Wood Dale residents say Seterus, Fannie Mae cheated them into foreclosure, wrongly took their home

Two Wood Dale residents have sued Fannie Mae, alleging the federal mortgage agency was in cahoots with a private home loan servicing company to hoodwink them into surrendering their house to foreclosure, under the guise they were late on loan payments.

Jesus Almodovar and Tina Palacios, both of Wood Dale, lodged a nine-count suit July 17 in Will County Circuit Court against Federal National Mortgage Association – better known as Fannie Mae – and Seterus Inc., alleging fraud, wrongful foreclosure, breach of contract and deceptive acts, as well as violations of the U.S. Fair Credit Reporting Act, the U.S. Fair Debt Collection Practices Act and the Illinois Consumer Fraud Act.

Seterus does business in Illinois and is incorporated in Delaware, with its main office in Beaverton, Ore. The company offers mortgage options to distressed borrowers.

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