• Report: #335477

Complaint Review: Saxon Mortgage Services

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  • Submitted: Thu, May 29, 2008
  • Updated: Wed, July 09, 2008

  • Reported By:Fort Myers Florida
Saxon Mortgage Services
P.O. Box 163405 Fort Worth, Texas U.S.A.

Saxon Mortgage Services Won't process modification package starts foreclosure against us Fort Worth Texas

*Author of original report: FORECLOSURE STOPPED

*Author of original report: Modification Finally Completed

*Consumer Suggestion: Same position with Saxon Loan Modification

*Consumer Suggestion: Same position with Saxon Loan Modification

*Consumer Comment: PLEASE KEEP US UPDATED!

*Author of original report: FORECLOSURE SUPPOSEDLY STOPPED

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We contact Saxon in NOVEMBER of 2007 about our approaching rate hike. We were told it wouldn't happen until January. Of course it happened in December.

In December, we requested a modification package. We were told we would receive one. We received a financial package to complete, which we did, within 10 days of receipt.

In January, we were told Saxon received our paperwork.

There are dozens of phone calls & faxes that I won't list here. The upshot is we FINALLY received our modification package, which we had requested in December, on April 14, 2008. We completed everything, had it notarized, included certified funds for the modification fee, included a check for April's payment, as our Saxon representative had instructed us to do, Fedexed everything back on April 17.

Saxon had cashed our mod fees and April payment by April 21.
December's, January's, February's and March's payment, under the terms of the modification agreement, were put at the end of the loan on a balloon payment.

On Friday, 5/23, we received a foreclosure notice. Our phone calls are going unreturned. We are being told not to send May's payment, as they will not accept anything less than the full amount owed. Our problem is that under the terms of the modification agreement, May's IS THE FULL AMOUNT OWED! We are told on the phone that foreclosure is a different department and they don't know there's a modification pending.

We have a record of every phone call, paperwork, etc. I suppose at this pointwe'll hold onto our money and wait and see what the judge says. I an appalled at the unprofessionalism and ineptness of the customer service agents at this company. Here they have someone trying to give them money, trying to make payments, and they attempt foreclosure. It is tempting to let them.

Tobi
Fort Myers, Florida
U.S.A.

This report was posted on Ripoff Report on 05/29/2008 11:38 AM and is a permanent record located here: http://www.ripoffreport.com/r/Saxon-Mortgage-Services/Fort-Worth-Texas-76161/Saxon-Mortgage-Services-Wont-process-modification-package-starts-foreclosure-against-us-F-335477. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
0Author 6Consumer 0Employee/Owner
Updates & Rebuttals

#1 Author of original report

FORECLOSURE STOPPED

AUTHOR: Tobi - (U.S.A.)

We have finally received a foreclosure cancellation notice from Saxon's attorneys, thank the Good Lord. Persistence does pay off, but never again. Will not deal with Saxon, will never recommend them to ANYONE.
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#2 Author of original report

Modification Finally Completed

AUTHOR: Tobi - (U.S.A.)

Saxon FINALLY completed our modification package. They sent us (2) more mod packages after they received our first one, but those are void, obviously. We sent them April's payment with the modification, then May's & June's payments. They of course posted them incorrectly, and called us day before yesterday to ask when we were making June's payment.....we think we finally have it all straightened out. Their attorney has advised me they have stopped the foreclosure, though I am still waiting for for written notification.
Bottom line, if you are diligent, keep excellent records, send numerous letters, and call them every single day and hold for 20 minutes each time you call, eventually, your modification will get done. If you are considering a new loan with Saxon, don't!!!!!!!!
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#3 Consumer Suggestion

Same position with Saxon Loan Modification

AUTHOR: Mike Lawry - (U.S.A.)

Hi Tobi,
I read you situation with Saxon and had to repspond. Please let me know if you have had any luck.
We received the LOAN MOD docs unannounced via FedEx on May 16, 2008. This loan mod made our adjustable into a 5 year fixed at our orginal rate. Very happy, right? We had documents notarized, got cashiers check and returned all the same day. The check was cashed. However, our recent payment coupon, online statement, and notices in the mail still say we are late and have the original note terms. Please note there is one payment and our "loan Mod" fee of $556.00 in the "suspense account" column on the online summary of our account. Naturally, we have called Saxon and they say everything is fine despite what we continue to see online and receive in the mail. I have posted on LoanSafe.org and repsonses say this is common, to wait 30 days or more...but I wont be happy until it is all updated. Keep in touch.
Mike
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#4 Consumer Suggestion

Same position with Saxon Loan Modification

AUTHOR: Mike Lawry - (U.S.A.)

Hi Tobi,
I read you situation with Saxon and had to repspond. Please let me know if you have had any luck.
We received the LOAN MOD docs unannounced via FedEx on May 16, 2008. This loan mod made our adjustable into a 5 year fixed at our orginal rate. Very happy, right? We had documents notarized, got cashiers check and returned all the same day. The check was cashed. However, our recent payment coupon, online statement, and notices in the mail still say we are late and have the original note terms. Please note there is one payment and our "loan Mod" fee of $556.00 in the "suspense account" column on the online summary of our account. Naturally, we have called Saxon and they say everything is fine despite what we continue to see online and receive in the mail. I have posted on LoanSafe.org and repsonses say this is common, to wait 30 days or more...but I wont be happy until it is all updated. Keep in touch.
Mike
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#5 Consumer Comment

PLEASE KEEP US UPDATED!

AUTHOR: Karin - (U.S.A.)

I have just read your update and will be following any updates you have in regard to your situation. Please keep us updated.
I have hired an attorney, but he is having the same problems that I have had in getting anyone to respond to his calls.
I was curious as to how your work out agreement read since to date I have not received my work out papers I was to receive back in March according to "Robert", the person assigned to my case.

I have been sitting in limbo not knowing if I'm going to have to come up with thousands of dollars, if my interest rate will be decent, etc. I am interested if they are locking you into an agreement that does not allow you to refinance within a set period of time. I'm asking this, although I know it is very personal, because I am getting ready to set up a web site to prepare my lobbying efforts against the Fair Issac credit scoring system that I believe has been the biggest reason most consumers have landed in this mess.

I know that if I am going to be "stuck" in an agreement with Saxon at an unfair rate and time frame I will have little recourse because of what has been done to my credit score.

In better days I was head of a large mortgage lending department in a local bank. Every loan that crossed my desk had a credit report pulled and that report was evaluated by our lenders based on set criteria. The consumer was ALWAYS given a chance to explain the credit report my lenders had in front of them. If a payment had been missed an explanation of why was accepted if for good reason and sometimes documentation was added to the file. We did NOT work off of a number. We treated people as human beings, understanding that life happens and it can not always be planned as we would like.

These days if you have the best insurance, but are stricken with a disorder that is not covered by that insurance, the hospital will tell you it is not a bank and they will be quick to turn you over to a collection company for any balance you can not come up with. Given that, even if you are making payments on a timely basis to that collection company, your credit score, under the current guides, has landed you in the land of "low score = High interest rate".

I actually was put is this la la land due to FICO because I had paid off all my debts, was credit card free and because of that, my score was too low to get a good rate! Does that make sense to anyone? NO.

I also had an identity theft situation that was a nightmare to get off of my credit report and this also affected my score and in turn my interest rate for a mortgage.


I have so many horror stories from so many persons, including my own, that I've decided even with my disability I need and want to do something to make a change for people who have fallen victim to FICO.

In the meantime, if you feel you can let us know a little more about the terms of the work out agreement I know it would help me to understand what I have coming. Again, I'm just wondering if they are going to force me to agree to a high rate, if it will be fixed for a period of time and if I will not be allowed to refinance for longer than 12 months. If you feel you can not release this information on this site because it is too detailed, I completely understand.
Thank you again for keeping us updated.
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#6 Author of original report

FORECLOSURE SUPPOSEDLY STOPPED

AUTHOR: Tobi - (U.S.A.)

After 21 phone calls since January, 19 of which have gone unreturned, and numerous faxes, and being served with a foreclosure summons May 30, Saxon finally tells us today that they have cancelled the foreclosure proceedings, and that they are processing our modification package, which they received April 11 (It's now June 3). They said they "will try" to send me a letter stating they've stopped foreclosure, but that if I don't send May's payment, the modification becomes null & void. So I am sending May's payment, though I sent April's and still they opened foreclosure. Not being able to afford an attorney, I am crossing my fingers that they have in fact stopped foreclosure, and I am still filing my response with the court, outlining the history.

Never, ever, have I worked with a company that mistreats its customers, that displays such an egregrious unprofessionalism and disregard for both ethical and moral standards.

I will be so happy when the market comes back around and we can refinance with a different lender.
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