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I wanted to contact those who are currently in the HAMP program. How do you feel the HAMP program is working out for you? I read an article from last month that states SAXON MORTGAGE IS THE FORFRONT OF THE HAMP Program. "Saxon Mortgage Services got top marks, with a quarter of those in similar trouble receiving a trial loan modification through the program." Just curious how others are doing with their HAMP modifications.1.) Did it reduce your interest rate and payment to a sustainable figure?
2.) How much was your reduction?
3.) Was the program clear and easy to understand?
4.) Were you given enough time to review and respond?
Tell us your story.....
 Comments (18) |  |
| 1. Written by tammybeckr, on 21-12-2009 11:43 File a complaint with the bureau of consumer protection (ftc.gov), BBB and the Attorney Generals offices. We as a whole need to use the offices that were put in place to stop this sort of stuff. We are all stuck under the thumbs of a company that doesn't believe they should be held accountable for their actions. We need to ban together as one and fight them for the right to be treated with a bit of respect as people. If Saxon wants to call themselves a debt collector then they should be goverened by the debt collections practices act and should need to follow the laws. THEY DON'T HAVE THE RIGHT TO DELIBERATELY AND MALICIOUSLY CONDUCT BUSINESS IN A WAY THAT CAUSES FINANCIAL DAMAGE TO THEIR CUSTOMERS. |
| 2. Written by Kelley Ravida, on 10-11-2009 12:31 I applied for a modification from Saxon in May 2009 and was put on a 3 month trial payment plan. After 3 months I received a letter extending my payments for 2 more months. I called regularly and was given different info. from each person I spoke with until finally one call I was given the name of my case worker. After talking with him he told me not to call the regular reps. anymore because they don't have the same info as the case workers. He then told me that my loan was approved and that they were waiting for the lawyers to sign off on the paperwork. I received my final loan papers Friday Nov. 6, 2009. Along with a call that they were on their way the day before. It was a long process and at times frustrating but ask for the person handling your loan specifically and be patient. Good Luck everyone. |
| 3. Written by Ivonne M., on 08-11-2009 16:09 I have tried to negotiate with Saxon in so many different ways. I guess they will not do anything until I decide to loose the property. Does anyone has a number where I can report them? Thanks. |
| 4. Written by M&L, on 27-10-2009 17:59 We are still hoping for the best. Started this process in May, received a HAMP letter from Saxon stating that if we complied with the HAMP trial requirements, they would modify us. No if's, and's or but's...and here it is November and the if's, and's and but's have been PLENTIFUL. One word to the wise: CALL them everyday, ask to talk to supervisors, do whatever you can to make sure they stay on top of it for you. We've had "missing" docs twice now and they did NOT call us, or only sent a stupid form letter that had wrong info on it. And yes, I blame Obama and Barney Frank. This is ridiculous. Our children and great grandchildren will be paying for this debacle for decades to come. |
| 5. Written by tammybeckr, on 03-10-2009 15:41 To all those about to enter the HAMP program... first and foremost.. photocopy everything you were sent prior to send it back. This may be the last time you see it. I photocopied EVERYTHING, including the envelope and the tracking label. I can now go back and reference actual statements that were made in the documents. To all those who have a HAMP loan with SAXON.... here are some extra contact numbers you might want to contact. Sigtarp hotline: www.sigtarp.gov, 877-sig-2009 "please report any mismanagement or misrepresentations affiliated with the trouble asset releaft program' HAMP: www.hmpadmin.com, HAMP Support Center P.O. Box 809006 Dallas, TX 75380-9006 Phone: 866.939.4469 Fax: 1-240-699-3900 I've made it a point to email the hamp support center whenever I have a concern.. and I've had alot! Good Luck |
| 6. Written by Frustrated Client of Saxon, on 02-10-2009 17:02 I started my process for the HAMP program back in the middle of May 2009. It is now October 2009. I have made my 3 trial payments, plus 2 additional "courtesy" payments afterwards, and there has still been no information/communication from Saxon. I have contacted them daily for the past few months, and they tell me that nobody has reviewed my account since mid August - which means over a month and a half of my file is just sitting there. To top that off, I have been given every number in the book, and been running around in circles. I finally spoke to another representative today who does processing and he told me that he was a 3rd party that Saxon hired to help finish the modification of the loans, and he told me that he was under the impression that another processor was working on it from Saxon. So he sent my file back to Saxon and Saxon is under the impression that the 3rd party team is working on it. So, my file is in LIMBO. When I call to try to explain this to Saxon's employees they tell me to "Wait. Everyone is going through the same problem." WTF? How can a company and employee be so naive that there is confusion between their 3rd party and departments? The whole process is an absolute mess. Overall, they don't know what they are doing. They give everyone the run around and tell me to "continue to wait until the end of the month." There are no answers, no documents that have been sent to me, and miscommunication from every department. I made all of my trail payments on time, have sent them all documents (which I am reassured everytime that I call that all documents have been received) and continue to call every day, and it seems like they are not doing their job. |
| 7. Written by WRS, on 16-09-2009 19:45 I'm in saxon hamp program, I've completed my three months trial, now I received a letter saying congraulation on completing the 1st step of the program, but we are missing documents, therefore you most complete an additional 2 months of payments and send in required documents by Sept. 30th or you will be denied and will not be able to participate in the program, I'm on federal disability retirement and they want an award letter stating my monthly income, the duration of the payments, and how long the payments will last, I've sent them all the paperwork I have received from OPM, I was told by OPM they could not give an definite time frame on how long the payments would last because a number of things could change that, but as it stands the word retirement means retired as long as the funding is there I should receive my monthly payments. |
| 8. Written by Tammy B, on 04-09-2009 09:39 I have successfully completed the three payments of the Trial period. I've not heard anything from Saxon at all during the trial. Not even the generic.. "we are reviewing" letter. 1 WEEK PRIOR TO THE SCHEDULED SALE OF MY HOME... WE ARE STILL CONSIDERED AN ACTIVE SALE IN OUR COURT HOUSE... Saxon and their attorney's have not notified the court house that the foreclosure is on hold. LOVE THAT ONE. I'll be looking for a good attorney if my house is sold at auction on 9/11/09 because THEY never notified the sheriff's office. Any attorney's ready for a highly documented fight? |
| 9. Written by Tim, on 01-09-2009 19:58 When I cited the report, I meant the president of the Fed.Reserve Bank in Boston. FYI |
| 10. Written by Tim, on 01-09-2009 19:56 This is just another servicing company which is benefitting from receiving bail-out funds and not being held accountable. I see this everyday as our organization underwrites risk to the borrower and investor/guarantor of mortgage notes. Really this is a horrible use of what might be a decent program, but lenders are abusing the poor execution to implement this program. The government might as well have just given funds directly to the banks, but I guess they wanted to look good, like they are taking action to help the situation. The truth is the servicing companies make a ton more money letting mortgages go into foreclosure. Don't believe me, that is what the president of the Fed.Reserve Bank said recently in a paper he co-wrote. He called the incentives provided by the government in the HAMP program as a 'pitance' compared to the fees they get if a note fails to perform. You have to know that the servicing companies (the folks you make your monthly payments to) get paid their fees whether you perform or not, they have no interest or care if you perform on your note. They don't own the note--it's not like the old days where banks carried a portfolio of mortgage notes they owned. They were either sold to another investment bank who repackaged them as investment vehicles for investors like bonds... or they are backed by Freddie or Fannie... The only ones that care if you pay your mortgage are you and the investor or guarantor of the note. The servicing companies don't because from a business perspective why would they, they get paid whether you pay or not. They get paid to service the mortgage notes... They can also sell those servicing contracts to other banks if they want. I hate to be the bearer of bad news but dealing with your servicing company isn't the way to go. I have people all the time saying they were accepted into the HAMP trial period through their lender, but the truth is you MUST receive a signed agreement from the lender/servicer and then really the servicing company can opt out any time... very easy to say you aren't qualified anymore. I have had several clients who thought they were on the trial period HAMP plan, but never got a signed agrement back from the lender and I advised them to check their credit report...they were being reported as late. When they tried to talk with the servicing company abou tthe money they had sent in thinking they were making payments, the servicer said they were 3 months late and demanded the full payment of arrearages... It is a very tricky and deceptive practice...anyways, not soliciting business but if you want more information I am starting to post alot more on our site...www.loanmedics.com It is becoming a battlefield but if you do want to hire a 3rd party to negotiate you MUST ask them these two questions: Who do you negotiate with? and Do you charge upfront fees? We do NOT charge upfront for our services and we underwrite the risk to the parties that matter, then if the numbers make sense off of affordability then maybe you can get modified...But, no one can gaurantee you anything until they close new terms with the investor/guarantor of the note. Hope this helps because the servicing companies are using this in MY OPINION to scam homeowners. Again, this is just my opinion and meant for informational purposes only. I am not an attorney and I am not offering any legal advise. Thanks |
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