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We got our mortgage from Meritch Mortgage Services in 2001. It was a 15 year, fixed rate loan. When the guy left he took the loan papers claiming he would send me copies of them. I believed him, but never got loan papers. It seemed like things were going okay, I had a coupon book and it looked like money was coming off the principal.
Then we received a letter stating that Meritech sold our loan to Saxon Mortgage Services in 2002. Once Saxon took over, everything changed. I couldn't get in touch with them for quite some time. When I did, I asked for a monthly statement so I could see what I owed and had paid. They finally sent me statements and now the contract had changed.
Our loan became a 360 month (30 year) loan. I asked for a copy of the loan papers. It's our loan with Meritech that says it's a 15 year, fixed rate loan, with our signatures and our witness’ signature as well. But Saxon added an addendum that says it's a 30 year loan, with a 15 year balloon payment. We never signed an addendum.
I just found this "addendum" about 6 months ago and never knew that it became a 15 year balloon payment. This is Fraud! They can't just change the terms of the loan and add "addendums".
Our payment has gone up a lot. When I questioned them why, it was always, “oh, the taxes or insurance went up”. I have tried to get 3 different attorneys to look into this and try to do something about it. One attorney did find out that they were double insuring me. Then he sent my money back and said he wouldn’t handle the case. That, too, is illegal. When I contacted Saxon they said it was ‘extra’ fire insurance. If you get to talk to a real person, they talk you in circles. This is the most fraudulent company I’ve ever had to deal with.
I was making overpayments and the guy told me if I didn’t specifically tell them that it was an ‘overpayment to be applied to the principal’, it went on the interest.
Whatever you do, don’t let them know that you’re struggling. I did, now they are sending someone around to make sure we’re still living there, at a charge to me, of course.
I thought a contract was a contract and the terms of it couldn’t be changed or signatures forged. There has to be someone willing to stand up to this company.
