Need some advice on Saxon Mortgage

[JusTooKool]

My wife and I relocated in the middle of last year. There was of course moving cost and having to get a home where we moved. We ended up with a payment on the house that we left and rent on the house that we currently live in. With the moving cost ... Wife not getting a job quickly ... and other issues ... We were unable to pay December and January's payment.

I then recieved a letter saying that I had to pay all 3 months plus penalities and late fees. I called in and explained the situationa and offered to pay Feb's and asked for a repayment plan. They refused to take one payment and proceeded to ask a number of questions ... Telling me to call back on March 4 and they would then give me my options. This is what I was going to do.

Then over the weekend I found this site. Knowing that with March's payment now due I was in danger of foreclosure and that I would owe four payments.

I contacted the lost mitigation deptartment yesterday but their systems were down. When I got a hold of them today and explained the situation, went over the budget, and asked about paying March's payment and having the other 3 payments moved to the end of the term, along with getting a lower interest rate on a fixed instead of the 3/27 arm which becomes variable in May. This what the lady suggested. I want to know if it was a good thing.

She stated that she could not guarantee but they did not want to foreclose on homes right now because they had enough of those already. She then offered to take a post dated check for March 21st for Feb and March's payment ... stating this would give the litigation department time to look at my case ... Then she emailed me a finicial package to fill out and mail back along with a budget, pay stubs, and bank statements. She said that if I was willing to do this then there is a good possiblity that I could get the other two payments moved to the end and get a locked in interest rate. At the worse she said they may lock in the 7.7% I have now and move the other two.

Should I believe this? Are they generally easy to work with? Is this a good deal?

[Moe Bedard]

Welcome to Loan Safe!

I would not trust this lady one bit. Unless she puts it in writing. Her job is to play poker with you and see what she can bluff you with. Meaning what can she do and say to get their money.

I would immediately write a "Qualified Written Request" and demand that they document every penny you owe and have ever paid them. So, you have an accurate accounting of "exactly" what you and it is not what they say you owe.

If you do this properly then they cannot report you late during the 60 day period time frame alloted under section 6 of RESPA. You can learn more about it by going into the homeowners tool box to the left.

What Moe says and additionally if this is the deal that they made with you as you understand it, you have to fax that to them 3 times with you loan number, property address, name and last four of borrower SS# on each page, outlining the agreement as you understand it.

The folks at Saxon are not nice, they are not being kind, they really do not want to own your house, but they will if they have to. So....fill out the package that they send you, stay on top of them. Meet the arrangements that they have set forth and make sure that you do that fax setting forth the arrangements as you understand them.

Then stay on top of them, daily....this is a second job. Stay focused and proactive and if they falter....QWR the file.

QWR -- there are examples of the letter in the Tool Box. In that letter demand your Life of Loan History, copy of Note, Deed of Trust, Riders, all Assignments of the Deed of Trust, TIL, Right of Rescission (if refi), Lender Final HUD-1, copy of initial loan application and final lender loan application, all disclosures and all loan documents in your file, copy of appraisal. Send this three times certified return receipt required and also send it to the Broker, Title Company and all others in the Chain of the Transaction.

This thread has a really good example:

My Countrywide escapade and Hi!