Does anyone have any experience with Seterus? Working on a BoA short sale and had the process SS assigned to me on Equator. I had uploaded all the SS hardship docs, the contract and an offer to Equator over a month ago but no one ever responded to any messages on there.

Finally found out it was assigned to RECD because someone decided it should be a deed-in-lieu. After my seller contacted RECD a little over a week ago to tell them he had approved doing a short sale, BoA assigned it to Seterus.

Seterus told me yesterday that I’m starting all over with them. No one I’ve talked to has ever dealt with them, even the BoA rep said he had never heard of them. And Seterus said they don’t use Equator, everything has to be faxed to them. Ugh! I guess I’m just not sure if this is a really bad sign or is this typical for BoA…

Thought this would be somewhat easier with the Equator system and having a buyer the first day I listed it (I represent the buyer too) as I’ve heard some success stories. But we all know every SS is a different challenge…

Seterus is another servicer just like BOA. Ive done a few with Seterus. They're kind of a pita but not too terrible to work with. Just dont get involved with their HAFA. The negotiators have no understanding of the guidelines and it'll suck up a year easy. Traditional Seterus short - maybe 2 months, perhaps even faster on approval.

BTW Seterus is just a new name for LBPS- IBM Lender Business Process Services. They changed their name over the summer.

Thanks minna.
I've spent 4 weeks on just getting a proper authorization letter. Never had that issue before...
And every time I send a new one, it takes 3 days to approve. Ugh!

You have to use their LOA that notarizes the signature...it'll get better. I went through the same process first BAC in Equator then Seterus, getting closer to approval now.

Yeah, they failed to tell me that till last week. They just kept rejecting them with very little feedback.

Here is a link to their LOA if you need one:

http://www.shortsaleopedia.com/upfiles/docs/Seterus%20Third%20Party%20Authorization.pdf

Thanks for that link. Found the other doc I was looking for there too. They have less than helpful in getting me information on their package requirements.

Most definitely complete their short sale package and give them what they want. If they want it in green paper give it to them in green paper. LOL.

If it's a Freddie or Fannie Mae they also want form 710 which they will mail to the homeowner directly and the IRS 4506T. Next time you call ask them to email you form 710 if it's a Freddie or Fannie Mae investor.

I did one with Seterus and it went very quickly and very well. Submitted offer mid November, closed escrow late January.