Anyone who fell behind on mortgage payments and then received a letter from Seterus regarding their non-payment.
What’s Going On?
Seterus has been hit with class action lawsuits that allege the company sent out debt collection letters that falsely implied that homeowners’ loans would be accelerated – meaning the full amount of the mortgage would be due – if they didn’t pay the money they owed within a certain time period. A copy of these letters can be seen below.
Who Is Seterus Anyway?
Seterus Inc. is a company that specializes in collecting delinquent residential mortgage loans.
What Can I Do?
If you received this letter from Seterus regarding your home loan, fill out the form on this page. More people are needed to come forward to help strengthen the litigation.
Attorneys working with ClassAction.org would like to hear from anyone who received a debt collection letter from a company called Seterus after falling behind on their mortgage payments.
Seterus, a company that specializes in collecting delinquent home loans, has been sued for allegedly making false and misleading statements to pressure consumers into making immediate payments. Now, more people who received the letter are needed to come forward to help strengthen the class action litigation.
What Did These Letters from Seterus Look Like Exactly?
The letters allegedly stated that the recipient had an ultimatum: to either pay the entire balance of their missed payments or to face acceleration. If Seterus accelerates a loan, the homeowner would have to immediately pay his or her entire mortgage loan, including principal and accrued interest, or face foreclosure.
According to the lawsuit, it is Seterus’ own policy, however, to never accelerate a loan so long as the person makes a partial payment within a specified time period. Therefore, Seterus’ statements serve only to create a false sense of urgency and intimidate consumers into making payments beyond what’s needed to save their homes, the suit claims.
Because Seterus is making statements that deprive consumers of their ability to make informed decisions and threatening action it does not intend to take, the company is in violation of federal debt collection law, the lawsuit alleges.
How Can a Class Action Help?
If successful, a class action lawsuit could help recipients of the letters collect money for Seterus’ alleged violations. It could also help ensure the company stops putting any potentially misleading statements in its collection letters.
To learn more about this case and how it affects you, fill out the form on this page. One of the attorneys handling the investigation may then reach out to you directly.