NEMAH, HAMP, and Saxon Mortgage

MW in Michigan said: “I have previously submitted a complaint about Saxon Mortgage on this site. See “Saxon Mortgage is an incompetent company”. We have been working with a MI gov. company called NEMAH on getting a loan modification.

Supposedly, it was worked out. Upon receiving the paperwork, it’s easy to see that its the beast called Saxon disguised as the HAMP program. Reading two paragraphs in particular, its the same old crap different day.

“New Principal Balance-Past due amounts as of the end of the trial period, including unpaid interest, real estate taxes, insurance premiums and certain assessments paid on your behalf to a third party, will be added to your mortgage loan balance (the “Past Due Arrearage Amount”) If you fulfill the terms of the trial period including, but not limited to, making the trial period payments, we will waive ALL unpaid late charges at the end of the trial period.

The next paragraph reads: ESTIMATED MONTHLY PAYMENT At this time, we are not able to calculate precisely the Past Due Arrearage Amount or the amount of your modified loan payment that will be due after successful completion of the trial period. However, based on information we currently have, your trial period payment should be close to your modified loan payment.

As we near the end of the trial period, we will calculate any past due amount to determine your new permanent monthly payment and other modified loan terms.”

Are you saying what? yet? Yeah, Saxon is not going to forget the payments we’re behind, late charges, interest, etc. and they will probably throw in the attorney fees for their bogus foreclosure on us. This is all contingent on if we are even qualified for this HAMP program.

Based on past experience with Saxon, I’m sure we’ll be denied for missing docs, info not received in time or another one of their varied excuses. Then, the money we paid for this “Trial Period” will be for nothing.”

Editor’s Note: NEMAH was created in 2000, as a Non-profit Organization, serving the Northeast Lower Peninsula of Michigan. HAMP is the Making Home Affordable Program, and is not restricted to Michigan.

One thought on “NEMAH, HAMP, and Saxon Mortgage

  1. Is there a reason why a mortgage company should forgive the money you owe them? If you went into foreclosure, you owe all kinds of people money including the attorneys who worked to get you out of your unpaid for house. I have a mortgage and through 5 months of unemployment I made ALL my payments on time! Give me a freaking break! It’s called planning ahead!

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