A Pennsylvania resident said: ” I have been figting with Saxon since Aug. 2008. I’ll bring you up to speed… 2/28 Mortgage with interest range 8.45% to 15%, bought in Oct 2005. Transfered from New century to Saxon.
1) Requested loan modification in Aug. prior to being late at all.
2) loan modification came in Nov. and contained months that were already paid. Froze interest rate at 8.45%. Had 2 days to return the paperwork or be denied.
3) Loan mod was denied… Nobody would answer my questions/concerns.
4) applied again – Denied due to surplus, although the denial letter says insufficient funds.
5) spoke to repayment division, agreed to wire $2500 and the remaining was to be put on repayment. Current mortgage payment is $702. Taxes not included. (total housing is $1144.00) They suggested a 9 month payment plan with payments at $1566. Our gross income is only $3000 a month. How can they offer a repayment plan that is more than 50% of our income, if you are supposed to be eligible for a loan mod at 31%?
The gent said “oh, you should qualify for a loan modification” and sent me back to the previous department.
6) called again to find out how to stop the foreclosure. Currently owe $5400 to saxon and $6200 to attorney’s fees. How is that “reasonable attorney’s fees”? Even if I can pay the full outstanding balance now to bring me current, I’d still need a repayment plan for the attorney’s fees.
Contacted BBB in Tx. and was forwarded to the AG office of Texas. Also contacted AG office in PA. I put together a complete report (22 pages) of everything from what our finances looked like prior to buying, how our income was when we bought, terms of loan [especially the shady stuff], contact records, 1040 records for the last 6 years and gross monthly income to outline the entire delinquent duration. I wanted to show that I have been in a situation that should have required a loan modification given I was a victim of predatory lending and that I had tried hard to work with Saxon to no avail. ** Sent it to both AG offices, the lawyer for the plaintiff [which is HSBC BANK USA – not Saxon] and all other parties that have been involved since then.
*** Still waiting for promissory note to prove they have right to force me to foreclose.
I’ll keep you posted.”