Faulty data rates Saxon Mortgage as number one for mortgage modifications

Did you wonder how Saxon Mortgage was rated the best for mortgage modifications? Did you fail to get a mortgage modification while reading news reports about Saxon? We question the numbers, as news reports claim Saxon Mortgage Services modified 36 percent of their loans. The information could be flawed, based only on interviews with senior executives:

The government had conducted “readiness reviews” of only seven of 27 mortgage servicers the GAO examined; no more were planned. The reviews only included interviews with senior executives – and the information gathered wasn’t verified.

“Treasury cannot identify, assess and address risks associated with servicers that lack the capacity to fulfill all program requirements,” the GAO said.

Under the Treasury Department’s mortgage modification program, three parties can participate: the company that owns the loan, the company that services the loan, and the homeowner. All get a portion of the more than $20 billion that the federal government currently estimates it could spend to keep homes out of foreclosure.

Since Saxon Watch (this website) receives real reports from real people it became apparent that Saxon claimed one thing while doing (or failing to do) another. When a self-serving self-aggrandizing interview – and no other data – is the basis for the Treasury’s report card, we wonder if the Treasury will follow up.

Clearly more needs to be done. Start with tracking the money and looking for fraud. Then find out if the Treasury was lied to during the “How Great Thou Art” interview.

Saxon is too disorganized to perform mortgage modifications correctly.

2 thoughts on “Faulty data rates Saxon Mortgage as number one for mortgage modifications

  1. Saxon has drafted money out of my checking account twice for the October payment. I am on hold right now to settle this before I bounce 4 checks because of their decision to take an unauthorized payment at will. I have been in a trial period since May and have provided all the documentation and payments required, yet they continue to send me mail (by fed ex )saying I have not provided the required documentation. These letters do not provide any information on what is missing. When I call the customer service they say that I got sent the letter as a mistake and I should ignore it. This has happened 3 times. The three month trial has been extended to 5 months now. I am very stressed about my house and the clarity of this HAMP program – there have been no explanations on how taxes and insurance are going to be paid and my credit score has plummeted to below 500. I realize this is all new to everyone, but it is the most important investment of my life and is unnerving to be so disorganized and nonlinear.

  2. i have been in the trial period now for 4 going on 5 months. They claim my loan is in underwriting and i should receive an answer shortly but i am skeptical. I was however surprised to find that they had updated my info with the credit companies to show that i have been making my payments on time. I did receive one letter by UPS that stated it was missing documentation and that if i didn’t respond by sept 30th then i would give up my enrollment in the HAMP program. I called and they said they send those letters to everyone and that i had nothing to worry about, they had all my documents. I feel your frustration, this company is the worst to deal with.

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