I've been reading these reports for almost a year as I've been waiting for my "loan modification" to come through. After the same run around and re-sending documents that everyone else here has done, I applied for a mortgage with another bank. I was DELIGHTED to be approved at a much better rate with a mortgage company that actually had a 1) Mortgage Department, 2) Customer Service personnel that - Services Customers! and 3) Integrity.
Time was of the essence. When the closing company for my new and improved mortgage company could not get a pay-off letter from Saxon, my heart sank. My closing co. said "You call. The customer usually has a better chance of getting in touch with someone". I said, "You don't know the company I'm dealing with".
When I called and got a hold of a "Customer Service Rep", they congratulated me on the modification that just went through. (I had just received a letter in November denying the modification due to insufficient information in the 200 page package I sent them twice). The modification went through the SAME DAY THE CLOSING COMPANY TRIED TO GET IN TOUCH WITH THEM. Apparently, Saxon realized I still have EQUITY in my home which makes it even better for them to foreclose on.
Anyway, the "Manager" I spoke to told me that I have a prepayment penalty with Saxon, that Saxon's prepayment penalties run for the duration of the loan. I have a document from New Century, who Saxon bought the loan from that states my prepayment penalty was up in July of 2008. She told me that it didn't matter, they are holding the mortgage and they are different.
I'm in Real Estate and I know this is illegal, my Mortgage Company told me this was illegal and my Attorney told me - this is illegal!!! Furthermore, they aren't even holding the note, I found out my note has been sold to Merchantile Financial and she was blatently lying!! So I said (and I love to do this - wait until they have incriminated themselves and do it at the end) "oh, BTW, I forgot to tell you, I am recording this conversation for my attorney." "Can I have your name and ID no again please?"
I never received the payoff letter in time, I am putting my house up for sale to get out from the clutches of this company. This has been a full time job and the mental stress of dealing with Saxon is debilitating! I mean, it's 3:00 am and I'm spending another sleepless night worried about my mortgage.
Long and short of it, I've sent docs to Attorney, Senator, Local TV Station, President Elect Obama, with copies to Morgan Stanley, Merchantile, & Saxon referencing every name of every person I ever spoke to at that company.
Good Luck to everyone and I look forward to hearing some victory stories!!