Saxon Mortgage ignores unemployment compensation benefits

TB said: “I felt the need to point some very important information out to your readers.

Saxon mortgage states that they cannot count Unemployment Benefits as income unless the benefits will continue for a full 9 months. (36 weeks) However, as most individuals know, Unemployment benefits are usually extended for a dutation of 26 weeks. (6.5 months) Unless, you also qualify for the Emergency Unemployment compensation but you won’t know that until your 26 weeks have expired.

Thus, If you are trying to save your home and you are suffering like many and collecting UC benefits… THIS IS THE REASON WHY YOU DO NOT QUALIFY FOR A LOAN MODIFICATION.

They have it set up so that they cannot count UC benefits. They have also been telling people NOT to make payments during the Mod process so that they can in turn foreclose because you didn’t make payments. Then if you “qualify” for the HAMP program… they get a kickback on the whole thing.

Our HAMP qualification is based on the same stuff we submitted way back in February. Our income has not changed, only it’s source. We were able to replace part of the UC benefits with income.. but we will still be receiving partial benefits. Ironically, the HAMP trial period is about the same amount we owed prior to qualification. I can’t see how this is helping people. A con wrapped up with a pretty bow is still a con.”