When Mortgage Servicers Make Mistakes

I have a new mortgage servicer and my experience has been nothing but an annoying nightmare. Perhaps this is a good time to review what the federal government says about mortgage servicers. A key point is professionalism and no surprises. When mortgage servicers make mistakes, records get lost, payments are processed too slowly, or servicer …

Saxon Mortgage would rather foreclose and collect loan insurance

Phil, no location given, said: “I’ve been making modification payments to Saxon Mortgage for a year now. First I was told they were missing documents but they couldn’t tell me what docs were missing. Then they told me I missed a payment and that I’d be removed from the HAMP program and eventually I received …

Mortgages with PMI past due at alarming rate

It has been said that mortgages with PMI insurance are generally prime loans. Although I doubt the validity of that assessment, the number of borrowers with PMI attached to their loans, and in some form of defualt, continues to rise. Borrowers who opted to carry Private Mortgage Insurance (PMI) on their homes set a record …