SOVEREIGN BANK

We refinanced our house with them. When we made the payment, we used the old number and we didn't realize that until later on. We went up to the bank to get it straightened out and next thing we know they took the next months payment and put it towards the previous month where we had made the wrong payment and then they said we were 2 months late. We tried to get it cleared up and he said we needed to write a letter, make copies of the checks and send everything to them. I did everything 3 times and they still have not accepted it.They will not change it, they will not help us. They put it on our credit report and now when I went to buy a car I have a higher payment.

The amount of our requested loan was $40,000. We were approved subject to appraisal. The appraiser came out, and even though the condition of the house was excellent and we did have equity in the home, he fixated on the fact that we have an underground oil tank (which is not leaking). The underwriters of the bank then asked us to abandon the tank. We agreed. They then asked us to dig up the tank (even though on the website of the county in which we reside, they suggest abadoning oil tanks and filling with foam or sand, which we would do). We said this was overkill and got our oil company to state in writing that the existing oil tank is not leaking. Also, our homeowners insurance covers environmental contamination. This issue went to the Chief Environmental Officer of Sovereign Bank, who insisted that we pay $3,500 for a certified environmental consultant to perform soil testing under our oil tank. We said this was unnecessary and potentially dangerous, and we refused. They denied us the loan.We have excellent credit and my husband is a doctor. I am baffled at the incompetence of the underwriting at Sovereign Bank and would warn anyone on Long Island with an oil tank to avoid this bank. It took them two months to deny us this small loan.

We receive really good interest rates at Sovereign and we really like working with Bill Winters. If he does not have the information we need, he will run out to his car every five minutes to get it for us. He could not be more friendlier or more personable and he will do whatever he can to be accommodating to his customers at all points in time. He is great, in a word.