I co-signed for a town home for my daughter in July of 06. She had just gone through a terrible divorce. She has a 7 year old daughter and everyday has been a trial for them financially and otherwise. She always pays her mortgage before any other bills and has never been delinquent.
Two days ago I get an alert from my credit report monitoring service showing the account was 30 days delinquent. Of course the first thing I did was to call my daughter. She said "No Way", She had paid it on the 6th of Feb. and it wasn't due until the 15th. She had proof of all her payments. Saxon claimed she owed for Jan. & Feb. plus she hadn't paid her insurance or her taxes.
Funny thing is she still has money in her escrow. The bill totaled over $4300.00. She proved to them last year that her insurance is paid through her Homeowner's Assoc. fees, and she pays her taxes in full every year. She received a notice from them today that the house will be in foreclosure in 25 days.
She called them yesterday and they admitted it was their error and everything will be cleared up in 5 days. I called today and was told the same thing. I have excellent credit and this is a black mark against me and her. This is suppose to be removed from my credit report (and hers) within the month, but after reading these reports I'm worried about that.
She never took a loan out through this company. Her mortgage was sold to them by the company she originally got the loan through.
Shame on these companies. Something has to be done. I'm so tired of hearing about "The Profit Margin". What about us, that work hard everyday and try to do the best we can for our families?