Seterus, Inc. Mortgage Complaint

Seterus, Inc. Mortgage department,

Conventional adjustable mortgage (ARM) Loan servicing, payments, escrow account California

Yesterday I received my monthly mortgage statement from Seterus and the amount due had doubled. Last month the amount due was $400.00 and for -/-/- the amount due is $990.00. No explanation for the increase was included and the account is current. To my knowledge I have never paid a late fee and have paid down the principal with almost every payment. This is a variable loan. No prior letter was sent that the rate adjusted from - % to - %. In the past I got a letter explaining why the rate changed and even if it did not change they sent a letter confirming the interest rate. The principal amount due increased $530.00. This huge increase came with no explanation or description of any kind.


rate increasing. I was never told this was a time bomb loan - I was told it was principal only loan and if I did not pay it off by the term of the loan - I would have to refinance the property. Seterus purchased a loan with a time bomb in it and never gave me advance warning - beyond 45 days of - rate increases.