Sovereign Bank Complaint - Keeping Families in their homes is a JOKE
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.