My second mortgage was sold to Sovereign Bank. I recently refinanced the loan as the interest rate was rather high. I called Sovereign and obtained a payoff quote ($47,139.36) that was good until December 1st (I have since been told numerous times by Sovereign Bank that this was the date quoted to me). The bank I refinanced through sent the check and it arrived at Sovereign on November 29th. Sovereign sent me a letter stating that this was $281.16 short. I received the letter after business hours on December 5th. I called Sovereign first thing in the morning December 6th. I was told by each of the people I talked to that there was a mistake.
Finally, I talked to a manager, Steve Neves (401-432-1824) who said that there was a mistake but they were not sure what it was and that they had to review it and would get back to me. He also said that hopefully it would be resolved and I would have to pay nothing.
On December 8th, Mr. Neves called me to tell me that the payoff quote was good only for the day I was quoted it, which flies in the face of common business practice. No bank does this. Ther person I was speaking with gave me a quote that was good for more than merely the day we were speaking. He told me I not only had to pay the disputed amount but because the grace period was over I now had to pay interest for the days that the inquiry was occurring as well. In addition the money I have to pay is interest on the money that has already been paid off. Rather than counting interest on the money left in the account they are counting interest on the entire loan as if they never received the payoff check in the first place. I believe this practice counts as fraud.
I performed all of the required actions to close the loan in good faith, Sovereign bank has been unethical and possibly negligent if not criminal in their own dealings.