Saxon Mortgage messes up loan modification

KR in California said: “We completed a loan modification with Saxon in Nov 2008. It was to take effect in Dec and our first payment would be due Dec1. We didnt receive a copy of our signed/notarized documents and no contact form them regarding our payments. We contacted customer service and they told to our first payment is past due.

We scrambled and made the payment on the 18th of Dec. We thought everything was fine and continued making payments until my Feb 2009 payment was returned. The explanation letter stated it was not enough to bring the loan current and only certified funds are allowed. It was a cashier’s check!!

We call Saxon and were informed we had an escrow account and it needed to be paid. We didnt have an escrow account set up as part of the mod. I then called escrow and was told we did in fact have an escrow as they had received a fax and paid our insurance. I faxed the info to them at their request!!

I was able to get the money refunded from my insurance co. and took care of the escrow. However, Saxon is telling us we are 3 months behind and we have received our third default notice since Jan 1.

I sent them certified copies of all cashiers checks and statments from the bank showing when they were cashed. They stated they didnt receive it, now thats funny!!

I sent it certified as well and have their signature showing it has been recieved. I contacted an attorney and have been advised it will be cheaper to 1) file chapter 13 or 2) pay Saxon what they state we owe and try to get it back in small claims. BULL CRAP!!

I have filed complaints with the BBB in Fort Worth, the FTC and Texas Attorney Generals office. I have also sent another certified letter with all documents showing our payment history and proving we are in fact current. If saxon Mortgage does not fix it I will fly to Texas and sit on their door step if I have to. If that doesnt get me anywhere I will go to my state senator.”

6 thoughts on “Saxon Mortgage messes up loan modification

  1. We are also in foreclosure with Saxon and had an auction date of 5/12/09. We were approved for a loan modification, we filled out the paperwork and sent in a deposit via western union. We thought everything was fine and just found out by an advertisment that they moved our auction date to 6/11/09. What do we do now? If you call you are on hold forever and no ones ever picks up.

  2. This is a scare tactic they use. They feel it will force you in to taking WHTEVER deal they give you.

    I assure you this deal will mean a huge down payment or huge monthly payments you cannot afford.

  3. I am also dealing with the same issue. My documents were due with cashier’s check by March 2nd and they were received an signed for on March 1st (I have the Fed-Ex tracking as proof), cashier’s check has been cashed. I have made the payment which was due on April 1st 2009 and the check is being held and has not been cashed. Saxton sent me a letter stating that they can no longer help me due to the fact that the documents were not received in time.

    I have spent so much time and over 20 + calls trying to get this sorted out with no resolution. I have asked for a call back at least 6 times and no one calls me to give me a status update. I finally received a call from an outside agency that was requesting financial worksheet in order to look at a loan modification. I submitted them because I didn’t know what else to do. I am so STRESSED out there has to be some way that this can be reported to the Home Owners Preservation since they are receiving government funds to help out distressed homeowner and instead are causing them undue stress and time.

  4. This sounds like our situation. We had a loan thru NovaStar which was sold to Saxon without us knowing. Then Saxon added insurance rider even though our insurance was up to date. Suddenly we were 3 months behind and every month more penalties were added. We tried for a loan modification, then a HAMP loan (which after 2 months and an assortment of documents later we didn’t qualify for). Our loan has shown in foreclosure since May but we are told that it is only “pending.” We just made our monthly housepayment and now there is no information in the website except we are in foreclosure. Is there any help any where? Is there another loan company who will help? We are getting desparate!!!

  5. If you all decided to fly to Texas let me know because I’m seriously with you on that. I have family in Texas so it’s no biggie for me to fly there and come face to face with these bullies.

  6. Hello,

    IM currently going thru the same thing as all of you are with Saxon Mortgage, I live in Houston Texas and before the Hurricane last year I was on a re-payment program with them as my work was slow and I did get behind, IM a single person and paying the mortgage alone was and has been a struggle, but I did it, Although when the Hurricane hit here in Houston, Texas, Our Governer Rick Perry stated a State of Emergency for Houston as we were badly hit by the Hurricane, Hurricaane IKE, I was without power, water, food, gas, phone, cell phone, etc…… for 2-1/2 Weeks, Needless to say when I was finally able to call and make my payments they had automatically closed my re-payment program out, cancelled out, I told them what had happened and its like they didn’t care, this was the office in Forth Worth. I even told them that it was declared a disater from the Governer Of Texas Rick Perry,. I tried to make a payment , actaully was going to make the Last 2 payments 1 being 8 days late and the other not even due yet. They told me time after time they refused the payments. I told them there was no way for me to get the check to them, we had no services of any kind. MY monthly payment was $2,000.00 a month, I couldn’t keep doing that alone, it was killing me. But I told them I would pay $ 4000.00 to get the re-payment taken care of and over with, they still refused to take the payments.

    The only way they said they would take a payment was to re-start the re-payment program all over again and the new payment would be $ 2,800.00 a month, 800.00 more then what I was paying before. I told them there would be no way that I could pay that.

    The next thing you know my house is in foreclosure. after a few months went by, I received a letter for them telling me they want to help me and I was to call them to try to get approved for a Loan Modification, I was not approved and then I was approved in January 09, for the oboma program. Well i did the three month trial program and it was a nightmare, and it still is, as they seem to have lost the paper work 6 times, every time I sent the paper work, I sent 1 snail mail, 1 UPS with a signature required, 1 Faxed to them with conformation, 1 emailed to them, every time I would send them anything they told me they they never recieved anything. I told them I have reciepts, from all transactions sent to them every time.

    Now here it is almost October and they are telling me that IM still missing documents and that my time is running out, I have completed the 3 month trail program and they just send me a letter today UPS delivery , it states that they are missing documents,/payments, and it also states that they sent me a letter stating that my trail loan modification was extended, they said they sent it to me at the first of Sept. 09. I never got anything from them , the only thing I have ever got from them was a receipt of them getting my payments, via chase bank, western union check reciept. It states that I have till sept 30th to get what they are missing or my loan trail period will be cancelled.

    Man I sure don’t want to loose my home I have been in my house for the last 11 years and have never went thru something like this with my other mortgage companies. In their letter that I just recieved from them It also states they want to hekp me, I have asked for help from them since the Hurricane IKE last year and have had nothing but huge amounts of stress…. If I call them I have to wait forever on the phone, also give them all my personal details, date of birth, ss number, 3 different phone numbers, account number, where I work, what happend in the first why i was late on my re-payment program, where the missing doc’s are, My whole life story, and most of those people are very rude. and some cannot even speak english as well. IM very tired stressed out to say the least. And going broke at the same time

    Can anyone suggest what I might be able to do to ??? I seriously need help.



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