I have been affected by the economic cases. I had a reduction in my wages causing a hardship and became delinquent in my mortgage payments. I have been working with my first lender, PNC mortgage, on my loan modification. However, I have been pleading with my second lender, Sterling Home Loans Inc. They continue to deny me the opportunity for a loan modification because my home had equity. We can't understand why Sterling Loan Services is not willing to help the homeowners to stay in their property. I want to formally file a complaint and an investigation against the procedure and practices of Sterling Home Loans Inc. I believe they are not in compliance with the Making Home Affordable program. I want to keep my home as it will cause a tremendous suffering in my family and my children are in anguish because of this agonizing situation. We want to keep our home. My family and I are asking for your assistance in this matter please. Thank You.
Consumer Complaints & Reviews
I was contacted via letter from Sterling Bank's Mortgage Department and that I would be approved. I had an equity line of credit of 100K and 40K left with Chase Bank and my primary mortgage with M&T Bank. I spoke to Jim L. that I wanted to refinance and that I needed to keep my equity line of credit. He told me that my credit line with Chase had to be closed. In addition, he said that I would not have a problem getting a $30,000 line of credit with his bank because of the equity in my house. I told him that I need to have a line of credit. I was approved. I tried to get equity line of credit right after the closing and was turn down by M&T, Chase and Sterling.
I would not have agreed to have a refinance unless I was able to get a line of credit. I was deceived. I wish I could reverse the refinance of my new mortgage because I need that equity line for several projects and cushion for emergencies. The consequence is that I am unable to fix my bathroom and kitchen. It needs major repairs. There are leaks in my infrastructure. I do not have additional monies. I am currently on Social Security disability and have a fixed amount of money coming in. I have a family four and no one else is working. Please note I contacted Mr. L. and he denies ever talking about my equity line of credit until the time of the closing. I emailed him back that I strongly disagreed and will file a complaint. I wish I can turn the clock back. I would not have gone through with the refinance if I was not able to keep a line of credit.
Last year I planned to move to Los Angeles to start a new business. I bought a condo outside of LA in El Monte to start the process. American Sterling Bank granted me a loan to purchase it. After close of escrow, I started moving into the house and doing some cosmetic work and fix-up. Because of my busy schedule, the work didn't completed until almost two months later. Afterward my sister joined me to move in so she could start college at UCLA.
Unfortunately, the business I planned to opened there didn't go smoothly as planned. I just spent all my money to purchased this home and invested in the new business which didn't generate any income right away. I was in a major financial distress at the time. As the same time, I was burdened with a new mortgage. I was forced to come back to San Diego and continue my old work to pay the bills. It lasted for a few short months, during which I traveled back and forth frequently between San Diego and El Monte. But I managed to pay all my bills including the mortgage on time.
However, sometimes during the my distressed process, American Sterling Bank sent an investigator to verify my residency status. I explained to the investigator about my temporary circumstance that I was unable to remain in the property 100% of the time. He assured me that he would report that detail to the bank and hope that associates at the bank would understand the situation.
I assumed everything was okay. I sent my payment every month as promised. Then I received a surprised foreclosure notice in April 2004 from the bank demanding a pay off immediately accusing me of defaulting on the loan I didn't live there 100%. As I was already in a distress, I was stuck with a situation that had no way out. Fortunately, a buyer at that time contacted me and offered to take over the property and pay off the loan and associated costs for me before the end of April 2004. I could not come up with any other solution, so I accepted the offer. I felt so much stress about the whole situation that I left the entire transaction to an escrow company. However, it was not until May 2nd that I realized the transaction was not finalized as promised. I asked the escrow company to request for a paid off amount from American Sterling Bank in April. I expected the deal was closed in April 2004 so I didn't send the monthly payment to American Sterling Bank for April because I expected to pay off the entire loan. I contacted the buyer for an explanation and found out that he was not able to obtain the fund needed on time as he expected.
I contacted the bank immediately and explain my situation again that it wasn't my intention to pay late for April because it was all my intention to pay it off. I requested for more time so the buyer could get the money he needed to close escrow. I also asked if I could pay the April payment and late fee over the phone. I received a cold and heartless reply that it would not make any difference now that the payment was late, and the bank would report it to the credit bureau so that my credit rating would consequently be destroyed. I felt like crying at that point, but I brought my payments current anyway.
The buyer finally got the fund he needed to close the transaction in June 2004. During May to June 2004, the escrow company had sent two paid-off request to the bank. They finally wired the paid-off amount according to the paid-off statement from the bank. Then at the last-minute, I received a call from the escrow company that American Sterling Bank had threaten to send back the money they sent because the bank forgot to include a prepayment penalty from the previous demand statements. I called your bank back and ask for an explanation. My understanding of the response was that the bank demand me to paid off the loan early and then penalize me because I did so. I was speechless and dumbfounded. I cannot see anything more unjust than this, but I had no choice but to pay the penalty to end this whole dilemma.I was relieved that this dilemma was over anyway, but its ghost still haunt me because my credit rating was literally destroyed after this. I had a second loan on this home as well with Countrywide Home-Loan. The April payment was not sent to them either, but I called them and explained my case. They were so understanding and extremely generous to waive the late fee and remove the late pay status from my credit report. But then I called American Sterling Bank again and poured out my heart in a desperate plea to ask the bank to remove this late payment status from my credit report so I can move on with my life, but I was cruelly rejected.
American Sterling Bank had acted like "it is all about us, and screwed everyone who doesn't live up to our standard." Yes, the bank might have done everything legally. They might have followed every letter of the law, but there is another side to the law. That is the spirit of the law which is fair and just. I shall not be silent and resting until I my justice is restored.
They have a scam with fraudulent accounting system like numerous other consumers who have dealt with them I am have had late charge applied to my payments although I have chq and dates saying they were sent 7-10days before delivery.Numerous attempts to get my loan papers and amounts have been ignored.I still have one more year till the end of my loan period nine more payments left.When I signed the loan there was no prepay penalty but now they want charge me the same amount to prepay as i would pay at the end of the term.
