MR sent this analysis and opinion of Saxon Mortgage and trial modifications: “Saxon Mortgage servicing Deutsche Bank loans – They do not want to make the modifications. And why would they? The government has provided a way for them to disguise their “Help” by providing money to these servicers to enter people into this HAMP Trial program. Nowhere is there a trigger that obligates the servicer to actually modify any loans. My question is Why has there been no investigation into Saxon Mortgage Services? It is amazing to me that all of these complaints regarding the HAMP trial modification are exactly the same. Lost paperwork, extensions to the original 3 month time frame and ultimately there are denials.
All the while, the servicers received the lower monthly payments from the homeowners, received money from the government, and all the while these homeowners are further behind when the denial comes.
The true metric and compensation to the servicers whould be not for the Trial Modifications, but the actual modified final loans.
I am in the same boat with all of the same issues that all of these complaints have detailed. I was contacted in late October by Saxon that I would be receiving a “counter offer” due to my income being 25% higher than originally submitted with the paperwork in May. I was told to pay the same amount for my November payment and begin the NEW $1200.00 increased Trial Modification payments in December.
Once again, after the 3 months I should be receiving the final documents. I am actually not holding my breath but can only hope that someone smartens up and holds all of these TARP and HAMP fund receipients to Final modified loans and not this nonsense of Trials.”