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Saxon Mortgage Inc., Ft Worth TX / Modification Scam

1 TX, United States Review updated:

Asked for loan modification due to the economy, self-employed builder in MI. Saxon approved loan modification, called me @ work to give me the good news, new terms %, That was in Feb. 2009, supposed to wait for "documents", then have notarized and send back to Saxon, new modified {lower payment} due April 1st2009. Documents never came because Saxon NEVER sent them, we were told NOT to make a payment for March, just modification fees in the form of a cashiers check, Still no documnets. We have faxed Saxon over 150 pages of personal info, were given a loan modification in Feb., now Saxon tells us we owe late fees, face foreclosure. Every time we call, and it has been weekly since Feb., and that is what Saxon instructed us to do, DONT MAKE A PAYMENT, AND WAIT FOR DOCUMENTS, documemnts never were sent from Saxon {confirmed with Fed-Ex] now we are behind, late, added late fees, and 4 faxes of our personal information, every time we call Saxon we are told our file was closed, re-opened, sent for "re-work, documents have been "escalated", we were even told this was not our fault and all late fees would be put to the end of the loan, and would not send negative credit reporting, now we receive a certified letter for all late fees and foreclosure to begin if we don't pay what we were told NOT TO PAY within 30 days. We have receipts of all faxes sent, dates, names, supervisors and no one at Saxon tells us the same story, the day we were told all was well with our modification, not to worry because the documents were on the way is the same day we got a certified letter from them.
Now we are being told we have to re-fax EVERYTHING again to "re-open" our file. This has been an absolute nitemare, we were still current with our payments in Feb.2009, Saxon told us not to pay March, now look at the mess we are in. These people are incompentant and actually get pain to go work and lie.

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Comments

  • Ro
      27th of May, 2009
    0 Votes

    I am going exactly though the same thing. I was told that I have sixty day before I go into foreclosure to file all the paper work again. I was also approved in Feb. 09 so they said never got paper work. I am ready just to breakdown. I am very upset.

  • Ma
      21st of Jun, 2009
    0 Votes

    I am sorry to hear that you are going through this with Saxon. I am an ex employee of Saxons and I worked in Loss Mitigation doing modifications when I quit. It was for reasons just like what you are going through for me quitting. I can tell you exactly why you are having to jump through all of these hoops. They are very unorganized and they generally just do not care. They have a huge "backlog report" which contains thousands apon thousands of files that they have to clear up. When i say clear up...i mean to get rid of "off of the report" by any means possible. They will deny your file due to financials. Even though they are going off of old financials. They will also deny your file for no contact when they aren't calling every number on the account and will call you at home when they know you are at work. Than you will be lucky to be able to talk to your "negotiator" when you call them back and if you leave a message...don't think that the negotiator heard the message because the mojority of them just erase the messages without listening to them. Once you have been told that your mod has been approved, there is a good chance that the file gets lost somewhere in the process and (more than likely) all of the docs that you have sent in have not been scanned and you will have to resubmit them. I can remember when they were hiding boxes apon boxes of files when investors would come through or when Freddie Mac visited them. I couldn't handle it anymore and did not want to be a part of it so I left. Don't get me wrong, there are some negotiators and managers that care but, they are few and far between. When a negotiator approaches a manager to discuss the problems the mangers are either no where around..or it goes in one ear and out the other. Saxon is more about looking good to the investors (hiding files or just denying files to get off of the report) and not even considering the effects of thier actions to the homeowner. There was a time where we were doing "blind mods" where we would just work up a modifiaction on a homeowners account going off of the outdated information that we had and send it off to the attorneys to be worked up and sent out and sometimes the customer was never talked to. The terms of the modification wasn't discussed with the homeowner and we didn't even know if the customer could afford to do it or not. Once the customer received the mod and called Saxon back to discuss the mod, the customer would be lucky to be able to talk to the negotiator that worked the mod up. Once the homeowner was able to get to talk to the negotiator and they weren't able to afford the mod payment or if the mod didn't really benefit them.. the homeowner would be told that the file was going to be denied and that they had to resubmit updated financials and the process would start all over again. Now if you were to ask them today about "blind mods" they will tell you that they don't do them. They may not be doing them now but, they did when I was there and, after a while, when a negotiator would mention that a file was a blind mod that they did..management would say "we don't do blind mods." So the "blind mods" were something that they did to get files off of the report and are now covering themselves by saying that they don't or didn't do them. My advice to you is that until the Loss Mitigation Dept. at Saxon grows a conscience and also hires better managers, your calls to them are going to be unproductive. The best thing you can do is to send a letter to the President of Morgan Stanley and that will usually get you a call back. Morgan Stanley is who ownes Saxon Mortgage. My other piece of advise is to make sure that you have documented everything very well so that when you go into foreclosure you can fight it with the courts. I will be glad to help you in anyway I can. You can email me at matt_wants_to@yahoo.com.

  • Ti
      21st of Jul, 2009
    0 Votes

    If you want to get under Saxon's skin file a complaint with https://appsec.helpwithmybank.gov/olcc_form/intro.aspx file a complaint with Morgan Stanley they call the main office they will transfer you to someone who will take your complaint and investigate. The biggest way is to file a complaint with the Texas Fort Worth better business bureau and it is then given to Saxon to fix. I have give Saxon as much grief as they have given me. I have now been approved for a loan modification. And the head of the departments are talking to me not customer service anymore or an assigned agent.

    Here are some questions to sen into a customer relations specialist via fax 817-665-7400
    1. I would like an identification of each and every accounting and servicing system used.
    2. All the debits and credits posted for this account.
    3. When was the suspense account or unapplied account set up.
    4. An explanation of all late fees/late charges added to this account from the inception to the present date.
    5. All property inspection that have been conducted from the inception to the present date. The fees charged by each company performing and charging for each such inspection.
    6. All broker price opinion fees that have been conducted on my property, the date of each, amount of any fees charged, who conducted the BPO and why.
    7. All information of my escrow account, charges in taxes/insurance. All dates the fees were paid and withdrawn for the account.


    I took these from a legal website and think this might be park of a forensic loan investigation.

    I do not know if many of you know, but if you have a suspense account they can take out or charge any funds they want without ever telling you. So if you think you are sending an extra payment it goes into this account then the funds are spent anyway the company wants to spend them. You have to write specifically on the coupon where the money is to be placed. There is no such thing as a person entering your payment anymore it has to fit into a computer code if it does not it is put into a suspense account.
    If I had never asked the mortgage company to do a payment transaction history against my canceled checks that I provided them I would have never found out.

    Also if you are in bankruptcy I would do all the above because this company does not sent out statements during this time and you never see where your money is going or if you are paying the right amount. So watch them very closely. Remember they think we are dumb and they are just out for a profit.

    And yes Saxon is a debt collector they dissolved their mortgage side a couple of years ago and combined it with the marketing side. The help we were getting was coming from non-customer mortgage help, but those in the business side. It has been a mess since then and their accounting stinks.
    I hope this helps I want out of Saxon I have been fighting with them since 2005 maybe with enough complaint they will clean up their act or get caught for RESPA violations.

  • Dr
      20th of Dec, 2009
    0 Votes

    I currently have a counter-claim in Florida for the same exact issue. Pleasecontact me at m_33135@yahoo.com or 305 639 2992 and if I do not asnwer please leave a message for Mike with your name and telephone number so that I may contact you. We actually got Saxon to dismiss two foreclosures against my parents and we are trying to beat them in the counter-claim.

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