• Report: #235218

Complaint Review: Saxon Mortgage Services

  • Submitted: Fri, February 09, 2007
  • Updated: Sat, September 08, 2007

  • Reported By:Conifer Colorado
Saxon Mortgage Services
4708 Mercantile Drive, North, FT Worth, TX 76137 Ft Worth, Texas U.S.A.

Saxon Mortgage Services, Deutsche Bank Blocked renegotiation/ refinance of loan with note holder , Foreclosed, 1099'ed for full loan amount + legal, sold house and pocketed 300K Immoral business practices with an intent to defraud the consumer. Ft Worth Texas

*Consumer Comment: Saxon

*Consumer Comment: 1099, etc.

*Consumer Comment: 1099, etc.

*Consumer Comment: 1099, etc.

*Consumer Comment: 1099, etc.

What's this?
What's this?
What's this?
Is this
Ripoff Report
About you?
Ripoff Report
A business' first
line of defense
on the Internet.
If your business is
willing to make a
commitment to
customer satisfaction
Click here now..

Does your business have a bad reputation?
Fix it the right way.
Corporate Advocacy Program™

SEO Reputation Management at its best!

Equifirst mortgage owned my loan and Saxon had contracted to manage it. I fell behind on payments and Equifirst offered to refinance it at a rate that was well with my means and Saxon stopped it. They foreclosed and ignored me moving out and kept hitting me with nasty legal papers threatening me. on 01-22-07 I recieved a 1099a from them for the full loan amount and additional legal expenses for my loan. They have sold my house and pocketed 300K from the sale and my 1099 is 418K. They are making big money taking peoples houses away. In my opinion from dealing with them, they very much want to forclose.

They're proposed solution when I fell behind was to start making 8K a month payments until I was caught up. I don't understand why they don't understand that there are very few people in the world that could do such a thing. They're only interest in information right from the begining of my first month behind was what kind of condition the house was in, what kind of neighborhood it was in, colorado was a hot spot, And the likes. They where planning right from the start to take it and shaft me.

I think that if they are going to 1099 me for the full amount of the loan + legals, I should get the house back.

When I had the house on the market through Remax with an aggressive agent, they would not even talk to potential buyers, I had several lined up that wanted to buy it, or negotiate at all even after they told me to try for a short sell. The market was very slow and they refused to talk to the agent. They told me that because they had room to move that they would take the hit on a short sell and not come after me for the remainder. This obviously was not what they intended at all.

Now that I have my 1099, I am forced to file a chpter 7 BK and loose what little I have left. I'm disabled, self employed and a single parent of a troubled 7 year old boy.

I got behind from an ugly custody battle saving my son from his troubled mother. It ended up costing a huge amount more that they said it would and it took 3 years and also ate all of my assets. For what it's worth, I don't regret the cost or the time as I have him now and he has a chance to be a good person.

As far as I'm concerned, hind sight being 20-20, Saxon manages medium to high risk loans with the intention of taking the home/ property, shafting the customer, pocketing a huge profit very quickly, billing (1099) the forclosed for the full amount, writing it off in full on they're taxes and stuffing a huge profit in they're dishonest pocket far faster than waiting for years of interest payments.

I'm not a lawyer but, it just doesn't seem right to do business that way. Maybe it's legal but, I don't think it should be. Seems more like fraud, disception, and a malicious intent right from the get go. Intent to defraud the consumer.

I had everything I worked for tied up in this property, my home, my business and my future. I had a nice workshop that was heated and now I work in the Colorado mountains under a tarp or a barn with open doors(no doors)when I can take the cold. I'm 49 and starting from scratch, not a good palce to be. I could have kept my house if they had not have blocked my refinance. For that, they are not the kind of company that cares about anyone but themselves. They make they're money buy ripping people off and it's just not right.

Robert
Conifer, Colorado
U.S.A.

This report was posted on Ripoff Report on 02/09/2007 01:08 AM and is a permanent record located here: http://www.ripoffreport.com/r/Saxon-Mortgage-Services/Ft-Worth-Texas-76137/Saxon-Mortgage-Services-Deutsche-Bank-Blocked-renegotiation-refinance-of-loan-with-note-235218. 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.

Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report.

Click Here to read other Ripoff Reports on Saxon Mortgage Services

Search for additional reports

If you would like to see more Rip-off Reports on this company/individual, search here:

Search Tips
Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?
REBUTTALS & REPLIES:
0Author 5Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

Saxon

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

Exactly the same thing happened to me with Saxon- I got 1099ed as well, although
they did check the box that indicated I was not obligated to pay, since I was already forced into CHp 7 by their actions. Attempts to refinance were also blocked by Saxon, inflating my payoff amount several thousand dollars. In all honesty if someone (else) were to have told me the events that happened to me in dealing with Saxon- I would not have believed them. Who would?

Yes, they do it, and no one stops them- and yes it all appears to be legal...when will someone really dig into all the illegal actions being taken by Mortgage Servicers, like Saxon and put the blame for the high foreclosure rate where it belongs. Until that happens we are all potential victims
Respond to this report!
What's this?

#2 Consumer Comment

1099, etc.

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

There is no way that any servicing company can prevent you from refinancing your mortgage. If your credit was damaged due to non-payments or if your home was not worth the amount you were attempting to refinance, any lender will turn you down. Saxon had nothing to do with that.

A 1099 is REQUIRED by the IRS. If you were foreclosed on, the IRS considers the remaining balance of the loan income. Why? Because you were indebted and now you are not. Instead of having to pay the remaining principal balance, you now don't - according to them, that's income that you must pay taxes on. Blame the government and write your congressman, but don't blame Saxon.

Attention: mortgage companies DO NOT WANT TO FORECLOSE! A foreclosure takes time (during which you are not making payments so they can't pay their investors) and money (legal fees - lawyers don't work for free). Even after foreclosure, now the company owns your house and must market it to sell (costing more money), maintain the property (costing more money), and pay taxes while it sits on the market doing nothing (you guessed it - more money). While all of THAT money is going out, the investors are still wanting their returns.... no, the mortgage company does NOT want to foreclose. They want you to make the payments according to the legally binding document you freely chose to sign at closing.

They didn't make a profit (it sold at a loss at foreclosure sale - homes always do) and you weren't billed by them for the loan balance (again, the 1099 is for the IRS).

I'm terribly sorry about your story and hope all comes out well for you, but you can't blame the mortgage company for taking action when you refused to pay them.
Respond to this report!
What's this?

#3 Consumer Comment

1099, etc.

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

There is no way that any servicing company can prevent you from refinancing your mortgage. If your credit was damaged due to non-payments or if your home was not worth the amount you were attempting to refinance, any lender will turn you down. Saxon had nothing to do with that.

A 1099 is REQUIRED by the IRS. If you were foreclosed on, the IRS considers the remaining balance of the loan income. Why? Because you were indebted and now you are not. Instead of having to pay the remaining principal balance, you now don't - according to them, that's income that you must pay taxes on. Blame the government and write your congressman, but don't blame Saxon.

Attention: mortgage companies DO NOT WANT TO FORECLOSE! A foreclosure takes time (during which you are not making payments so they can't pay their investors) and money (legal fees - lawyers don't work for free). Even after foreclosure, now the company owns your house and must market it to sell (costing more money), maintain the property (costing more money), and pay taxes while it sits on the market doing nothing (you guessed it - more money). While all of THAT money is going out, the investors are still wanting their returns.... no, the mortgage company does NOT want to foreclose. They want you to make the payments according to the legally binding document you freely chose to sign at closing.

They didn't make a profit (it sold at a loss at foreclosure sale - homes always do) and you weren't billed by them for the loan balance (again, the 1099 is for the IRS).

I'm terribly sorry about your story and hope all comes out well for you, but you can't blame the mortgage company for taking action when you refused to pay them.
Respond to this report!
What's this?

#4 Consumer Comment

1099, etc.

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

There is no way that any servicing company can prevent you from refinancing your mortgage. If your credit was damaged due to non-payments or if your home was not worth the amount you were attempting to refinance, any lender will turn you down. Saxon had nothing to do with that.

A 1099 is REQUIRED by the IRS. If you were foreclosed on, the IRS considers the remaining balance of the loan income. Why? Because you were indebted and now you are not. Instead of having to pay the remaining principal balance, you now don't - according to them, that's income that you must pay taxes on. Blame the government and write your congressman, but don't blame Saxon.

Attention: mortgage companies DO NOT WANT TO FORECLOSE! A foreclosure takes time (during which you are not making payments so they can't pay their investors) and money (legal fees - lawyers don't work for free). Even after foreclosure, now the company owns your house and must market it to sell (costing more money), maintain the property (costing more money), and pay taxes while it sits on the market doing nothing (you guessed it - more money). While all of THAT money is going out, the investors are still wanting their returns.... no, the mortgage company does NOT want to foreclose. They want you to make the payments according to the legally binding document you freely chose to sign at closing.

They didn't make a profit (it sold at a loss at foreclosure sale - homes always do) and you weren't billed by them for the loan balance (again, the 1099 is for the IRS).

I'm terribly sorry about your story and hope all comes out well for you, but you can't blame the mortgage company for taking action when you refused to pay them.
Respond to this report!
What's this?

#5 Consumer Comment

1099, etc.

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

There is no way that any servicing company can prevent you from refinancing your mortgage. If your credit was damaged due to non-payments or if your home was not worth the amount you were attempting to refinance, any lender will turn you down. Saxon had nothing to do with that.

A 1099 is REQUIRED by the IRS. If you were foreclosed on, the IRS considers the remaining balance of the loan income. Why? Because you were indebted and now you are not. Instead of having to pay the remaining principal balance, you now don't - according to them, that's income that you must pay taxes on. Blame the government and write your congressman, but don't blame Saxon.

Attention: mortgage companies DO NOT WANT TO FORECLOSE! A foreclosure takes time (during which you are not making payments so they can't pay their investors) and money (legal fees - lawyers don't work for free). Even after foreclosure, now the company owns your house and must market it to sell (costing more money), maintain the property (costing more money), and pay taxes while it sits on the market doing nothing (you guessed it - more money). While all of THAT money is going out, the investors are still wanting their returns.... no, the mortgage company does NOT want to foreclose. They want you to make the payments according to the legally binding document you freely chose to sign at closing.

They didn't make a profit (it sold at a loss at foreclosure sale - homes always do) and you weren't billed by them for the loan balance (again, the 1099 is for the IRS).

I'm terribly sorry about your story and hope all comes out well for you, but you can't blame the mortgage company for taking action when you refused to pay them.
Respond to this report!
What's this?
Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?
X