Saxon Mortgage Services Watchdog Sees Many Complaints

On February 20, 2009, we published our first consumer complaint about Saxon Mortgage. It is now December 15th, 2009, and we have published 137 complaints. We will receive more complaints about Saxon Mortgage before the year is over.

As of today there are 209 articles and 180 comments published here at Saxon Watch.

In addition to published complaints many of our readers published their comments. Reader comments often reflect similar complaints, experiences, and frustration with Saxon Mortgage.

Relative to Saxon’s involvement with the HAMP program the company’s overall dismal performance speaks volumes. Saxon Mortgage modification statistics, as reported by the US Treasury, show only two permanent modifications.

Saxon Mortgage Services Inc. has a small number of GSE loans (1,117) and a large number of private investor loans (34,137) under management according to the US Treasury report, in a sub-section titled “HAMP Portfolio Composition”.

Saxon Mortgage is owned by Morgan Stanley. Saxon Watch (this website) is a consumer advocacy and watchdog organization made up of volunteers.

One thought on “Saxon Mortgage Services Watchdog Sees Many Complaints

  1. I’am a co-signer on my daughter’s mortgage through Saxon. In Dec. 08 my daughter sent in a payment for her Dec’s payment and later in the month she sent in her Jan’s payment (she paid it early). Someone from Saxon took her Jan’s payment and put it toward the principal and some went into escrow. She has no escrow account. She pays her taxes up front every year and her homeowner’s ins. comes out of her HOA fees (which she has proven to Saxon on many occasions). Because of the payment being put into the wrong accounts it showed she was one month behind. We could never get this straightened out so ended up making an other payment. The problem is; since that payment was not credited right and it showed she was 30 days delinquent it went against my credit score. I had a credit score of 830 and now it’s below 700. I have tried time and again to get Saxon to send a letter to the Credit Bureau to get this off. They admitted it was their error. I have been fighting this since Feb. 09. What can I do????
    I wanted to refinance my house, but with this delinquency still on my credit report I’m finding it hard to get a mortgage company to give me a loan and if they are willing to my interest rate is higher, plus I have to pay PMI.
    I’d appreciate any advice I can get.
    Thank You.

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