Explore your opportunities! Create an account or Sign In
The most trusted and popular consumer complaints website

Saxon Mortgage loss draft dept / holding insurance payment for repairs

Goldsboro, NC, United States Review updated:
On August 2, 2008 a wind storm caused a tree limb to fall into my garage. My insurace company sent out an adjuster and filed the claim and sent out a check for payment to repair. Because the amount was over $10, 000 I had to sign the check and forward to Saxon Mortgage Loss Draft department along with an estimate, notorized affidavit's, and all insurance information to begin the process of repairing my garage. It is now October 27, 2008 and I have not received a call or any payment to begin the work on my garage. They have all the necessary paperwork required by the papers that they sent to me to begin the work but I have not gotten anywhere with any one at Saxon Mortgage Company. My garage is deteriorating due to the weather here and that is causing more damage than from the beginning.


Sort by: UpDate | Rating
  11th of Apr, 2009
Agree Disagree 0 Votes
I have a problem like this with Saxon too. After years of mistakes in our loan with Saxon that were their fault but cost us thousands of dollars, we could not stand financially or mentally to work with them anymore. After the 2 years early buyout period was over we told them we were selling our house. They told us we couldn't because we were in pre-forclosure and owed them $20, 000. We did not owe them anything and were not deliquent and never had been. They back dated some payment in their computer system - their own records show where payments were backed out of the system and replaced at a date far past our due dates for previous years and months. We sold our house for the amount Saxon told us we needed to get for it and they considered it a short sale since they added the fees and fines for all of the "late" payments and stopped taking our payments and filed foreclosure when we put it up for sale after they said we couldn't. We hired a realtor and a mortgage attorney and did everything right. We sold it at the price they asked for it, we closed at a title company with title insurance on the transaction. The contracts we signed stated we were free of any debt to Saxon and owed them $0.00. Two weeks before we closed and after the initial contract with the buyer was signed, there was a storm that did some damage to the roof, out building and guttering. We called our insurance company who sent an adjuster out, the adjuster approved damages of $11, 500 - As in the above complaint, we signed the check and sent it to Saxons Loss Draft Dept. We sent an empty overnight envelope with a shipping slip made out with us as the recipient at our new address (we had moved and the house was unoccupied and sold) and Saxon as the sender. They got the check and divided it into 3 parts to be paid at the beginning, in the middle after an inspector of their choosing agreed that the work was half done and the final payment at the completion of the job. My builder did not like this arrangement, but since it was my families company they lived with it. The first check would not clear the ack because the Federal Reserve is not honoring any of Saxons paper since they are in receivership, the beginning of filing bankruptcy. Once that check cleared, we contacted them to send an inspector to issue the 2nd check at half way through. They told me after much hassle and being placed on hold that first, since the loan had closed and Saxon no longer had any interest in the property, no leins, etc. that a check had been cut and sent back to us. When I was transferred to customer service to find out where they had mailed it to, I was told that Saxon had ABSORBED OUR INSURANCE MONEY TO COVER A LOSS THEY INCURRED IN THE SHORT SALE! First of all, we sold the property for the amount they asked for in a short sale they approved of in writing. They also reported in writing and in many contracts in the closing paperwork, that we owed Saxon no money and would not be responsible for paying the difference between what they were owed and the sale price. The house appraised for $125, 000, we sold it for $118, 000 and we had 5, 000.00 in equity. So, that means the most loss they could have had, had we been responsible for that, which they released us from, would have been at the most $2000.00 - expcept for the $20, 000 in fees and fines that we have proven time and again we did not really owe. Anyone familiar with Saxon and the way they operate will understand how they generate their "fees". I have an attorney that is familiar with our case with Saxon and has been involved from the beginning, he assures us they cannot do that, as with most of what Saxon has done to us - they "can't", but they have. We expect to get the money back from them, but in the meantime, the buyer is pissed, rightfully so, and is threatening to sue us. What can we do????
  6th of Sep, 2010
Agree Disagree 0 Votes
Who can help with complaints. Saxon mortgage is holding insurance money that customers paid. They are not making repairs to the home.
  6th of Sep, 2010
Agree Disagree 0 Votes
Saxon Mortgage is holding client's insurance money and not paying client's bills. Who can help?
  10th of Jun, 2011
Agree Disagree 0 Votes
I am having a similar issue with Saxon mortgage's loss draft department. We had a fire in 2010 and have been remodeling and are finally done with the repairs. We have now been going back and forth with Saxon as well as the "inspector" they sent out. It has been a week since the inspection and supposedly the inspector has not sent the pictures out and so of course they do not want to release the final check until the have the rest of their paperwork from our final inspection. have been fighting and dealing with this fr 1 week today and am wondering if anyone else out there knows of any upper office people I cna contact of rthe mortgage company or the inspection copmpany that they use in order to get this resolved. I am considering contacting my attorney to figure out if there is anything legally we can do...I feel as if they are just sitting on my money to collect interest or keep from giving us what we have coming to us...any help anyone can offer would be great...
  20th of May, 2012
Agree Disagree 0 Votes
Praying that this does not happen to me. I have been going through repairs and they sent the first two of 21.000 in a reasonable time. now that the work is about to be done they said it was only 90% of 95 and that it needs to be done at 100% instead of original 100. I getting ready to call them and I know I better pray real hard after reading these complaint. God be with me.

Post your comment


Reply to