Saxon Mortgage foreclosure ruins credit

DH in Wisconsin said: “Like so many others, my husband and I were having trouble making our mortgage payments and received a letter from Saxon threatening Foreclosure. We did not want to loose our home so we called Saxon hoping that we had other options.

I talked to a rep there and was told that we might be elgible through the Home Affordable Modification Program announced by President Obama to help homeowners. Well that was a joke. During the trial modification period, which initally I was told would be 3 months, but when I inquired bi-weekly which I was told to do by Saxon’s customer service rep I was told that the loan had to be assigned to an underwriter before I would know if I was approved.

I called again once the 3 months was up and was told the trial modification was extended. Needless to say the trial modification period lasted a year. A year of making the modification payments on time every month, which is what we did, I was told to do if I was to qualify for the HAMP program.

After a year was up we was told we did not qualify for the trial modification program and the amount owed to Saxon was now $12,000.00. I took money from my 401K in order for us to keep our home.

It seems to me that the funds supplied by the government was used inappropiatley by Saxon. They extended the modification for a year knowing that we did not qualify. Which meant they got the money from the government whether we were approved or not.

To add insult to injury, I received a certified letter recently (June 1,2011) saying that we could possibly be eligible for the HAMP program again. Nothing as changed with our finances. If we weren’t eligible then we certaintly aren’t eligble now.

If I could refinance with another Mortgage Company I would, but my credit is so jacked-up from the foreclosure procedure that Saxon initiated and later stopped. Where was the help when we needed it?

Something is not right with that Mortgage Company, I will be glad when somebody recongnizes that Saxon Mortgage, SCI, and Morgan Stanley scammed a lot of homeowners under the pretence of the governments modification program.”