RA in Missouri said: “I have been attempting to deal with Saxon for over 2 years. I lost a job in late Nov. 2007. I called them before I was ever late, and they said they would work with me, not to worry about the Dec 2007 payment. When I attempted to make a payment in Jan 2008, Saxon refused it, unless I had two full payments. (This was their idea of a workout plan) And Saxon began foreclosure procedings.
Every time I contacted them, I got a different story, was left on hold for over 3 hours at a time, and never given a straight answer. They would not even work with HOPE. (a mediator)
I filed Chapter 13 to save my home. A few months later I came into some money and dismissed the bankrupcy. They had provided an itemized statement of the amount I owed to bring the loan current. I sent the letter, and a certified check for the amount they stated I owed via FEDEX.
They applied the money to principle, and stated I had a shortage in Escrow, (I pay my own taxes and insurance). Note: The amount the itemized statement said I owed included a refund of taxes Saxon paid in 2007 +753.00. My first statement after they got the payment they said everything was current, except they stated my escrow was short over 750.00.
The next statement they added $1185.00 of other charges. They have never told me what these other charges are. They took my April payment and applied it to another 1194.37 in other charges and told me my loan was again in default. (This has happened three times since last October)
Since October in 2008, Saxon has charged me 1670.00 in escrow payments for items they have never identified to me, AND $4,400.00 in other charges they have never explained to me.
When I write or call, they send me paperwork that does not explain what the other charges are for, and do not answer the direct questions I ask.
What I have learned: Saxon is a debt collector. Whatever money they get out of you over the principle and interest, they keep.
They are not regulated by the normal regulators of mortgages and banking. In Missouri, they have been operating under an exemption until the end of this year. As of that time, the bureau that regulates mortagages WILL have actual authority over them.
Contact the Attorney General in your state, and whoever regulates banking and mortgages for your state. (Your attorney generals office can direct you) They can mediate for you.
I contacted a private attorney and he stated his fees would exceed the amount they have overcharged me. He suggested a plan of action I am following:
Get all your documents in order. Take them to an accountant and let the account determine how much extra you have paid. Then take his numbers and your paperwork to the Attorney General. He said this appears to be illegal and they have the resources for proscecution and to effect retribution. I will have to go to Jefferson City next week and take my documentation. Will let you know what happens.”