Sovereign Bank

[beaches1956]

Hello all, I wanted to tell you a bit about my situation. I am current on my loan. My wages (were reduced to a furlough situation). I work as a advertising consultant with a paper in FL. My partner ( we live together over 10 years) but are not married, and he isn't on the loan.
He was hurt at work and was out on disability almost 2 years during that time frame he was contributing to the household expenses, but not alot. During that time I was pulling from my savings approx $1,500 a month. I applied for a loan modification and was denied because I didn't fit the criteria. They told me that I needed to reduce my monthly debt $1,700. And they said that they would only take 1/2 of what my partner gives me each month. I built my home for $342K have been in it a year and a half, had an appraisal done in Jan it was $295K, Zillow is $260K. I have trimmed by credit card debt by $27K. Sovereign indicated that they were looking at adjusting me to a 40 year 4.2% loan. I know that I could afford that. Now they want me to resend my paperwork again. Am I getting the run-around?
Help, and and all suggestions would be greatly appreciated!

April

[Evan Bedard]

Hi beaches1956,


Welcome and thank you for joining the forum..



Looks like things might be heading in the right direction. It is a very tedious progress and a lot of time lenders will have you repeatedly send the same info. Fax the info right away to whom it was requested from and follow up every few days until the modification is completed.

[loft1967]

Did you ever get a response from Sovereign Bank? I applied for a loan modification through Sovereign Bank in May. We have a Freddie Mac mortgage through Sovereign. I was laid off from my job, my husband is employed. All of our paperwork was sent at the end of May. Every time I contact Sovereign they tell me how busy they are and someone will contact me. It is now August and I still do not have an approval or denial. I call them constantly.

[Evan Bedard]

Hi loft1967 welcome and thank you for joining our community.

When you call to get status on your case and they tell you that they are just too busy, I suggest you ask for a manager or supervisor and explain to them our situation. They may also ask you to provide updated information from you since they don't seem to have started processing your case yet.

Have they confirmed with you that they at least have the information you had sent?

[beaches1956]

Originally Posted by loft1967

Did you ever get a response from Sovereign Bank? I applied for a loan modification through Sovereign Bank in May. We have a Freddie Mac mortgage through Sovereign. I was laid off from my job, my husband is employed. All of our paperwork was sent at the end of May. Every time I contact Sovereign they tell me how busy they are and someone will contact me. It is now August and I still do not have an approval or denial. I call them constantly.

I am still in the process but I have hired an attorney. They just kept blowing me off. But I know have a major problem, my partner, he is leaving and so is the $$$ that he contributed to the expenses. Now I am truly in a mess. I don't make enough by myself so now what do I do? Short Sale? Foreclosure. What a mess!

[indefault]

Originally Posted by beaches1956

I am still in the process but I have hired an attorney. They just kept blowing me off.

Funny, I don't owe nearly as much as you do beaches and sovereign calls me everyday.