Assigned with Saxon - Home Loan Forum

slopez · #1 (**permalink**) IP: 12.9.235.250 06-30-2008, 02:53 PM

HELP HELP HELP!!! Our first is with the nortorious Saxon Mortgage. Our second is with Select Portfolio. Back in January I gave financial info to HOPEnow because we were struggling to make a $3200.00 1st and a $750.00 second with the frist hiking up another 800.00 in August. Impound is separate.

By March I haven't head back from Saxon or HOPEnow so I call Saxon and ask how much I need to pay to catch up. I requested the amount out of my 401K on a hardship withdrawl for Jan, Feb, and March payments. My April I recieve a letter from Saxon stating that I still owe for March because instead of using money sent in for a March payment they paid off late charges! I called to tell them that this was money from my 401k specifically for Jan, Feb, and March and the late changes were not supposed to be paid. I was reassured that my account was going to be "re-analayzed" and they would redirect the late charges back and apply to my March payment. My biggest mistake was believing that this was going to be taken care of.

It's now May and we have fallen behind again and are two months past due for what we think is April and May payments. We are desperate and running out of time! By May 12th I still have not heard anything on a loan modification from Saxon or HOPEnow. I call HOPEnow and was told my info was lost/no records. I start all over and give my financial info again. Saxon won't transfer me to anyone other than a collector.

By May 15th a company called (name removed) claims that they can help us do a loan modification and that they will do all the negotiating for us for a small fee of 4k! We gave them our financial info and they send the packet over to Select Portfolio and Saxon. We paid them on May 15th and was instructed NOT to pay our mortgage but not to spend money either.

It's now June 20th and Saxon just sent us a letter dated June 17th stating that we still owe for March (they never reversed the late payments as mentioned above) April, May and June and they have begun foreclosure proceedings. I called them to dispute the March ordeal and also that we are working on a loan modification with them. They demanded the past due amount, transfered me numberous times, and eventually I was hung up on!!

June 26th and I called (name removed) to find out where we are with Saxon They say it takes two weeks to be assigned to a saxon midigator which should be Mid July and then another 30 - 45 days to re-work out loan providing we get approved. In the meantime I am sick to my stomache and petrified that I am going to loose my home....

Select Portfolio gave us a "Fresh Start" program where I make 3 on time payments the 1st for the regualar amount and the last two slightly higher payments and then we are able to request a loan modification starting the process with them.

Am I missing something or is there anything else I can do???

schwefls · #2 (**permalink**) IP: 68.38.35.169 06-30-2008, 04:12 PM

Welcome to our forum slopez:

I wanted to stop in say hello and welcome you to our forum. Shortly someone will be reaching out to you with some sound advice/suggestions. In the interim please hang in there.

Cat Damiano · #3 (**permalink**) IP: 67.177.243.104 06-30-2008, 07:10 PM

Hi slopez,

Welcome to the forum and thank you for joining......

Have you received a Notice of Default and a sale date already?
Did the company you hired tell you that if they can't deliver you would receive a partial refund of your money?

At this point you might want to send Saxon an email asking where the modification stands........

lossmit@saxonmsi.com

slopez · #4 (**permalink**) IP: 67.180.212.52 06-30-2008, 09:00 PM

Thanks for taking the time to reply! Saxon hasn't sent me ANYTHING other than a letter stating that they are beginning foreclosure proceedings and to call them for my options. When I called I must have been on the phone for an hour and talked to 3 people only to get hung up on.

Yes, (name removed) did state that they wouldn't be able to take our money if Saxon didn't agree that they could modify our loan and (name removed) also stated that if they can't render services that we would get our money back. The last time I talked to (name removed) on June 25th she said that my property did not have a NOD yet. I've tried numerous times to call Saxon and they just demand money, argue with me. We owe more on the house than it's worth and are definately are upside down on our loan.

Cat Damiano · #5 (**permalink**) IP: 67.177.243.104 06-30-2008, 09:16 PM

If you didn't receive a foreclosure sale date...........then you are not in immediate danger of losing the house...............you have time to let the company you hired to work on the modification for you............
just let them do what you are paying them to do........

slopez · #6 (**permalink**) IP: 67.180.212.52 06-30-2008, 09:35 PM

Thanks so much for re-assuring me that I'm doing what I can on this end......(name removed) said don't even be in contact with them that they are calling on them every 48 hours.

slopez · #7 (**permalink**) IP: 12.9.235.250 07-01-2008, 03:58 PM

Finally after 5 months we have been assigned a workout midigator as of today with Saxon. The lady I spoke with said he would be calling me in 2 to 3 weeks. She asked if we are applying for a loan modification or a Freeze and I told her a loan modification. Can anyone explain the difference? She also mentioned that with a loan modification our interest rate can be as high as 8%? YIKES. Also can anyone explain the process now that we are assigned?

Cat Damiano · #8 (**permalink**) IP: 67.177.243.104 07-01-2008, 04:47 PM

slopez,

You are paying a company to help you with this process.........they should be able to answer the questions that you are having regarding the process that they are supposed to be helping you with..............make them work for that small fee of 4k

A rate freeze takes the rate that you are currently at a freezes it for a period of time.............usually 5 yrs.

A modification modifies the rate to a different one than it is currently at but in most cases not lower than your initial start rate............

slopez · #9 (**permalink**) IP: 67.180.212.52 07-01-2008, 08:14 PM

Cat,
You are absolutly right that I need to make them "work" for that 4K but quite frankly I don't TRUST anyone at this point. For all I know I could be ripped off and then where do I go? I have too small children and I'm not about to sit back and watch my house get taken away...

I do thank you for listening and answering my message.

slopez · #10 (**permalink**) IP: 67.180.212.52 07-06-2008, 08:17 PM

On July 1st we were told that we were assigned to a midigator with Saxon only to find out we were give to a "short sale" midigator. They said they would escalate this up and have us assigned to the right department withing 72 hours, which would be Wednesday July 9th. In the meantime I just recieved a certified letter for a Notice of Default. I'm stressed.... afraid..... and not sure who to trust or what to do??? I call the company we hired almost daily and most of the time I get voice mail or re-assurance they they are doing all that they can. Oh, we also got a letter in the mail from someone interested in buying our house.

Cat Damiano · 07-06-2008, 08:52 PM

If this doesn't work out for you with Saxon...........don't let anyone try to make a deal to buy your house without you having representation.....whether it is a Realtor or an Attorney..make sure you have someone to look over all contracts and advise you on them..........there are so many people out there trying to pull scams and you will get tons of letters and post cards like that because after an NOD is filed that becomes public record........

slopez · #12 (**permalink**) IP: 67.180.212.52 07-06-2008, 08:57 PM

Cat,
Am I being realistic? What I'm trying to say is have I already lost the house and just don't realize it yet? Can we still get approved with saxon for a loan modification now that we have a NOD and stop a foreclosure? Now that this is public can someone buy the house before a modification is approved?