Cancelled from Saxon Mortgage HAMP modification

RM, no location disclosed, said: “I have been trying to find out about a home modification program with Saxon Mortgage for about a year now. I first applied with them for a modification, to be told they would only freeze my current variable rate for five years. Obviously if I am seeking a modification, I can’t afford my current rate.

Then, I qualifed for the HAMP trial program, paid the three months on time. Unfortunately, the next month after that I was late, due to being on unpaid maternity leave. I was canceled from the HAMP program. I then called Saxon to explain that without a modification I can not afford my home, since I am recently divorced, my ex-husband moved out, my business failed due to the economy and I am making less money than when I purchased my home.

I was told to apply again for a modification through Saxon. I have received a “run around” with them saying my paperwork is incomplete, etc. I was told my house was going up for auction the next business day – without them ever notifying me. I then got that straightened out….to be told I was assigned a negotiator. I have left numerous messages with the negotiatior and have never received a call.

I have asked to speak with a manager and have been put on hold for hours at a time, never to be connected with one.”

One thought on “Cancelled from Saxon Mortgage HAMP modification

  1. This comes directly from the Hamp Counselor FAQs.

    What if the borrower does not make all the payments during the trial period?
    A borrower must be current at the end of the trial period in order to get a modification under HAMP. “Current” is defined as the borrower having made all required trial period payments no later than 30 days from the date the final payment is due. A borrower could, for example, make the first trial period payment on time, miss the second month’s payment, make two payments in the third month of
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    the trial period and still be considered current. However, if a borrower is not current at the end of the trial period, the borrower will not be eligible for the permanent modification.
    In the event a borrower does not complete the terms of the trial period, the servicer must evaluate the borrower for any other available loss mitigation alternatives prior to commencing or restarting foreclosure proceedings.

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