Proving that we are not the only news source reporting problems at Saxon Mortgage we quote this:
“In January of 2008, we contacted [the lender], to see if there was anything we could do to get back in good standing and keep our home,” said Healy.
“We were relieved when a Saxon representative said, ‘Sure, we can work out a deal,’ and offered to modify the loan and make it more affordable. We were told that if we could come up with $7,000, they would reduce our interest rate and extend the term from 20 to 30 years, which would lower our monthly payments to what we could afford with only one income.”
When Healy asked for the paperwork for the loan modification, none reportedly came.
“We called and called, but could not reach the representative who was working on our case … she had apparently dropped off the face of the earth – and no one else could give us the OK. We called and asked for supervisors, but it seemed that the whole process had just stalled and they couldn’t do anything about it,” said Healy.
The quote is from an article by Village Soup dated April 29, 2009. Read the entire article here, as it pertains to other frustrating lenders and mortgage processors as well.