Saxon Mortgage says homeowner with ARM is not cooperative

TW in North Carolina said: “I moved to Mississippi in May of 2006 and before I could make my first mortgage payment my mortgage was sold to Saxon Mortgage and the first mortgage company went out of business for Mortgage Fraud. Being a new homeowner I wasn’t sure if there was anything that I could do because my first loan was predatory.

I signed for a 100% loan and when I went to closing I was told that I had a 80/20 loan. In 2008 I was sent a letter from Saxon stating that I had an ARM (which I knew nothing about) and that my mortgage would be going up. I was able to deal with the first increase with little issues.

I contacted Saxon about the increase and then when my loan went up a second time 6 months later I called Saxon again to let them know I was not going to be able to endure the continuous increases. When I called I was told that I had already talked to a reprentative and I was not being cooperative which was untrue.

I proceeded to work with Saxon as best as I could. In August of 2008 I was told that I was going to be getting orders out of Mississippi so I put my house on the market the next day. Being in the military I was given orders in December and knew I couldn’t afford to leave the house empty because it would be foreclosed on.

I had no choice but to rent it out so that I would be able to afford my other financial obligations. I am not only in the military but a single parent as well so the financial stress prompted me to call Saxon again. I informed them of my hardship and basically begged them to let me do a deed in lieu of foreclosure or anything because I could not sell the house.

I was told that because I was current on my payment they would not do anything for me. The fact that I was trying to be responsible and not fall behind on my payments by putting a tenant in the house they now consider it a vacation home which is not the case.

Saxon Mortgage is doing nothing to help me and with all my circumstances I need to sell the house or will possibly end up foreclosing on the home.”

One thought on “Saxon Mortgage says homeowner with ARM is not cooperative

  1. I would like to say thank you to whomever suggested going to my Attorney General in Michigan. I got all my issues resolved, my escrow returned and all late fees retracted. My payment is back on time and the negative report on my credit removed.
    Saxon gave me a rep. who called everyday until all was settled and I was actually able to thank him for the follow up.
    The attorney Generals office did an excellent job of following up also. I hope this help someone else as the advice on this site helped me big time. Thanks to Saxon Watch !!!

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