Foreclosure in 02909>Question Details

Kay, Home Buyer in Providence, RI

saxon mortgage company holds my loans that the investers will not modify

Asked by Kay, Providence, RI Fri Feb 27, 2009

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I have to say, and let me preface this by saying, i am an individual owner of a home in Florida, where Saxon holds my 1st and 2nd mortgage note. This home is a rental property, and i applied for a loan modification with Saxon on the 1st mortgage only. I made Saxon aware that this is a rental property, got them all the required documents to process my loan mod application, which included the current rental agreement. The payment on my 1st is $1004 per month (interest only payment). I just received a phone call one week ago, followed by documents yesterday in the mail, that i was approved for a loan modification...not a trial period, but an actual modification. My new monthly payment, which includes principal, interest, taxes and insurance, is $555! They lowered my interest rate from the 6%+ all the way down to 2.75%. I have the option to continue interest only payments if i want at $329 per month.

I did a ton of research when first considering a loan mod with Saxon, and also while waiting for an answer. I know there are plenty of people's experiences that have been unfavorable with Saxon, but, for those who are seeking a loan mod with Saxon, i just wanted to be able to share my unexpected success, and let you know that i am an actual individual home owner of a rental property that obtained a loan modification. I get to keep my home, the Tenants are able to stay put, and Saxon has a willingly paying consumer of a mortgage note without adding another REO to their books. The way i've always looked at it, is, here you have a willingly paying consumer that needs just a little bit of help to continue to be able to pay their mortgage, and i certainly got more help than i expected to. My brother has a mortgage with Saxon, but unfortunately was not able to obtain a modification, so...there are still those experiences too.
0 votes Thank Flag Link Wed Dec 30, 2009
Saxon Mortgage is owne by Morgan Stanley, They are currently under investigation for who know what because many of the Saxon notes are owned by merril lynch. You should look at saxon watch dot com. Saxon has been sued successfully soooo many times for Truth in lending issues, wrongful foreclosures, failure to perform, missapplication of fiduciary property/funds.

Saxon is a dirty crowed and so are the people that deal with them. MANY complaints with the FTC and attorney generals in many states. nearly every Judge that is brought in to any fight with Saxon rules in favor of the homeowner.

Hire a personally injury attorney or anyt other attorney and litigate. Lots of people are finding themselves owning their after the Saxon is found guilty.
0 votes Thank Flag Link Fri May 1, 2009
I have to step in again. Saxon may not approve some modifications as other institutions. Investors not Saxon may limit the ability to modify the loan. There is lots of issues tied to the modification processes In wisconsin I assist people in default for free. I have experience in dealing with many different leaders on multifple transactions and also help companies contact mortgagors to make them aware of their options for foreclosure avoidance. Saxon is one of the companies that sends me referals through a 3rd party to assist them in contacting the borrower for potential work outs.

I would suggest contacting Saxon again. There is no sure thing and you may have to look at other option to resolve the deliquency.
0 votes Thank Flag Link Fri Feb 27, 2009
Saxon seems to prefer to have their properties go into foreclosure. My client is getting a house from them for $200,000 and the mortgage was $650,000.
0 votes Thank Flag Link Fri Feb 27, 2009
The lender does not mean anything, you want to know who the investor is. Find out who the investor is, the lender needs tell you who it is. Ask why they would not approve, there needs to be a reason.
0 votes Thank Flag Link Fri Feb 27, 2009
Keep trying, that's all you can do. Just remember that if you are 3 mos. behind, they can foreclose. You should at least get it on the market if you are that far behind.
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0 votes Thank Flag Link Fri Feb 27, 2009
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