Investors want homeowner to sell according to Saxon

A Rhode Island homeowner said: “I wish I had realized sooner that this site existed and that I was not the only one who is suffering at the hands of Saxon. Like many of you, my mortgage was bought up by Saxon a couple of years ago.

I was about to refinance my home after the first year of ownership to get a fixed rate loan but then my mortgage company went out of business taking with it their written agreement to refinance at no charge after the first year. Saxon came along and has been slowly ruining my life ever since.

I have been in the first stages of a remodification since october or 08, a hundred phone calls, dozens of financial packets faxed and emailed all for what? I’m not sure. I haven’t gotten anywhere.

I recently applied for the HAMP remod and after being initially denied because i wasn’t 2 -3 months behind. I was then approved because I was able to show proof of hardship. I was later denied because the investor recommendation was to liquefy my home.

I since requested my investor company’s name but have not heard word back, (of course). I’m at my wit’s end…..I don’t know where to turn but I am determined to join anyone who is putting up a fight to this wretched creature that is Saxon.

I’m not sure I understand the logic of a company to force someone out of their home when that person has been paying on time, improving the value of said property by doing renovations. They want me to sell???

It wont sell, not in this market, and if it did, how much of a loss would it be? Why should i sell my home just for their benefit. I would rather walk away but then that must benefit them in some way or else they wouldn’t be forcing people to do that.

They will continue to make a nice profit off of me if they just remodified my loan to a more affordable rate, why would they not do this? Someone please explain? Something has to be done! This is criminal on so many levels.”

4 thoughts on “Investors want homeowner to sell according to Saxon

  1. You have a legal right to know who your investor is. My first assumption is that it is Merril Lynch or B of A,

    During your time of default I am certain Saxon/Morgan Stanley paid to have your home evaluated. Its called a BPO (Broker Price Opinion). These brokers that do this will always provide a higher price to Saxon/Morgan Stanley because after the home is foreclosed on, the broker will get your home to list for sale.

    I have done the research and currently have the statement from the broker who did it on my house. I did this because of our pending lawsuit against Saxon. When I caught the Broker doing this he caved!

    With this information and bogus BPO, Saxon weighs the issues and sides with what would be considered the most profitable for Saxon/Morgan Stanley and investor.

    You have so many more legal rights then you know. I suggest you save your money and pay an attorney to REALLY take Saxon/Morgan Stanley to court and a jury trial. Look for a personal injurty attorney first. They are set up to go to trial and fight. Where as many other attorneys fear trials and desire to settle.

    I have found that Saxon is extremely slow and many statements from former employees say that they are also unhappy and guided to mislead mortgage holders in default.

  2. Thanks for your reply, i’m curious, Do they generally do a drive by for the appraisal or look up current sale prices in some book. I had my house appraised last year when i was attempting a refinance through some other company, i would like to know what the most recent appraisal was, do i have a right to that information? The refi i attempted was denied at the last moment because no comparable properties had sold in my area in the past year. I am not technically late on my payments, i am making them before they are 30 days late but i am a couple weeks behind so that i still incur a late charge every month. So what legal action could i take considering Saxon is just stonewalling me, and they never do what they say they are willing to do, which is HELP!

  3. Just got off the phone with Saxon, they could not provide me with the investor info even after submitting the request over a week ago. my most recent financial packet has not been scanned into their system after a week or so, they transferred me to collections to get the BPO amount. they want that in writing as well, they wouldn’t provide me with the investor number that is associated with my account. So frustrating, I called with 3 questions and got 0 answers. I will be sending written request now!

    What is B of A? I will call merril lynch and see …..

    Editor’s Note: B of A is Bank of America

  4. Bank of America bought Merrill Lynch. Write them, and show the CC on the bottom of the letter for your attorney general. File the complaint and keep your complaint and case number.
    Let them know you have filed a complaint.

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