I have read other complaints on this site and will join you in complaints against Saxon Mortgage.
Before i go into detail about what Saxon has done, or failed to do, I want to shae some very valuable information. Saxon was acquired by Morgan Stanley Brokerage in 2005. Your complaints about Saxon should go to Morgan Stanley. Here is the contact informaton you need. I encouarge you all to do as I did and that is to call, send an e-mail and also send a letter by snail mail.
Morgan Stanley Advocasy Department phone number: [protected]
mailing address: Morgan Stanley Client Advocate
680 West 10000 Suite 3rd Floor
South Jordan UT. 84095
e-mail address: email@example.com
The phone will be answered by a human being. Tell them that you are an investment owned by Morgan Stanley. We are infact, investments that Morgan Stanley has purchased and has hired or acquired Saxon Mortgage Services to do just that, service our mortgages. As an investment of Morgan Stanley we are a valuable commodity. They can't afford to lose any of us. So by all means contact Morgan Stanley Brokerage and let them know how dissatidfied you are with the Service you receive from Saxon Mortgage. BE PROFESSIONAL, don't scream or cuss. I recommend that before you call, write down, in detail, those things that Saxon has done wrong in Servicing your Account. Then also write down what it is tha you are looking for Saxon to do. Be realistic. If you are in a mortgage that there is just reasonable way for you to maintain, then bite the bullet, contact Saxon and ask for a deed in lieu of foreclosure. Then don't wait for Saxon to move you out of the home, make arrangements and move. Don't destroy property and don't do foolish things like remove windows or ceiliing fans and light switches. DON't
PAINT THE WALLS RED or scribble ugly words on them. These type of actions will only get you in trouble and doesn't help your cause.
Here is what has happened with Saxon and Us...
1)We were sold to Saxon before our first payment was due.
When it came time to make the payment, and understand we had always made all of our payments on-line, Saxon demanded a 4.95 payment to make a payment on-line, unless we set them up for ACH or Automatic payment. Who charges someone to make a payment to thier account? This action was to force people to set up automatic payments
2) Saxon paid the wrong homeowners insurance company, the wrong insurance premium
Saxon had listed our insurance company as State Farm Ins. we've have never used State Farm to insure anything we own. In addition they paid $660 on this premium we did not own. Our insurance Premium was $402. We made the discovery upon receiving a cancelation notice from our homeowners insurance company. It took from June 2007 until December 2007 to get this straightened out. and that included calls everyday to Saxon. Our biggest concern is where is the $660 that was retuned by State Farm. It as never posted to our Escrow account, nor was it applied at a priciple reduction, or payment. So where is it?
3)Saxon double paid our REAL Homeowners Ins carrier. After 2 months that money was returned and posted to a suspence account, after several calls and a few months, instead of being posted to our escrow balance. Saxon applied it as a principle reduction, several calls and another month later this money was transferred to our ecrow balance.
4)In December 2007 we receivd a letter from our county treasurer's office that stated we owed back taxes and penalties and interest. Again a few calles to Saxon Mortgage and Saxon finally paid the proper tax amount, However they have charged our acount the penalties and interest. I am still fighting them on this one.
5)Saxon has changed our payment amount 5 times in the year and a half that Saxon has serviced our account. There have been no justifiable reasons for changing (always increasing) our payment amount.
6) I performed an amortization of our account and realized that Saxon was charging us 88. more each month than was owed for P&I and escrow and this had been going on with each increase Saxon had made to our loan payments. Saxon had posted our annual property taxes as $547.12 instead of the correct amount of $345.44. They had also continued to show the wrong insurance company and the wrong insurance premium . FINALLY in November 2008 I got Saxon to do a re-amortization of our account. It is still slightly off, but is closer to what the payment should be.
7) We tried to refinance and get out of the grasps of Saxon in December 2008, to no avail. Saxon maintains that we signed a 5 year 5 percent prepay penalty document when we closed our loan. When we reviewed our documentation (several times), we found no document of any prepay penalty. We asked that Saxon send us a copy. They did. The signatures that appear on this Document are not ours. We want to fight Saxon on this and have sent a letter to their protected Customer Relations Department and heard nothing back from them at all. Our next recourse would be to hire an attorney and fight Saxon on this, but following a conversation I had with an attorney, this is one of the most difficult cases to argue, it becomes a sort of he said, she said kind of thing and is costly. We do not have the funds available to begin such an argument or I can guarantee you that we would.
8) Since we could not refinance at a lower interest rate we are stuck with Saxon. If Saxon had cooperated, we would have long ago resolved the connection we have with Saxon and also our rate would have been reduced and our payment lower, but as it is, we had to turn to Saxon for a loan modification in September 2007. Here we are in Mid November of 2007 andwe have yet to have a conversation with a negotiator from Saxon. We were told at the time that we filed for the modification that the negotiator has 20 days to make contact. That is of course, 20 business days, excluding any federal holidays. Lets see. September 10th---- until Novemebr 20. Some where in ther I know we hae well past the 2 day marker. I call everyday. And everyday I get to leave a voice mail. I will tell you that one day at 5:53 in the afternoon, I missed a call from Saxon. A voice message was left, giving me a name of Trina Higginbotham, supposedly a Vice President of the Loan Loss Mitigation Department and a direct dial phone number. I have called this number everyday, up to 4 times a day and each time I receive a voice mail system encouraging me to leave a message and that my call will be returned. No call has ever been returned.
In my opinion Saxon treats their customers as much less than dirt., They don't think of us as cusotmers, uyet they should, because we are indeed an Investment belonging to Morgan Stanley who acquired Saxon Mortgage and if the investment crumbles thereis loss for everyone involved. Again I encourage you to contact Morgan Stanley.