Report: #572125

Complaint Review: Sterling Bank - Sayville New York Internet

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Ripoff Report is Xcentric Ventures

Submitted: Fri, February 19, 2010
Updated: Thu, April 01, 2010
Reported By: Steve — Staten Island New York United States of America

Author Not Confirmed

Why?

Sterling Bank 100 South Main Street Internet United States of America

Phone: 1 800 345 7332
Web: www.sterlingnational.com
Category:

Sterling Bank Sterling National Mortgage Company, Inc Deceptive loan practices, Internet

*UPDATE Employee: Sometimes we have to say no.

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I just had my mortgage refinanced through Sterling Bank in Long Island. I like to make a complaint against the branch manager & (Sterling Bank)-- James Lignelli-- He misled me.

-- I told him in the beginning that I needed to keep an equity line of credit open. He told me early in the loan process that I needed to close my line of credit to get the loan. Mr. Lignelli also said, he would be able to obtain a loan after the closing

( $30,000 equity line of credit) with his bank at 3.25% (Sterling)

I was confident that he would get me the loan based on the information that he gave me. Mr. Lignelli stated that I would get the equity line of credit due the amount of my loan $140,000 --and that I had a lot of equity in my property which was appraised at $240,000. (the Conversation regarding the equity line of credit was discussed at the beginning of the Loan process)

The closing was completed at the end of 2009 --with Sterling Bank. I then applied to Sterling and two other financial institutions for an an equity line of credit and was rejected due to income to debt ratio.

Mr. Lignelli knew about my financial situation in the beginning of the application process. Mr. Lignelli also told me he had,"20 plus years in the mortgage business", He should have known that it would be impossible to get an immediate equity loan after the closing due to my income to debt ratio.

I would never have agreed to refinance my mortgage if I was was not able to have immediate access to an equity line of credit. ( I have to remodel my kitchen and bathroom).

Prior to refinancing, I had a a low fixed 6% interest on my primary mortgage ($66,000) and a 31/2% equity line of credit ($60,000). I wanted to combine both mortgages to a low fixed one without sacrificing the access to an equity line.

I spoke to Mr. Lignelli about the equity line of credit -- He claimed that I did not mention the need for the equity line of credit until the end of the loan process, ( at or right before the closing). James L. stated, he could not help me further due to the institutions rejecting my application (equity line of credit).

I am currently on Social Security disabily and have lost my ability to to repair my house due to my limited income and limited credit. I wish I could cancel my mortgage because of the above reasons.

Furthermore, I lost the ability to have a cushion in case of future needs --I have two kids -one going to college. I am the only one with any income--my wife is a home maker.

In short, I was mislead by Sterling Bank and would have not agreed to the refinancing. I am supposed to make my first mortgage payment on March 1, 2010.

I am one unhappy consumer --I also made a complaint to his supervisor-- she said she would call me back.. I am still waiting two weeks later. I called again and left a voice message and still no response- what type of bank is this. I wish I never heard of this Institution. Buyer Beware. I would never do business with this bank---

Please note they already sold my mortgage to another financial institution. Therefore,

Sterling Banks only interest was to make a fast commission--- not the interest of the consumer.

This report was posted on Ripoff Report on 02/19/2010 09:05 PM and is a permanent record located here: https://www.ripoffreport.com/reports/sterling-bank/internet/sterling-bank-sterling-national-mortgage-company-inc-deceptive-loan-practices-internet-572125. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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REBUTTALS & REPLIES:

0Author

1Consumer

0Employee/Owner

#1 UPDATE Employee

Sometimes we have to say no.

AUTHOR: james - (United States of America)

SUBMITTED: Thursday, April 01, 2010

POSTED: Thursday, April 01, 2010

The comments, and chain of events regarding conversations made by Mr.Steven T of XXXXXXXXXX are false.

I have been providing mortgage lending services for more than 24yrs, the last 10 years with Sterling National Mortgage. I have NEVER had a complaint sent in to any agency against me or had to answer such a fabrication as this.

I have the documentation, phone records, and additional individuals that were present in this branch, and involved with his transaction that clearly will show Mr Teppers accounts of the events are not merely wrong but lies.

As a lender we can only provide loans which a client can afford and in some cases, when someone wants more than this, we simply cannot provide it. From the start of the application, we were very clear with Mr T about this. We had to say no, he then went to 2 other lenders who also said no.

These guidelines are in place to better protect the consumer.

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