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.