Missouri AG sues Saxon Mortgage

Missouri Attorney General Jay Nixon is suing several mortgage companies as part of Operation Stealing Home. The information was announced on July 28, 2008.

The companies promised homeowners – and in one instance, small businesses – that their loans for re-financing would feature terms they could afford. The consumers often were facing skyrocketing house payments because of their adjustable rate mortgages, and wanted to obtain more favorable loans.

What the homeowners often discovered, however, was that the actual terms were far different – and much less favorable to the consumers – than what the mortgage companies had promised. Some homeowners found that they were charged much higher fees at closing than what had been promised. In another case, the company failed to credit loan payments from consumers in a timely fashion and then charged late fee and filed credit reports indicating the consumer was delinquent with payments. Another defendant charged advance fees of as much as $30,000 for loans that were never obtained.

Again, Nixon said, many consumers who had been experiencing financial difficulties before they did business with these companies found themselves worse off after their dealings with the defendants.

Nixon is suing the following mortgage brokers:

Christopher E. Cosma, of St. Peters, and three companies for which he was an agent — America One Finance Inc., of Bellevue, Wash., Accredited Home Lenders, of San Diego, and Castle Point Mortgage Inc., of Elkridge, Md. The lawsuit was filed in St. Charles County;
Fouquet Financial Services Inc., located in St. Joseph, and its president, Joseph M. Fouquet. The lawsuit was filed in Buchanan County; and Saxon Mortgage Services, of Austin, Texas.

The lawsuit was filed in Jackson County.

Nixon is asking the courts to void the deeds the companies illegally obtained; to award restitution to consumers who suffered losses; to impose appropriate penalties; and to issue injunctions to prohibit the defendants from future violations of Missouri consumer protection laws.

2 thoughts on “Missouri AG sues Saxon Mortgage

  1. I have been a client of Saxon Mortgage for nearly 5 years now. I have not been late with my payments, yet Saxon will not let me modify my loan. They have lied to me about who really owns the note on my home. They stated to me that Fremont Investment owns the loan. Yet when I contacted Fremont they stated to me that Saxon has owned it for nearly 5 years. They are truly a deceitful company. Don’t ever deal with Saxon if you don’t have to.

  2. This has been a nighmare for me, loan modification was not the answer for my loan payments The payment are the same with all the faxing and mailing papers several times during that trail period. I am very dissatified with the out come.

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