SAXON Loan Modification Success!!!

[MikeLawry357]

Finally, 3 months after requesting a Loan Workout package, we received our SAXON LOAN MODIFICATION paperwork via Fedex. I have seen many angry threads about Saxon, so I thought I would include this good news. It took countless calls and faxing the workout package over 6 times to finally get a response. We indicated on the workout income/debt page that we were upside down every month. By the way, no on ever called us, the Modification paperwork just showed up at our door. Our rate went adjustable to 10.625% and we continued to pay on time. We were offered a 5 year fixed with our original rate of 6.25%. We had the documents notarized and included the $556.00 fee. Success!

[schwefls]

Congratulations Mike, thank you for posting your success. So happy for you.

[MikeLawry357]

As posted above...we returned all our Saxon Loan Modification paperwork, notarized with the $556 fee. Not one modification has been made to our note, payment coupon or online account summary. We dont know what to do? They gave us one thing is writing and show something else on their end. Yes the cashed our check (it was good). Of course, Saxon has the never ending wait time for customer service? Please help again???? any similar experiences

[Moe Bedard]

Mike,

From the date that you checked that they received your signed paperwork it will take about 30 days to update your account and since the statements are generated before the end of the month for the next month it could take up to two statements for it to actually show.........

You really need to keep up on them to changed over the account once they acknowledge receipt of those docs.........

There should be a number on the modification docs for you to call with any questions.........

[Moe Bedard]

Hello Mike!

This is common with all servicers and lenders. There are many departments and many hands that need to touch these files. It can take 30 days plus for this to show the right numbers and even then, you may need to do the phone song and dance to make sure they correct it.

Most likely this will be updated in the next couple weeks. Just remember that a person does data entry and there are thousands of people in this situation.

Best advice is to be patient, feel good, relax, but don't get off them until you know this is fixed.

By the way, CONGRATULATIONS!!!!!!

[RudyJay]

Congratulations to you and your family... hopefully the "maintenance"on your account gets completed soon..rj

[MikeLawry357]

Well, 46 days after signing/notarizing/paying the fees, our loan modification is finally reflected with SAXON mortgage (both online and mortgage statement). HOWEVER, over the modification period where our payments and fees were held in a suspense account, late payments were reported to the credit agencies. We were not late, but Saxon took forever to update their computers so they reported us late. Again, they have said the late items will be removed, but just know that there are about 4 departments and countless personnel that handle this modification and none of them know what the other is doing. I will update when we are totally cleared with the credit companies.