While we were tricked into an ARM by First Option Mortgage all would have been fine if the economy hadn't tanked in Las Vegas over a year ago. My husband was laid off the first time in July, 2007. We had a tiny savings and used it up while my husband searched for a new job. When we ran out of money, we immediately informed Saxon and were given one choice - a three month repayment plan. My husband got a new job after searching for a month with a $800 month pay cut. We barely repaid Saxon when my husband was laid off again in early 2008. After searching for another month and a half, he took the only job offer with an additional $700 pay cut. We immediatly informed Saxon again (April 2008) and got no help. There was no way we could afford the ARM mortgage with the huge wage cuts - and it would re-set in Dec. 2008. Saxon gave us NO options at all. Everytime we talked to Saxon, we got a different representative and a different story each time. We repeatedly asked for a deed in lieu of foreclosure and they agreed to send the forms in May, 2008. June 1st we moved out because we felt like we were stealing since we weren't paying, plus there were some remodel projects that we wanted to finish up to leave the house in the best condition we could. We received a letter with a demand for various documents which we filled out and faxed and mailed to them. NOTHING but harassing collections calls.
Finally, in June 2008, we talked to yet another representative that told us that they would never consent to a deed in lieu without first attempting to sell/short sell. So we immediately listed the house. NOTHING but harassing phone calls. Oct. 17, 2008, my husband talks to a representative who argued with us that we really had the money to be paying and would not listen that we weren't just walking away from our debt. After arguing with her for almost an hour, she reluctantly said the deed in lieu papers would be sent to us and that the foreclosure sale would be on Nov. 12, 2008. We received an identical set of papers that we filled out in May. Again, we sent them in.
We waited several weeks for the deed in lieu papers and I called Saxon to find out where they were. I was told that the papers hadn't been processed - that it would take weeks. I asked what we were supposed to do since the sale was one week away - the representative said according to his records - the sale had not been set yet. I AGAIN requested the deed in lieu papers.
We just found out Sat. that the sale has been set for Dec. 1, 2008 - the notices had been sent to the old address which the mail carrier had been too lazy to forward (mail was jammed in the mail box and laying on top). In addition, our realtor's locks have been removed and we have been locked out of the property illegally.
Las Vegas, Nevada