January 28, 2019 / 10:36 PM / 7 months ago

Lawsuit says Seterus falsely threatens foreclosure to collect debt

IBM’s mortgage servicing business Seterus has been hit with a proposed class action in Florida accusing it of trying to intimidate homeowners into paying delinquent amounts by making false ultimatums to foreclose on their homes.

Filed on Friday in Ft. Myers federal court, the lawsuit said as many as thousands of Florida homeowners received letters from Seterus falsely warning they could lose their homes if they did not pay the entire amount overdue on their loans. Seterus, which services defaulted mortgage loans for Fannie Mae, is being sold to Mr. Cooper Group, parent company of mortgage lender and servicer Nationstar Mortgage Holdings, IBM announced earlier this month.

To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/2Uoogwe

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