Saxon Mortgage Company tried to foreclose on my house. I had an APR loan that almost doubled in the four years I had it, but I managed to pay my payments each month (never missed a payment). I received letters from Saxon for many months that I owed thousands in back payments and late charges. I kept asking them why they were doing this to me as I kept making my payments.
When I realized Saxon was serious about taking my house, a friend bought my house. At closing Saxon charged me interest charges of $6,571.41 plus an escrow charge of $888.88. I finally found out that on two occasions the APR had gone up and I had missed the difference on the first increased payments. The first was about $65 and the second about $450. I offered to pay this plus a reasonable late charge before "selling" the house but they wouldn't hear of it. Strange they wouldn't tell me this until the end. I was also charged a late fee at closing of $2,570. I can see paying 5% for the two months envolved which would be $257. (I missed an insurance payment and my insurance cancelled and Saxon put me on their insurance for 5 months for $2,300 and got all of it except the $888-a little excessive ). Needless to say Saxon filed a report with the credit bureaus that I was 3 months behind in payments making it impossible to get another mortgage.
I have written them twice requesting a refund of $6,571.41 (interest) , the $888.88 escrow and excessive interest charges $857. My mortgage payment at the beginning for $250,000 was about $1,600 and at the end it was $2,570.
There are some bad mortgage companies out there and Saxon is one of them. These people need to know that they can't do this. Maybe I should ask for the $250,000? Address info: Saxon Mortgage Services, PO Box 163405, Mortgage number 1044292333. Ft. Worth, TX 76161.
Salem, South Carolina