Congressional Oversight Panel and your Saxon Mortgage

TB in Pennsylvania said: “I’ve been attempting to get a modification since Sept. 2008, with very little luck. I’ve been through the run around, lost papers, inaccurate information, yes um… no… um yes again. I’ve been in the HAMP program since I signed my papers back in July. Here we are in October. A full 4 months later with still no responses, denials or confirmations from Saxon.

I was advised to contact the “COP” Congressional Oversight Panel that was put in charge of reporting the numbers for the HAMP program. After contacting them with a simple comment –

“Lets not measure a company’s success based on the number of ‘Trials’ extended to families. I feel you should base the success rate on how many have successfully completed a modification. Based on my own conversations with people enrolled in the trial period, very few have actually completed the process. Many signed papers and have never heard anything from their lenders. The trial periods are lasting longer than the expected 3 months and continue to be plagued with mismanagement, errors, and incompetence.

Your number 1 HAMP provider has an unsatisfactory BBB rating and poor business practices to the point that they have their own watchdog tracking their every move. I’d love to know just what constitutes them as # 1 in your book.

They bought up as many distressed mortgages as possible, forced bankruptcies and took homes from families that weren’t even delinquent. They are number 1, not because they are “the best” but because they are the crooks that know that they stand to gain far more in this economy crisis than the bonafide lenders that have been around for decades.

The best part of this sorry story is they are now starting to sell the homes they took from families through their website. I’d rate a company # 1 if they showed compassion and understanding in such an economic crisis; those that were willing to work with families who have seen hard times and help to fight to keep the American dream alive. This is not one of those companies.

They simply looked at the bottom line and decide which homes will generate more income through trial extensions, foreclosure resales and investments. Do the math. You state they have “helped” over 500,000 families; at an average of $3000.00 per successful trial. That’s a mighty big incentive.”

After commenting, I was contacted the other day by not 1 but 3 people from Saxon. Bob said that I must have rattled some cages because my case has been expedited. It is his responsibility to verify all documents are present and to follow our case through the final stage. He said we should be complete before Thanksgiving.

NOTE: Please go to the COP site and contact them. I can only hope it helps you all. Apparently, Saxon is being watched a little bit more closely. ”