Saxon Mortgage would rather foreclose and collect loan insurance

Phil, no location given, said: “I’ve been making modification payments to Saxon Mortgage for a year now. First I was told they were missing documents but they couldn’t tell me what docs were missing. Then they told me I missed a payment and that I’d be removed from the HAMP program and eventually I received a foreclosure letter.

But after I called numerous times, Saxon Mortgage found the missing payment and put me back on the program but told me final approval was pending review of the required documents… It’s been a frustrating and sickening 12 months and STILL I don’t know if I’m here to stay!

There is no communication between the Saxon Mortgage modification department and the service representatives. They won’t put you in direct contact with the mod department, I wonder if such a department actually exists!

Anyway, in my opinion they are all just lying thieves, trying hard to find any possible reason not to approve me for the HAMP program. Saxon Mortgage would rather foreclose on or shortsale the house since they will receive the money owed through mortgage insurance even if the property sold for 30 cents on the dollar they would receive the difference.”

2 thoughts on “Saxon Mortgage would rather foreclose and collect loan insurance

  1. This is in response to the comments i’ve read on this site. I applied for the HMP program in may of 2009. I submitted everything and waited. I noted that my ‘delinquent’ amount on the statements kept going up and i called them on it. I was told ‘dont worry about it it will just show that until all is processed. everything is fine.’ Ok. So i waited more. I made all the payments. Oh, and i might point out i started this program at Saxon’s suggestion. Anyway, so 11 months later, we got this letter saying , oops sorry but u dont qualify. When i asked them what they based this on I was told the income at the time of application…wait…wasnt that 11 months ago??? It took 11 months to look at 3 pieces of paper to figure that out?? Anyway now I am told perhaps a modification could be done, we’ll know if we qualify in 6 weeks… the way the FORCLOSURE will be submitted 2 weeks prior to the notification time span….What the hell?? So please please please if u started this….be very very cautious

  2. I in the same boat as other homeowner with Saxon. I ask for assistance in March of last year that told me that I did not qualifie for Hamp program, however that would refiance my loan. The down payment was so high I could not get it up. I sent in 1000.00 down and as of today I do not know what happen to it. Also I was told that my home was in foreclose and about to be sold and I have never recieved any document from any attorney, but attorney fee was add. In June I was told I was on the hamp program I made all payment after three month I was told document was missing, however later the was found, I was told to continue the payment and I did. I made all payment and in May of the next year I recieved a letter stated I did not qualified for the hamp program I call the same day I got the letter and was told that my home was in foreclose, I ask what happen to the monies that I had paid and was told it was applied to the balance on the lone and I was all of those month behind and that the reason I in foreclose. Some need to be done

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