A few weeks ago Saxon Mortgage issued a press release bragging about the fact that they were “Hiring up to thirty people.” Clearly about 3000 people is what it takes to help Saxon. This news video clearly shows how Saxon does not know what they are doing:
Remember, on April 15, 2009, the Obama administration has selected the first six companies to participate in a $50 billion program designed to help millions of struggling homeowners avoid foreclosure. Saxon is one of the six!
Highlights of “Mortgage Modification Can Be Costly”:
[Jerry Kanowski/Fighting Foreclosure] “We’re told initially it would be 3-5 days and it went from 5-7, 7-10 days, it just kept going on and on.”
Months passed while the Kanowski’s waited for the company to send them the loan paperwork.
They say they called Saxon repeatedly, and even kept this log of all the calls they made.
[Peggy Kanowski/Fighting Foreclosure] “Just numerous phone calls upon phone calls trying to get information, roughly over a hundred, we call every other day.”
The Kanowski’s panicked because they say Saxon told them to stop making payments on their home until the loan modification was in place. They did what they were told – but they were terrified they would lose their home.
[Jerry Kanowski/Fighting Foreclosure] “You can’t sleep. Everything is about this.”
Finally the Kanowski’s got this letter from Saxon, that says, quote: “We are pleased to inform you that you have been approved for a loan modification.”
Days later another letter came, saying “foreclosure proceedings” had begun on their home.
Ironically, this same letter says the couple could apply for a mortgage modification to save their home–the very thing that landed them in foreclosure.
[Rod Dunlap/Real Estate Attorney] “Sometimes the right hand doesn’t know what the left hand is doing in the mortgage situation.”