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.