My daughter and her husband, along with my
grandchildren have just lost their home to
foreclosure. Their mortgage was sold to Saxon...boy what a
disaster that became. Their
interest rate zoomed to 10 1/2% in no time. After they were unable to make their monthly payments, of course
foreclosure was forced upon them. My daughter attempted to ask them for help, to no
avail. She asked if they could refinance at a lower amount, like a short sell, and was told that they had to pay $6000 to bring their payments up to date and that they had to pay the entire mortgage, which would be understandable, however, when their house went up for sheriff's sale, Saxon took 76,600 for the house, which was 50,000 less than was owed. Why weren't these young people, along with their 2 and 4 year old allowed or offered to buy back their home at this amount? It seems so unfair that after trying so hard to keep their home, that a stranger can now boot them out, thanks alot Saxon!!!
1. Written by Sandra Light, on 03-06-2008 02:11
We also were scammed by Saxon. They tried the same tactic on us but we headed them off at the pass. Last year my husband lost his job due to health issues. He's got cirrhosis of the liver and was put on the transplant list since he's been going down in health for just over a year. I have been paying the amount faithfully. One day I got online and saw that my mortgage payment had gone from $859 to $1530. I contacted them and they said that I had not paid the taxes last year and that was what the "Equity" was for. A negative equity of about $10,000. When I complained that the tax bill was nowhere near $10K they said that they were paying the 2008 bills as well. I never had the chance to pay this year's bill. I told the people I talked to at Saxon about our hardship situation and they seemed to listen and sent us a form. Bottom line is I'm now 2 months behind. I expect them to threaten with foreclosure anyday now. The other thing was that everytime I tried to pay my mortgage payment and was told that they could not accept a partial payment. One customer service person was very cold. You could tell that she didn't care what the circumstances were. She was not willing to bend.
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