afternoon on the 5th of march .This time a lady name louie says you needed this to us three weeks in ago for us to consider the short sale.So what I'am convinced of they are in the business of making foreclosures happen and do not care about the owner of the property,the agent trying to work the file.I know some of you may have had good luck with this servicer,but I bet money it is few deals done with them.Other items that came out of this conversation.The nice lady also said you can ask about the BPO of the property,but in no way will you know what the BPO came in at we reserve the right to not give that information out because we the servicer paid for it.Well if anyone wants to have contact with this wonderful upstanding servicer of banks then here is their contact info and  I wish you a great day!

james exum/jrpremierproperties


Physical address 14523 SW MIllikan Way,suite 200; Beaverton,Oregon 97005

Business hours(pacific time) Mon-thu 5:00am to 9pm; fri 5:00am to 6:00pm

sat6:00am to 12:00pm; sun 9:00am to 5:00pm

Phone1- 866-570-5277 fax 1-866-578-5277

Short sale phone line 1-888-917-6004 and fax line to the wonderful short sale dept.1-877-649-0743








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that bites!  ick!

If you think BOA and Ceterus are the worst, you must not be doing many short sales


Not sure who Joseph is (2nd reply) but if he doesn't have the bank name correct, maybe his comment is the same.

Let me preface this by saying that I have been doing short sales exclusively for 7 years and have done hundreds, so I have a bit of experince. In the last few years the only ones I have lost have been when there are legal issues that we can not get around or the bank is too far into the F/C and it cant be stopped or if an attorney has been involved...other than that I have been 100% successful . Most of my clients are investors and I have only had a few deals in the last 2 years where I could not get the defiency language waived.

I have only had one deal with Seteus and it was a nightmare They lost the package 3 times and when they found?&*^%#$@@ it they said it was unreadable....sound familiar! Anyway, when I finally got the approval they allowed $468 (Yes $468) for closing costs. Their response to my indignaion was to get the Buyer to pay everything... Now the owner is on their back but they don't want to deal with him and told him they were just going to foreclose and had no interest in a short sale.

I have spoken to at least 3 other very experienced short sale agents and they have similar horror stories, so don't feel bad. I will not take anther Sereus even if it was my best friend.

I agree with your assessment of Seterus 1000%.  I spent 7 agonizing months of torture last year with a short sale that started out with LBPS as the servicer which eventually became Seterus.  I seriously felt my health was in jeopardy while dealing with this short sale.  The seller was a friend when I started the process and I definitely wanted to come thru for her.  In the end her frustration was so great she didn't even want to talk to me anymore.  I closed the deal but the friendship has cooled and I am not sure I have physically recovered either.  Both as LBPS and Seterus they were aloof, and extremely hard to communicate with.  How do you 'negotiate' any deal without the ability to reach the other party in a timely manner when everything is on a deadline?  Ghastly experience and I would never do another short sale with this company.  I actually had hoped never to hear their name again but when it came up here, I had to commiserate.

I'm sorry you had a bad experience with them.  I know about notarizing the authorization letter, you can send it in without being notarized but then you have to make sure the seller signature matches what they have on file, other than that I actually had a pretty good experience with Seterus.  I had a negotiator from the start and everything was emailed to her directly so it made it much easier.  Even with MI involved it only took about 63 days for approval and when we lost the buyer and found a new buyer two months later, we got the new approval letter in 4 days.  Hopefully your next experience will be better.

I had a property foreclosed upon even after they countered and buyer accepted the counter. They would not postpone. Ridiculous!!!! Does anyone have a phone number or contact at the President's office?

The fact that Seterus (used to be LBPS) required their specific authorization to be notarized has been (or should have been known) for almost 2 years, now.

It would do everyone good to contact the lender BEFORE submitting docs to see if they have special requirements (if you've never worked with them before).  You don't need authorization, you just need to call and tell them what you are doing and they will point you in the right direction (usually).

I format all of our copies of submission docs to be filled out with Adobe.  This way, it's all clearly printed, no handwriting except for signatures, which helps a lot. 

There are a lot worse lenders out there than Seterus (MetLife, anyone?).

I like the idea of formatting the docs to be completed in Adobe.  Why didn't I think of that?

Taking it one step further (since much of the info in a package repeats), you haven't by chance figured out how to make on main input sheet, with all the fields automatically flowing to the other documents?  Or how to do a mail merge to a pdf form?


Some of my BEST FILES have now been with 'BANA'.  It really comes down to the luck of the draw as to the individual you get, not the servicer.

By contrast, WF may be one of the better servicers, but I was nearly ready to reach through the phone line and woop my 'document specialist'.  But once I got past him.. the negotiator was ok (painless, non-eventful).  Now my CLOSER is WONDERFUL.  And thank goodness: my BANA stand-alone 2nd HAFA file took a month of being transferred and reassigned to finally reach the right department.  :)

Yes, my packages are fully formatted.  You input the information once and it auto populates throughout the entire package.

What do you mean "mail merge to a PDF form"?  Do you mean taking info from an address book and having it auto-pop the correct fields in a formatted PDF doc?

From your fully formatted packages, it sounds like you've already got most of what you need.  I've been using Nitro pdf and haven't found this formatting thing yet.  I'm guessing basically you create an field for input, give it a unique name and where ever you place that field subsequently, it fills automatically?  I have to play with the 'forms' more.  Or try the full version of Acrobat I guess.

The mail merge would probably come in handier for BPOs, Listing Packages, maybe even Purchase Offers.  In MS Word you can take a csv file and merge each field of data into your Word doc (after you've placed the matching field names in the Word doc).

For BPOs it would be cool to be able to take your MLS comps, create an export csv file, and merge that file in to your pdf.  Boom!   You're 90% finished without rekeying any data.

But so far I have not found a way to merge a csv file into a pdf?



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