Saxon Mortgage Services, Deutsche Bank Blocked renegotiation/ refinance of loan with note holder , Foreclosed, 1099'ed for full loan amount + legal, sold house and pocketed 300K Immoral business practices with an intent to defraud the consumer. Ft Worth Texas

Exactly the same thing happened to me with Saxon- I got 1099ed as well, although
they did check the box that indicated I was not obligated to pay, since I was already forced into CHp 7 by their actions. Attempts to refinance were also blocked by Saxon, inflating my payoff amount several thousand dollars. In all honesty if someone (else) were to have told me the events that happened to me in dealing with Saxon- I would not have believed them. Who would?

Yes, they do it, and no one stops them- and yes it all appears to be legal...when will someone really dig into all the illegal actions being taken by Mortgage Servicers, like Saxon and put the blame for the high foreclosure rate where it belongs. Until that happens we are all potential victims

There is no way that any servicing company can prevent you from refinancing your mortgage. If your credit was damaged due to non-payments or if your home was not worth the amount you were attempting to refinance, any lender will turn you down. Saxon had nothing to do with that.

A 1099 is REQUIRED by the IRS. If you were foreclosed on, the IRS considers the remaining balance of the loan income. Why? Because you were indebted and now you are not. Instead of having to pay the remaining principal balance, you now don't - according to them, that's income that you must pay taxes on. Blame the government and write your congressman, but don't blame Saxon.

Attention: mortgage companies DO NOT WANT TO FORECLOSE! A foreclosure takes time (during which you are not making payments so they can't pay their investors) and money (legal fees - lawyers don't work for free). Even after foreclosure, now the company owns your house and must market it to sell (costing more money), maintain the property (costing more money), and pay taxes while it sits on the market doing nothing (you guessed it - more money). While all of THAT money is going out, the investors are still wanting their returns.... no, the mortgage company does NOT want to foreclose. They want you to make the payments according to the legally binding document you freely chose to sign at closing.

They didn't make a profit (it sold at a loss at foreclosure sale - homes always do) and you weren't billed by them for the loan balance (again, the 1099 is for the IRS).

I'm terribly sorry about your story and hope all comes out well for you, but you can't blame the mortgage company for taking action when you refused to pay them.

There is no way that any servicing company can prevent you from refinancing your mortgage. If your credit was damaged due to non-payments or if your home was not worth the amount you were attempting to refinance, any lender will turn you down. Saxon had nothing to do with that.

A 1099 is REQUIRED by the IRS. If you were foreclosed on, the IRS considers the remaining balance of the loan income. Why? Because you were indebted and now you are not. Instead of having to pay the remaining principal balance, you now don't - according to them, that's income that you must pay taxes on. Blame the government and write your congressman, but don't blame Saxon.

Attention: mortgage companies DO NOT WANT TO FORECLOSE! A foreclosure takes time (during which you are not making payments so they can't pay their investors) and money (legal fees - lawyers don't work for free). Even after foreclosure, now the company owns your house and must market it to sell (costing more money), maintain the property (costing more money), and pay taxes while it sits on the market doing nothing (you guessed it - more money). While all of THAT money is going out, the investors are still wanting their returns.... no, the mortgage company does NOT want to foreclose. They want you to make the payments according to the legally binding document you freely chose to sign at closing.

They didn't make a profit (it sold at a loss at foreclosure sale - homes always do) and you weren't billed by them for the loan balance (again, the 1099 is for the IRS).

I'm terribly sorry about your story and hope all comes out well for you, but you can't blame the mortgage company for taking action when you refused to pay them.

There is no way that any servicing company can prevent you from refinancing your mortgage. If your credit was damaged due to non-payments or if your home was not worth the amount you were attempting to refinance, any lender will turn you down. Saxon had nothing to do with that.

A 1099 is REQUIRED by the IRS. If you were foreclosed on, the IRS considers the remaining balance of the loan income. Why? Because you were indebted and now you are not. Instead of having to pay the remaining principal balance, you now don't - according to them, that's income that you must pay taxes on. Blame the government and write your congressman, but don't blame Saxon.

Attention: mortgage companies DO NOT WANT TO FORECLOSE! A foreclosure takes time (during which you are not making payments so they can't pay their investors) and money (legal fees - lawyers don't work for free). Even after foreclosure, now the company owns your house and must market it to sell (costing more money), maintain the property (costing more money), and pay taxes while it sits on the market doing nothing (you guessed it - more money). While all of THAT money is going out, the investors are still wanting their returns.... no, the mortgage company does NOT want to foreclose. They want you to make the payments according to the legally binding document you freely chose to sign at closing.

They didn't make a profit (it sold at a loss at foreclosure sale - homes always do) and you weren't billed by them for the loan balance (again, the 1099 is for the IRS).

I'm terribly sorry about your story and hope all comes out well for you, but you can't blame the mortgage company for taking action when you refused to pay them.

There is no way that any servicing company can prevent you from refinancing your mortgage. If your credit was damaged due to non-payments or if your home was not worth the amount you were attempting to refinance, any lender will turn you down. Saxon had nothing to do with that.

A 1099 is REQUIRED by the IRS. If you were foreclosed on, the IRS considers the remaining balance of the loan income. Why? Because you were indebted and now you are not. Instead of having to pay the remaining principal balance, you now don't - according to them, that's income that you must pay taxes on. Blame the government and write your congressman, but don't blame Saxon.

Attention: mortgage companies DO NOT WANT TO FORECLOSE! A foreclosure takes time (during which you are not making payments so they can't pay their investors) and money (legal fees - lawyers don't work for free). Even after foreclosure, now the company owns your house and must market it to sell (costing more money), maintain the property (costing more money), and pay taxes while it sits on the market doing nothing (you guessed it - more money). While all of THAT money is going out, the investors are still wanting their returns.... no, the mortgage company does NOT want to foreclose. They want you to make the payments according to the legally binding document you freely chose to sign at closing.

They didn't make a profit (it sold at a loss at foreclosure sale - homes always do) and you weren't billed by them for the loan balance (again, the 1099 is for the IRS).

I'm terribly sorry about your story and hope all comes out well for you, but you can't blame the mortgage company for taking action when you refused to pay them.