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Join Date: Jul 2009
Posts: 1
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: Saxon Mortgage Loan Modification
We have been battling with Saxon Mortgage since February 2008 regarding our Mortgage. We initially purchased our home in California in April 2004, and refinanced in February 2005 to take some equity out to pay huge Income taxes and some catastrophic medical bills.
The Loan was a 2-year Arm. What we did not know was that this loan was based upon the LIBOR Rate (we had never heard of such a thing as we had always had conventional mortgages), that it was Interest only and that there is apparently a balloon payment due of the entire loan in 2010. The initial refinance was with Litton who sold the mortgage to Saxon.
In October 2007 we made our payment electronically as we always had using Saxon’s preferred method of payment through Western Union. We then travelled back east for a family emergency. Upon our return home we were going through mail and preparing to make our November house payment. We noticed that there was way too much money in our Bank account and discovered that the wire transfer had never gone through, there wasn’t a return fee, it just somehow was a glitch that it hadn’t taken.
We contacted Saxon Mortgage immediately and identified that we realized that there was a glitch, but that due to the rate adjustment and higher payment that we couldn’t pay both October and November and all of the penalties. The Customer Service Representative stated that we could send in $6006 dollars ($6.00 for processing), the late fees would be added to December and we would be all caught up by January 2008. This seemed reasonable as we had made the error. We went to the bank, got a cashiers check and express mailed it to Saxon Mortgage in Ft. Worth. We did this again for the smaller payment in December, and then made our January payment as scheduled.
In February 2008 we received a notice of default from Saxon Mortgage. We were totally shocked as we had kept our bargain and had never not paid our mortgage, even during medical crises in our family the mortgage got paid first. In addition both of us have Security Clearances that require that we are fiscally stable in order to maintain our jobs; we don’t take risks that could impact our employability or our housing. We contacted Saxon Mortgage and asked why, they stated that we hadn’t made our October payment; we reminded them of my phone call and our negotiation and then faxed them over a copy of the cashiers check. We thought we were clear, later in February we called Saxon to validate, and the Customer Service person stated that it hadn’t been October, it had actually been September’s payment that we had missed, we explained that they were in error and validated through bank records that a wire transfer to Saxon Mortgage had occurred. We faxed our bank statement along with the Wire Transfer statement and another copy of the October cashiers check and a copy of our October 17 Statement that showed that we owed October (as it was after the October 15 due date) and November’s payment only.
In March we received another Notice of Default, we contacted Saxon and they stated that they had made a mistake that the payment in question was Augusts’. To make a very long story shorter, this has been the pattern since October 27, 2007. It is always a different payment time frame, and when proof is provided a new payment comes in to question. We have had Representatives from Saxon Mortgage speak to us with disrespect and foul language. We have had them hang up on us, and have had them tell us to "grow up". When we ask how they can refute the documentation we have been told that "Bank of America’s records are wrong". We contact them every other week to check status, and we always ask for the Teller Id of who we are speaking to, as we get different stories each time.
In April 2008 we gave up fighting and asked for a Modification, as it was apparent we weren’t going to win and we had gone higher and higher up the chain at Saxon without success. We cannot sell our house as we owe $360K on a house that was formerly worth $450K and is now worth less the 200K. Saxon had sent us a brochure from Hope for Homeowners; we called the number and completed the Financial Statement. Hope for Homeowners suggested to Saxon that Saxon restructure our Mortgage. The response to that was that Saxon lost the paperwork, but then sent us a letter stating that the Investor would not consider Modification, our investor is Wells Fargo. We contacted Saxon again and started all the dialogue again. By August 2008 we decided to consult an Attorney, we had him review all of our bank records, cancelled checks and mortgage statements, he validated that indeed they appeared to be in order and that we had been paying our mortgage. He offered to write to Saxon and to send them the packet that we had been sending them repeatedly for almost 2-years. Our attorney did not get any response from Saxon. Our attorney sent a second request in December 2008 after we received another Notice of Default. He has also written letters to our creditors and employers identifying that we have been making payments and are the victim of a predatory lender.
We made our last Mortgage payment to Saxon Mortgage in December 2008 in the amount of $2593.40; this is a lower payment amount than previous amounts as the interest rate on the LIBOR index have come down so the payment did as well. We say last due to the fact that despite receiving a 1099 from Saxon stating that we have paid just shy of $30K in interest on our mortgage for 2008, where they apparently did not credit the last payment of $2593.40, Saxon still insisted in January 2009 that we are anywhere from $6000 to $24,366 in arrears on our mortgage, each phone call and Saxon Representative gave us a different number. So we are now officially 60 days late by our records.
In January 2009 we contacted Saxon again and advised them that we had spoken with Hope for Homeowners again in December, and that HOPE had again suggested that we have our loan restructured. We were asked to send in another Financial Statement, Proof of Income, Last years W-2’s and recent bank statements, we faxed them to Saxon again. In February when we called for status we were told that our "Deed in Lieu" was in process. We identified that we weren’t asking for a Deed in Lieu, we were asking for a Loan Modification or Restructuring, that we had at least 150K invested in this home and that we were trying to keep it. They asked that we complete another package and send it in again as they could not find the other package. We received a letter in February stating that they had received our packet and that they would be in touch, the next day we received a letter stating that because we hadn’t sent in our packet that they had stopped processing. We called Saxon back and they stated that they needed our W-2’s. We Re-faxed the entire package and received a confirmation page back to insure that the fax went through.
In April we received a letter by regular mail that stated that "Due to our Failure to honor our commitment in making our monthly payments, Saxon has initiated Foreclosure proceedings on our Mortgage Loan". When we called them today they stated that "yes" the process has started but, if we send them in a Loan Modification Packet to the Home Preservation Department of Saxon Mortgage, to include a hardship letter they will consider restructuring or modifying our loan. Teller ID: 17753 stated that our total due is $24336.34 not including attorneys fees, and that we have accredit of $2593.40, which is the December payment that was not credited to our account. We faxed the entire packet again to Saxon at 888-240-1885, In may we wewre advised that the Invetor will not allow a modification, the following day we recieved a letter form Saxon requesting that we attend a Homeowners Preservation seminar in Encino on May 16th. We attended and went armed with all of our documentation... Finally a live person to talk to. So did hundreds of other people who had the same story with Saxon Mortgage. Saxon sent one person who was unable to deal with the multitudes of people at the seminar, we were advised to leave our paperwork and Saxon would get back to us.
We recieved a call last week from Saxon because we attended the May 16th event. "Rose" asked if we would send in a modification package for review. We said of course, but what about the other 10 packages that we had sent in over the past several months, she could not commit. I learned today that our package has been assigned to Vonita Mattson for work out options and we can call her on July 22nd. We were alos contacted by Hope for Homeowners who suggested that we call Compliance Audit Solutions to obtain a Forensic Loan Audit, we did this and they are going to get back with us, however we are truly at a loss as to how any of this this is going to help.
We have been saving the amount of the Mortgage Payment since January as we are sure that we will need to find a place to rent and need the first, last and Security, especially as we are sure that our credit rating has suffered. We don’t know what else to do.
The professionalism of the Saxon Mortgage Company Team is appalling. Lost documents and payments.
We are not asking for a bail out, we are asking for a reasonable payment to continue to pay on our home that actually gets credited to the loan and reduces the principle so that maybe some equity would build in the property or that we would have a chance to pay it off. I don’t trust that this next round of "Modification Paperwork" will get any better results than before. Any suggestions?
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Well to make a long story short, my husband is a truck driver (independant contractor) and since diesel has be so high, the guy who owns the truck that my husband drives is not making money like he use to, causing our pockets to be hurting. So I kept emailing and calling Saxon and finally, May 28, they wrote us stating they would help. So they asked us to fax in the financial packet. This took about a month of back and forth because of course they never recieved it. Finally they got the thing. So, I have called them everyday and harrassed them. To my surprise, they called me on Tuesday stating that they have assigned us to a negotiator. And we should here from her within 48-72 hours. So we are playing the wait game. We have been past 30days late a couple of times, but have always managed to come up with the money at the last minute. This is the most frustrating thing to deal with. They advised us not to make July's payment. Is this a good idea? They stated that we need to save it for a downpayment. Our interest is 8.99 and we have a second mortgage with CitiMortgage that is at 13.6% fixed. 
. But that would be better than nothing......I feel my negotiator does not want to put in a little effort in seeing if the can get a lower percentage. WHAT IS THAT ALL ABOUT??????????? 
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