Has anyone filed a complaint against Sovereign Bank for how they were treated with their home loan?

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We have been jerked around by Sovereign Bank for the past 10 months while trying to get a forebearance/hardship and just recently denied for a loan modification, can anyone help us, how can we file a complaint against them and has anyone else had a similar situation happen to them concerning a home mortgage with Sovereign?

Our loan modification was approved 2 months ago . We are having problems with our off & kitchen floor & walls due to the roof leak . Will our bank give us a loan to renovate and fix the damages ? We live in NY state & our bank is American Home Mortgage in California .

12 Comments
  1. Reply
    MVD34
    February 22, 2011 at 12:58 am

    You are not alone.

    Most home owners are finding it very difficult to get hardship mods…almost every bank is included.

    At the moment many of the larger banks are finding short sales the most cost effective way of handling problem loans.

    For most of 2009 they preferred the delay to foreclosure game.

    It is highly unlikely that you will get action with a complaint — banks are simply not under any obligation to modify any loan they do not want to modify.

  2. Reply
    skwheeler
    February 22, 2011 at 1:52 am

    I have not personal worked with Sovereign Bank before but have worked with many other banks and home owners and know the frustration you are going through.

    Banks don’t usually like to bend for their clients (ie investors) assets if that asset is not severely non performing for them. Getting the banks to realize that you are wanting to help them is a feat in and of itself. I work with banks everyday and find most the time they are not rational but just following protocal.

    One item i see that could have affected the outcome of your forebearance would be how you put together your hardship and the information you disclosed to the bank. Many time information just needs to be adjusted and sent back to the bank. However, it sounds like Sovereign Bank is being quite difficult in coming to an agreement.

    You need to know that you do have more options than you think.

    If you are willing, I would like to ask you a few more questions about the situation you are in now and what it is you wanting to accomplish. I can definitely help!

    Feel free to email me, Sandy@truenassociates.com

    Talk to you soon!

    Sandy,

  3. Reply
    John_Dempst
    February 22, 2011 at 2:29 am

    yes, if you qualify for a home improvement loan… depends on how much equity you have in the house.

  4. Reply
    DebtGator
    February 22, 2011 at 3:19 am

    If you didn’t have any mortgage lates and have excellent credit along with a good amount of equity then yes, it’s possible. A modification doesn’t show up on your credit report.

    Most likely, you had a hard time paying your payments and got behind which will disqualify you with all conventional lenders.

    IF…you have tons of equity and bad credit, then hard money is the only option.

  5. Reply
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    February 22, 2011 at 4:12 am

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  7. Reply
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  8. Reply
    LILIAN
    February 22, 2011 at 6:15 am

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  9. Reply
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  10. Reply
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  12. Reply
    Rob
    February 22, 2011 at 7:36 am

    As long as you have a decent to high credit score and not many outstanding debts, I don’t see why you wouldn’t be able to obtain a loan.

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