Foreclosure Prevention Success Stories?

[BnzHC]

Our Non-Profit Housing Council in Northen Michigan is having trouble getting any positive response from lenders when attempting to intervene on behalf of struggling homeowners. Any strategies or methods that have proven to be effective to you would be helpful to our group, and I am quite sure would be of value to others reading this forum. So please share your wisdom! You may not think your tidbit is valuable but believe me, we are all dealing with many of the same players, in the same industry, with very similar problems across this whole country. If nothing else, tell us what hasn't worked for you so that together we won't waste precious resources on useless efforts.

If we cannot find a method that works soon, we will be known more as "grief counseling services" instead of problem solvers.

My latest problem is even getting a human to acknowledge a call at from Saxon Mortgage Loss Prevention Department. After multiple attempts and voicemail messeges, now their voicemail box is full. Has anybody dealt with them in the recent past?

BnzHC

[evel1999]

Saxton may be one of the mortgage companies that has either filed for bankruptcy or gone out of business. Will look on the internet to see if anything is listed about them and who is servicing the loans. Some homeowners are having trouble getting in touch with the right person when that is the case.

[BnzHC]

Thanks in advance for any help you or others can provide. I believe Saxon was acquired by an investment bank on wall street for probably way too much money late in 2006. Morgan Stanley may be the buyer of this subprime generator, but the loan in question appears to be serviced out of Texas at this time. If only they would respond to my inquiry they may be able to get rid of this loan through our "rescue" program, or consent to a workout that would benefit both my client and the lender.

[evel1999]

It is good that there are great non-profits that can offer the service to help homeowners facing this crisis with their homes. There are so many that need help. I hope you can get in touch with the Servicing Co and work out a Loan Modification for your client.

[BnzHC]

It is a tough but very rewarding task whenever our group can complete a rescue/workout for any borrower. Does anyone have a backdoor phone number for Saxon Loss Prevention? Time is always of the essence in these matters.

[evel1999]

Moe has listed phone numbers in a thread on this site that may help.

Here are a few but don't know how good they are.

1-800-594-8422 Fax 817-665-7400

Saxton 1-800-665-7367 888-325-3502

Loss Mitigation 1-800-665-7367

Mit Handler Loss Mitigation 1-817-665-7727 Fax 817-665-7728

Is Saxton servicing this loan?

[BnzHC]

Yes, Saxon Mortgage is the servicer according to the information provided by my client.

I will gladly try all of the numbers listed and see if any human really exists in that department of Saxon. Frustrating to see some numbers on the list that I have called already, but encouraged to at least have some new ones to try.

There is nothing worse than calling an already full voicemail. Maybe I can get a fax through now with that information.

Has anyone here ever had any success with this company in getting a modification or restructured loan?

[BnzHC]

Just a quick clarification on the correct name of this lender. Saxon is the name of the company I am having difficulty reaching, I am not attempting contact with "Saxton" at this time. I hope this helps clear any confusion with any similar sounding mortgage companies.

As always, thanks for all the help provided.

[Maurice Bedard]

I have a number for them. Try this one. 888-325-3502 ext. 207799 very nice lady.

By the way, what is the name of the non-profit for which you represent?

[BnzHC]

Thanks Moe! I will have my staff attempt contact with all the numbers provided here today and let you know how it goes.

The Benzie Housing Council is the non-profit group that I represent. We help homeowners in a 5 county area around Traverse City, Michigan. We started out building affordable housing in our area, but lately we have been involved more in helping people retain ownership. We have limited resources of our own plus a few grants to help stave off foreclosure.

[Maurice Bedard]

You are most welcome and and it is nice to have you as a member of the forum. We all need to pool our resources and do what we can to help as many homeowners as possible stop foreclosure.

Best of luck!

[BnzHC]

You are helping us all by hosting this forum Moe.

I fear the only real help so far for people in this mortgage mess is from non-profit organizations and others willing to volunteer their time and expertise in the area. Most of the companies involved seem to have little interest in any solutions at all. Many lenders act as if they are not interested in even being contacted. Due to securitization through CDO's it is even harder to reach anyone with authority to make a decision. Frustrating but not impossible, we have helped a few already and are going to do whatever it takes to help more in our pipeline that is growing every day.

[BnzHC]

No response yet from Saxon. Sorry to say the update is not good as of yet. More voicemails that have yet to be returned from a human. It never is easy, but should never be this difficult to reach a lender.

Hey Saxon Mortgage are you too dense to figure out that you will just lose more money the longer you delay? I am willing to bet I could get a response within 24 hours of any request for a payoff. Two weeks now and still no person will even call my non-profit group back to negotiate a modification for financial hardship.

Moe, do you have an easy checklist I can provide to my staff to check on lender compliance with TILA? It seems that is an area that would inflict serious harm to any lender foolish enough to violate fair lending law. I have heard that a loan can be rescinded for non-compliance with TILA is that correct?

[Maurice Bedard]

I do have a check list that I can revise for you. Let me ask the attorneys on what I can get over to you and I'll do that ASAP. Are you familiar with the inner workings of a mortgage and all the documents?

[BnzHC]

I am quite proficient in this twisted mess of lending, but not sure anyone really knows the "inner workings" of a mortgage completely these days with all the variations. Some of the supposedly brightest minds in the business appear not to be able to navigate through this mess profitably. I do know that compliance with federal law and disclosure is not a voluntary condition for lenders. It is "mandatory compliance". I am not confident that ALL lenders have done a good job in compliance and would like some way to check them on it.

I have more concern about my staff which has no prior lending experience just being able to do a checklist when presented with documents of our client base. I do feel this would be a useful tool for not only my small group, but for any non-profit that is willing to help out and serve the interests of "consumers", which if proven to be actually victims may have additional rights and or better leverage at least for equitable restructuring their loans.

I am very interested in specific ramifications that lenders would face if found to be in violation of "fair lending standards" and proper disclosure. I would like to see that at least these loans were in good legal standing at the time of origination. It seems only fair.

Our group is interacting with a large number of people facing foreclosure, in foreclosure, or already foreclosed and in various stages of redemption periods. In Michigan, usually one has six months of time to redeem their property with full repayment to the lender. If there is over 5 acres of property there is 12 months redemption period. This time can be shortened to 30 days in cases of abandonment to protect the collateral of the lender. Time is of the essence with many of these cases.


One idea I have is to log the various lenders and the types of loans involved in these cases and make a data base to see if a pattern is obvious. I heard regulators are not keen on these types of patterns as well.

[Maurice Bedard]

Please call me tomorrow so we can speak on the phone. I'll post soemthing here tomorrow. I can't even breath right now because we are so inundated with cases, calls and emails.

Sorry it has taken so long to respond.

[BnzHC]

I will not be able to call you until Monday, I am headed out of town on a hunting trip with my son. It is the annual deer hunting adventure and the best part is that even cell phones won't work where we are going. I can use a break. I will try to make contact when back in civilization.

Thanks

[tiffany]

Our Non-Profit Housing Council in Northen Michigan is having trouble getting any positive response from lenders when attempting to intervene on behalf of struggling homeowners. Any strategies or methods that have proven to be effective to you would be helpful to our group, and I am quite sure would be of value to others reading this forum. So please share your wisdom! You may not think your tidbit is valuable but believe me, we are all dealing with many of the same players, in the same industry, with very similar problems across this whole country. If nothing else, tell us what hasn't worked for you so that together we won't waste precious resources on useless efforts.

If we cannot find a method that works soon, we will be known more as "grief counseling services" instead of problem solvers.

My latest problem is even getting a human to acknowledge a call at from Saxon Mortgage Loss Prevention Department. After multiple attempts and voicemail messeges, now their voicemail box is full. Has anybody dealt with them in the recent past?

BnzHC

I just saw this on the HUD website and thought that you might be interested in it.

http://www.hud.gov/news/release.cfm?...t=pr07-169.cfm

Tiffany

[BnzHC]

Sorry to have been away so long, but not much for an update here on the original Saxon Mortgage client I have been working with. Lender has acknowleged our non-profit's authority to intervene on behalf of the borrower in writing, but has yet to return or initiate a phone call.

Hey Moe,
any update on some kind of a checklist for lending compliance that we were discussing here? TIL etc?

[Maurice Bedard]

Yes, I should have that very shortly and will be implementing a nation wide program for non-profits.

Just FYI- Saxon is owned by Morgan Stanley and investment firm. That should explain their unwillingness to cooperate. Figures......