Question: Has anyone filed a complaint against sovereign bank for how they were treated with their home loan?

(Posted by: Dolphincove on 2010-03-08 11:35:31)

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?

Posted by: skwheeler on 2010-03-09, 04:56:58

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,

Posted by: MVD34 on 2010-03-08, 11:41:51

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.

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