Suntrust?

[Chris in OK]

So I am in the process of buying this house (that's another thread).

 

The lender tells me that they'd be selling my loan immediately at closing to Suntrust. I don't know a thing about them. Everything I read on the Internet is a poor review saying they suck, they're predatory, they raised my payment claiming property taxes had gone up, and on and on.

 

So, does anyone have a POSITIVE review of Suntrust? Or should I pull out of this deal while I still can and go with a different bank (who will not sell the loan by the way).

 

Anyone??

 

I'm not too worried about future affordability, I am buying within my means, only $89k mortgage... Being as financially prudent as I know how.....

 

HELP!

[breeze]

Well, you know, people who are happy don't post it all over the internet. Property taxes go up. Count on it.

[Chris in OK]

I investigated property tax rates for this property all the way back to 2001, and they're pretty consistent at $300/yr. I am not too worried about that as there are only two things you can count on in life.... Death and taxes.

 

I was more curious if anyone had personal experience with Suntrust.

[Chris in OK]

Bump, anyone?

[Chris in OK]

Last bump, then I'll forget about it.

[georgeb]

Hey Chris,

 

I dont know much about suntrust myself but I know they are like the 3rd biggest bank that buys mortgages only behind BOA and Chase. From what I understand they are reasonable and most who I know that have a account with suntrust dont have any postitive or negative things to say about them. With all that said as low as your mortgage is I dont think you will have a problem most negatives you will see are ones who arent paying their mortgages on time, sending partial payments and not contacting them when they are doing those things. I have heard and read ALOT of poor reviews about BOA so I kinda dont want them to get my loan when we close BUT I do know as long as I just pay my mortgage on time and communicate with them if and when I cannot then I should be fine. HTH

Edited July 23, 2012 by georgeb

[bartprequalifies]

Very few lenders hold their own paper.

[arameth]

So I am in the process of buying this house (that's another thread).

 

The lender tells me that they'd be selling my loan immediately at closing to Suntrust. I don't know a thing about them. Everything I read on the Internet is a poor review saying they suck, they're predatory, they raised my payment claiming property taxes had gone up, and on and on.

 

So, does anyone have a POSITIVE review of Suntrust? Or should I pull out of this deal while I still can and go with a different bank (who will not sell the loan by the way).

 

Anyone??

 

I'm not too worried about future affordability, I am buying within my means, only $89k mortgage... Being as financially prudent as I know how.....

 

HELP!

 

 

I hope this advice is not too late. I took out a loan in 2006, and it is owned by Suntrust. Now I'm upsidedown in my mortgage, and when trying to use one of the various "Obama" refinance programs, because my loan is not owned by Fannie/Freddie I was told I was not eligible. And now I'm stuck on a sinking ship

 

So bottom lines is that if your loan is privately held (aka Portfolio mortgage), you may not have certain options available to you in the future.

 

I don't think there is much you can do to prevent your loan from being sold to any specific organization. Unless your loan is done via FHA or VA perhaps?

 

Good luck!

[Chris in OK]

It is an FHA loan and it does not stop the selling of the paper. I am sorry that you are in that situation, however I am buying a house less than $100k, and I can't see the value of it changing enough to drown me.

[DallasLoanGuy]

some people have a problem with everybody and everything they touch.

and they post on the internet a bunch.

 

ask them if they can sell you to someone else.

might not be a [problem

[lhtaylor]

I have a mortgage with Suntrust, that I took out in 2010.

I have had ZERO problems with them, and they have been amazing when I have had to pay my mortgage payment a few weeks late in recent months.

They actually adjusted my due-date for that month so it wouldn't even count as late!

I think they are wonderful and I am so happy that we have our mortgage with them.

 

Good luck!

[Chris in OK]

Thanks for the positive feedback. Do you recall how long it took them to start reporting your mortgage when it was new? Just wondering what to expect..... Thanks.