Saxon mortgage modification saves $1200 per month

LB in California said: “I was approved for a loan mod today fixed rate 3.375% for 5 years. Bringing old payment of $2600 to $1400. I just want to let people know there is help out there and Saxon isn’t as bad as all the reports!”

4 thoughts on “Saxon mortgage modification saves $1200 per month

  1. Has it completed yet? Saxon approved me three months ago and keep extending the trial period it looks it will be a 6 month plan now. What are your updates?

  2. We were approved for a lower rate, but now our payments
    are not getting posted, so, we look like we are in default
    2 months with all three credit reporting bureaus.

  3. It seems you went through the HAMP modification program. I hope they do NOT balloon your payments at the end of your 5 years. That is what they proposed to do with my modification request. Be Careful!!!!!!

  4. Saxon is indeed as bad as all the reports out there, and worse. The other posters are correct; they will misapply your payments, report you to the credit bureaus, commit fraud and harassment. In my experience, occasionally someone in customer service seemed to understand the problem, promised it would be corrected and then nothing changed.

    Saxon failed to adhere to the terms of our loan modification agreement which locked in our interest rate. This was a modification agreement which SAXON solicited from us in November 2008, not the other way around. We did not request it. Then once we signed the agreement, Saxon jacked around our interest rate to suit their whim.

    Eventually they did admit in writing that our loan modification agreement had been “mishandled”. They still owe us several thousand dollars for payments not applied to principal. In three years time, the principal on our 30-year conventional loan was reduced by about $86.00.

    To get away from them, we refinanced our mortgage with another company. (A true miracle considering the damage to our credit). The title company had already heard about the horrors of Saxon Mortgage here in Missouri. Every communication with Saxon was at least a two-hour telephone call.

    Saxon should be put out of business.

    Certainly they have falsified their recent so-called successful loan modification information for media consumption. Saxon is fraudulent, incompetent and evil incorporated. Please communicate with me if you want to initiate a class action lawsuit against them and maybe we CAN put them out of business.

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