Saxon Mortgage Services changed my Interest rate from 9.95% to 12.05000% without my knowledge Fort Worth Texas

why would this be saxons fault, you signed and agreed to a ARM loan.

Did you refinance sometime around January 2005 or December 2004? Your refinance must have been an adjustable rate mortgage. If you have good credit, shame on whoever got you into this loan.

Look on your mortgage documents to see if you have a 2 year ARM with a 3 year pre-payment penalty, or a 2 year ARM with a 2 year pre-payment penalty. Usually the prepayment penalty is equal to 6 months of interest, which should not be more than $7200. However, if you take the $102,000 you owe, plus the prepayment penalty, plus closing costs to refinance, you are looking at a new loan amount somewhere around $115,000. That is why you are not within the 80/20 range.

Also, you can order your own payoff. Order a payoff so you can see the breakdown. If you have only a 2 year prepayment penalty and they show a prepayment penalty on the payoff, you can try to fight that with your original mortgage paperwork. However, even without the prepayment penalty, you are still over the 80/20 ratio by about $3,000 to $5,000 due to closing costs (depending on how much the new mortgage company rapes you on fees or charges you for points). That is if your mortgage payments are current.

If you have good credit, go to a few mortgage companies to see if anyone can do anything for you. Don't just go to one and give up.

Did you refinance sometime around January 2005 or December 2004? Your refinance must have been an adjustable rate mortgage. If you have good credit, shame on whoever got you into this loan.

Look on your mortgage documents to see if you have a 2 year ARM with a 3 year pre-payment penalty, or a 2 year ARM with a 2 year pre-payment penalty. Usually the prepayment penalty is equal to 6 months of interest, which should not be more than $7200. However, if you take the $102,000 you owe, plus the prepayment penalty, plus closing costs to refinance, you are looking at a new loan amount somewhere around $115,000. That is why you are not within the 80/20 range.

Also, you can order your own payoff. Order a payoff so you can see the breakdown. If you have only a 2 year prepayment penalty and they show a prepayment penalty on the payoff, you can try to fight that with your original mortgage paperwork. However, even without the prepayment penalty, you are still over the 80/20 ratio by about $3,000 to $5,000 due to closing costs (depending on how much the new mortgage company rapes you on fees or charges you for points). That is if your mortgage payments are current.

If you have good credit, go to a few mortgage companies to see if anyone can do anything for you. Don't just go to one and give up.

Did you refinance sometime around January 2005 or December 2004? Your refinance must have been an adjustable rate mortgage. If you have good credit, shame on whoever got you into this loan.

Look on your mortgage documents to see if you have a 2 year ARM with a 3 year pre-payment penalty, or a 2 year ARM with a 2 year pre-payment penalty. Usually the prepayment penalty is equal to 6 months of interest, which should not be more than $7200. However, if you take the $102,000 you owe, plus the prepayment penalty, plus closing costs to refinance, you are looking at a new loan amount somewhere around $115,000. That is why you are not within the 80/20 range.

Also, you can order your own payoff. Order a payoff so you can see the breakdown. If you have only a 2 year prepayment penalty and they show a prepayment penalty on the payoff, you can try to fight that with your original mortgage paperwork. However, even without the prepayment penalty, you are still over the 80/20 ratio by about $3,000 to $5,000 due to closing costs (depending on how much the new mortgage company rapes you on fees or charges you for points). That is if your mortgage payments are current.

If you have good credit, go to a few mortgage companies to see if anyone can do anything for you. Don't just go to one and give up.

The $102 is the amount I owe Saxon Mortgage, not a payoff amount. There WAS a 2 year pre-payment penalty, but they have had my loan since they purchased it in April of 2005, so I am way past the penalty phase. Any other suggestions?

Faye, It seems there ios enough equity in your house. Is the $102,000 you owe the final payoff or o you have a pre-payment penalty that raises the amount owed? With the figures you provided you are at 78% loan to vlue so I don't understand the 80/20 thing. Did you have an appraisal done to get the $130K value? How long ago was it done? The values of homes are changing so appraisals are only good for a few months.



Based on your info I don't see a problem trying to find a loan, maybe you can provide some more info on this 80/20 thing and why they are sying you need to ue all your equity.



I don't think we can leave email addresses on here but I will be happy to answer any questions you may have.