CW in New Jersey said: “My Saxon story started with Countrywide bank in 2005. I was getting divorced and was given a 2 year ARM loan. Before the 2 years was up the mortgage company went into bankruptcy. Saxon took the loan over the the month it was to reset.
Saxon refused to give me a payoff until they knew what my ARM was supposed to reset to. It took them from February of 2008 to August of 2008 to give me my rate of 11.4%. In that time Saxon refused to accept any payments from me so I owed them $21,988 to catch up the loan.
Saxon told me that they would refinance me into a 30 year fixed if I paid them in full. I wired them $21,988 the next day. Then Saxon pulled my credit report and said it showed I was behind on my mortgage. I advised the Saxon rep that it was their fault not mine in which they agreed and sent me a credit correction letter.
It took 2 months to get my credit fixed. Back in the mid 700 credit score they sent a rep to my home who appraised it at $70,000 less then what I owed Saxon. Saxon refused to refinance me. The Saxon rep went as far as to say “what are you upset about, you are making your payments so you can obviously afford the 11.4% mortgage!!!”
Now Saxon has my $21,988 plus fees and expenses and refuse to help me. Then a representative from Titanium Solutions (a mediator hired by Saxon) comes to my house to help with a loan modification. I told him the story and asked for a 30 year fixed at around 5%. Saxon told him that the best they would do is is a 5 year interest only ARM at 9%.
I told the mediator that it doesn’t help and I would be in the same situation in 5 years. The mediator agreed and even went on to tell me some other Saxon horror stories. He wished me luck and Saxon started foreclosure proceedings against me.
Saxon needs to be put out of business and the government needs to take over their loans. Otherwise all their mortgages are going to go into foreclosure.”