Customer thinks Saxon mortgage loan illegal

JM in North Carolina said: “Like others we were told that Saxon would not take our loan modification unless we were late on it. We still made our payments until saxon put in an escrow account for our taxes when we never had one set up. $400 more every month when it should only be $200 at the most for taxes and insurance.

We have the worst loan possible, 30 years adjustable balloon rate to be exact. We’ve been trying to get it refinance by them and others but was unfortunate because of this stupid loan. So now its March 22 and we haven’t a payment since October 1st and can you believe the havent called us once about it.

From a company that is supposed to be a debt collector but we did receive a Fed-ex letter saying that our loan mofication was accepted on march 23 it was dated march 11 and was to be sign and send back by march 25. They told us all we had to pay back was $2,500 when we owe over $10,000. We refuse to pay this mortgage, it’s a complete rip off. I’m pretty sure my loan is illegal so i’m going to sweat them as long as i can.

I rather face foreclosure and take a hit on my credit report for the next couple years then deal with a company that incompetent for the next 30 years.”