Get to know the real Saxon Mortgage agenda

DW in Michigan said: “This is a complaint against Saxon Mortgage, Inc., Texas.
We asked for a loan modification back in Dec.,2008, My husband is a self-employed builder in MI., in 20 years he has never not had work, since Nov. 2008 his jobs have been few and far between, i work for a local hospital some 20years, foreseeing the way the economy was going I borrowed from my already sad 401K to get us through the winter, and submitted all required docs to Saxon for loan Modification.

On Feb. 20th 2008 a loan negotiator from Saxon called me at work and said our modification was approved, she told me the new lower interest, the new terms/payment and to wait for documents to be shipped fed-ex to us, then when we get the docs send a cashiers check, have all notarized and send back to Saxon, our “new modified lower” payment would be due April 1st, 2009. I said thank you, felt much relief and waited and waited and waited for docs, they never came.

We were told to call every week to check on the “escalation” of these docs, we did, they never came. We were told NOT to make a payment for March, as we were still current in Feb., but not to worry. I called weekly, got a different person every time, several whom stated were supervisors, they said all was fine, sorry about the delay, Saxon had some legal issues etc, but NOT to make a payment just wait for docs. I have all documentation, names, dates, recipts of the 4 faxes i have sent them.

Then we became 30days late on payment we were told NOT to make, Saxon sent CERTIFIED letter, notice to pay all late fees within 30 days or foreclosure would begin. On March 20th a supervisor named Hilary assured us all was well. wait for Docs, she said they would be to us in 72 hours via FED_EX, I have called fed -ex several times, never has their been any documents sent to us from Saxon.

Was just told by Saxon two weeks ago we didn’t return the documents by March 15 so our file was closed. Called again and we were told to re-submit EVERYTHING, so I did on April 23, and again today May 6th , as we were told they were missing documents.

We have been told we were given a modification in Feb, and it couldn’t be taken away, we were told all of our original documents from Jan were still their, next time we called usually only a few days between phone calls we were told those documents had been destroyed for our protection, so their is much more but as of today we have faxed all requested documents to Saxon within the 5day time frame, we get a call one day saying the modification is being sent to a negotiator and all they need is there, only to be told the next time we call that we defaulted because we didn’t fax in a timely manner, or they were missing pages, we have even gotten calls just hours apart telling us our modification is in the works, only to get a call a few hours later saying it hasn’t even been submitted to a negotiator because they are missing pages.

Some of our conversations with Saxon have lasted as long as an hour, only to be cut off, transferred, or to call later. This has been going on since Dec. 2008 and of this date we have sent over 150 pages of personal information, 401k info, tax returns, letters of hardship etc. I asked at one point how was it that we sent all of this information in a timely manner, got a call to say 5 pages were missing, then a call from a negotiator stating we were approved for our modification, our interest went from 6.75% to 1.75%, which lowered our payment over 300.00$, specific instructions from a SUPERVISOR, not to make March payment, only $110.21 in the form of a cashiers check, to have it all notarized.

Obviously some one had enough brains to see missing info, someone worked out our modification, now they take it away because we didn’t’ return something that NEVER GOT SENT TO US! I have contacted the Federal Trade Commission, sought help from local non profit home preservation agencies, and have spent at least 8 hours on the phone with Saxon, gone through at least 30 people at Saxon, all it ever is a different story, different day, different rules, different time frames.

We didn’t want a bail out just a modification until the economy picks up. I do not understand how these people can get away with this at Saxon, I cant believe anyone could go to work everyday and get paid to lie to the public and be able to sleep at night. We are totally frustrated and exhausted, I do not believe anything this Mortgage Co. says.

Our mortgage was New Century, they sold our mortgage to Saxon, and oh by the way, because we wont Escrow our taxes and homeowners insurance to Saxon, we do not qualify for the OBAMA {HAMP} program. We keep our taxes and homeowners paid and current, and after reading all the nightmares about Saxon, we are glad we did not Escrow.

Any advice would be greatly appreciated.”

One thought on “Get to know the real Saxon Mortgage agenda

  1. I must comment:

    We went to see our bankruptcy attorney because that is now where we are… given 3 loan mod denials for whatever reason they feel is acceptable this month… Saxon will foreclose on your home, then turn around and go to the government and say “you gave us funds to help these people, we were unable to help them and we lost all this money. We’ll have to take a tax loss due to the foreclosure crisis. We need to keep this amount to offset our loses. Hey, Fannie, Hey Freddie, I have all these houses – we’ll sell them back to the gov. for a huge discount. Great thanks for the deal.”

    In numbers, Home A is foreclosed on for a balance of $100,000. Oh no they took the loss. “We need to be compensated for this loss.” $75,000 compensation for the loss. THEN… They turn around and sell the $100,000 home to Fannie for a “huge” = sold for $75,000.00. End result… YOU lose your home which is worth $100+, they lose NOTHING. They actually gain profit from the deal.

    At least with bankrupcty, we’re going to challenge the figures. It does not cost $6500 in lawyers fees to file foreclosure. It costs them a flat rate. More like $2000. They won’t get my home.

Comments are closed.