After my husband was laid off, in April 2009, I tried to refinance my mortgage with Sovereign bank. The interest rate is outrageous for the market now, I'm paying 7.8%. At the time my credit was good and not late any payments, although I had a lot of debt. They had a program to refinance and I applied in May. I sent all the docs asked for. After several weeks, they asked for more docs including current bank statements. This went on several times. I asked why they keep needing new bank statements and the answer I got was "they are only good for so long".
I replied that this process would never stop because by the time they get around to looking at my docs, they needed updated again. Needless to say after 9 months I was not getting anywhere and decided to stop sending new docs so they cancelled my application. During that 9 months I was late on several payments, only one was over 30 days late. So now my credit isn't as good as it was and I'm still paying them 7.9%. As a good customer when the process started, they could have helped by lowering my APR a couple points and still been above the national average and making good money, but they are greedy.
As part of the program they offered, they would report to the credit bureau that I paid late, even if I wasn't, so I'm better off not qualifying anyway. What kind of crap is that? People are already in a bind and hurting their credit won't help. As soon as I can, I'm going to find a new bank. I wish I had done that to start with, but I THOUGHT my bank would like to keep me as a customer.
EAST HAVEN, CONNECTICUT -- I started a loan modification application with them back in September 2009 through a third party. Four months later, my loan modification was approved. One day later, their attorney filed foreclosure papers on us. Two days later, the action was filed in court, and the 2nd mortgage company sent a letter on January 29, 2010 (which I received on February 4, 2010), but they had already filed an appearance in this case.
I am completely baffled how a bank could approve a loan modification and foreclosure at the same time? Has anyone dealt with this? My loan modification agent keeps telling me this is all par for the course, but we will now incur a $300 filing fee in court; about $200 in Marshal's fees, and who knows how much in attorneys' fees since now two attorneys are involved. Our loan modification agent tells me that the attorneys' fees can go on the end of the loan, but what about the 2nd mortgage attorneys' fees? This is ridiculous, so I finally wrote a letter to the 2nd mortgage company, cc'ing the attorneys.
I am dealing with Sovereign Bank for a home loan and they SUCK... they are highly unprofessional. No matter how many times you call them for follow up they will never return your call. They have no idea what customer service means, that's pathetic. I locked in a rate for certain APR and they came up with higher rate than I locked in just 2 days before my closing. And when I ask them to fix it, they give me lousy reasons and they don't fix it and apparently I have to pay the price.
It takes forever for them to process the loan. Nobody in the Dept answers their phones, they don't care about the customers at all... NEVER EVER GET A HOME LOAN FROM THEM!!! If you are with sovereign, you are in trouble...
ST LOUIS -- I have a home loan with sovereign and they SUCK! When they first got the loan from another bank, I called and asked them if I could change my due date to the 15th of each month. They said, "No problem" and that they would change it. Next thing I know I was charged a late fee and started getting phone calls from them. They said they had no record of the due date being changed!
Next the loan I have is a adjustable arm. The payment went up 400.00 a month and the way I found was the called and told me I did not send them enough money! Also if your payment is due on the 1st and it gets to them on the 2nd, they have already reported to the credit people that you are late! These are some real jerks at Sovereign Bank.