ML in Lousianna said this today: “Saxon has sent me a letter saying that I did qualify for a home loan modification and 6 weeks later sent a denial letter and approved the foreclosure process to go forward.”
Meanwhile a homeowner in Kentucky told us of another foreclosure involving an adjustable rate mortgage. One must really ask if Saxon Mortgage cares about helping homeowners at all, or just dumping the entire mishandled mess on Ocwen Financial. I’m sure Ocwen can set aside some money like Bank of America (read Countrywide Mortgage), and can pay fines attributed to Saxon Mortgage. That’s the name of the game these days, isn’t it?
Evidence comes from TE in North Carolina, who said:
I feel like I have spoken to every rep that Saxon Mortgage has and none of them seem to exist anymore. Everyone of them have told me something different. Promises for loan modification. I never got the papers. Then that offer has expired because “I did not get the paperwork sent in on time”. Well how do I do that when I never received it? Now there going to do an in house modification. This was June 12. Spoke to Elsa that day. She was going to send out that package right away. Never came.
Today I got a letter for intent to accelerate. Called spoke to Chris. He said the package was sent but it would probably not be reviewed because Elsa should not have told me that I qualify for an in house modification. I ask to speak to Elsa but according to Chris, she can’t be reached and has no extension number. I have no idea what to do.
Seems these people are taking over homes after running you around forever about what kind of payment you you will be making and you end up a lot farther behind then you would have ever been without their so called help.
Here at Lender Watch we’ve been writing and monitoring for a long time. The ploy of “can’t be reached”, and “is not in the directory”, thus “has no extension” is as old as the hills. It happened when HSBC Finance self-destructed. But it seems like homeowners should turn to regulators, or a reputable bank for help.
Not so. Banks are still lending, and some regulators are wide awake now. So what is the problem? What will happen to Saxon Mortgage and Ocwen Financial? Does anyone want to step up to the plate and help homeowners? Time will tell.