Saxon Mortgage trial payment only saves $5

GH in New York said: “I have spent the last six hours on the phone with both SaxonMortgage, and The Hope Alliance about the disgusting scam that Saxon Mortgage is pulling on consumers. This all began with a phone call to make my CURRENT Saxon payment in September of 09. During my phone payment the representative asked me if I was “experiencing finanical difficulties”.

I was (and still am) in the middle of a messy divorce – I am a single mother with two children. I owed them about $1100 in late fees on my mortgage with a rate of 8.4% but the loan itself was current.

The representative advised me of the NEW Goverment program that would make me able to afford my home. At the time of this “offer” I had had my home on the market to be sold- I actually took my home off the market since my payment was going down $300 a month and celebrated with my boys that we could stay in our home!! It was amazing!!

So my trial period began, my payments went from $1568 a month to $1283.00 per month- WOW what a great program for a hard working full time employed single mom..of course it was too good to be true. I got the “Modification” in the mail today, and my “modified payment” was $1563.oo per month- Congratulations!

I knew this must be some kind of mistake- so when I called Saxon I was informed that if I did not accept the agreement that I was now 48 days past due and owe them over $4000 in delinquent payments.

I have spoken with the BBB the NYS Banking Division and no one can help- I am at my wits end and sick to my stomach to have been taken this badly- so now I face foreclosure if I don’t sign the “modification” by March 12th.”