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I am a first time homebuyer, looking to purchase a co-op in Hudson County NJ. Presently, I am torn between these Citibank or Sovereign for the mortgage. Which do you prefer and why?
I am a first time homebuyer, looking to purchase a co-op in Hudson County NJ. Presently, I am torn between these Citibank or Sovereign for the mortgage. Which do you prefer and why?
Thanks a bunch!!!
Google it.....
Complaints Sovereign - About 87,300 results (0.45 seconds)
Complaints Citibank - About 13,700 results (0.71 seconds)
Out of the two - I would go with Citibank. Sovereign was acquired a few years ago by Banco Santander, in South America.
If in the future - if there is a hardship with your mortgage, Citibank could be more receptive to work with, because they are owned by American investors and follow modification guidelines here in our county. The were part of the government bail out a few years ago, one of the conditions of receiving the money was setting up a permanent modification programs to help home owners with hardships.
Having a mortgage owned by foreign investor, any help is only temporary. Example a six month modification, then having to reapply every 6 months for a max of three years. People who get into trouble are totally screwed, because they are not willing to help the home owner.
Keep in mind, your loan could be sold without your permission from time to time. Just because you get a loan from one bank doesn't mean your loan will always stay with that bank. That being the case, I'd go with the bank that offers the best terms.
I am a first time homebuyer, looking to purchase a co-op in Hudson County NJ. Presently, I am torn between these Citibank or Sovereign for the mortgage. Which do you prefer and why?
Thanks a bunch!!!
It doesn't matter... go with the lender that gives you the best rate and terms. Many lenders sell your loan anyways, it really doesn't matter.
have you tried?
Find someone who is NOT selling the paper.
It doesn't matter unless you plan on not making your payments.
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local bank or credit union
