Soverign Bank Complaint - Soverign Bank Screw Job
ELIZABETHTOWN, PENNSYLVANIA -- Approximately four years ago we received a registered letter from Soverign Bank notifing us we had 30 days to pay in full a $250,000 mortgage. Any time after 30 days a penalty of $1,000 per day (including weekends) would be applied. They did it, charged us the penalty till we could arrange a mortgage with another bank. Needless to say we paid in the area of $50,000 in penalties. The kicker! We weren’t late on the mortgage payment. Their claim was they did not receive a copy of our previous year tax filing for their records.
Now we may be looking for a good attorney to maybe recoup some of our losses including from the bank employee who did this. Certainly there has to be some accountability somewhere.