Sovereign Bank

I am having  problems getting an approval from Sovereign Bank.  The good thing is that they have a point of contact person.  The bad thing is that he nevers knows anything,.  In fact, he said that he would call me when they get any word and not to call for a few weeks ( no, not days).  What has been the time frame for getting an approval out of this institution?  Please advise.  Happy Holidays

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Permalink Reply by Joanne Hodge on December 29, 2011 at 7:30am

Hi Paula

I have a short sale with a first lien at Sovereign, and also have an assigned contact person.  They were very good at reviewing the file for completeness, it took about 2 - 3 weeks, then they sent the file to FreddieMac (Investor)  where it is still sitting after about 8 weeks.  Sovereign tells me there is nothing they can do to speed up FDMC   as FDMC is inundated.....  so you might check with Sovereign to see who the investor is -- the loan may not be held up by Sovereign at all

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