We were pleased to see the New York State Banking Department on our Saxon Mortgage website this morning, relative to HAMP modifications. After monitoring complaints for over a year I can clearly say Saxon Mortgage performs poorly relative to HAMP modifications.
At issue is how much money Saxon Mortgage receives from the federal government contrasted against an actual savings for the homeowner.
A year of stressful paperwork that results in a house payment lowered by only $50 realistically means the home will be in foreclosure anyway. Where is the cash cow, and why did Saxon Mortgage rank poorly in the first government report on HAMP?
From what I’ve seen, and reports I receive from Saxon Mortgage home owners, the likelyhood of getting any home loan modification through Saxon Mortgage is poor. Investors – either Morgan Stanley or Deutsche Bank – are hesitant to grant modifications.