Saxon Mortgage wrongfully forecloses on military personnel

WASHINGTON -(Dow Jones)- Subsidiaries of Bank of America Corp. (BAC) and Morgan Stanley (MS) will pay more than $22 million to settle charges that they wrongfully foreclosed on active-duty military members without first obtaining court orders, the Justice Department announced Thursday. In one settlement, BAC Home Loans Servicing, formerly known as Countrywide Home Loans Servicing, …

Almost 9 percent of U.S. homeowners missed a payment

The Mortgage Bankers Association said Monday that 8.44 percent of homeowners missed at least one mortgage payment in the April-June quarter. That figure, which is adjusted for seasonal factors, rose 0.12 percentage point from the January-March period of 2011. In a normal market, the percentage of delinquent borrowers is about 1.1 percent, according to the …

HRA Homeownership Specialist and Saxon Mortgage foreclosure

Rl in Minnesota said: “My husband (Rick) and I have had the same problem as all of the others. Did not receive the information, paperwork is coming so on and so forth. In March we received a foreclosure notice. I had a HRA Homeownership Specialist assisting in this matter and she could not believe how …

New York State Banking Dept Visits Saxon Watch

We were pleased to see the New York State Banking Department on our Saxon Mortgage website this morning, relative to HAMP modifications. After monitoring complaints for over a year I can clearly say Saxon Mortgage performs poorly relative to HAMP modifications. At issue is how much money Saxon Mortgage receives from the federal government contrasted …