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I want to foreclose just so I can give Saxon Mortgage a $100,000 + loss.They can have it.

The beauty is that in my state, Arizona, they have no legal right to come after me financially (aside from my credit and taking away this worthless house). I have been trying to negotiate a short sale or modify my loan for over a year. I called them several times a month for one year, asking to speak to someone about a loan modification or shortsale... ANYTHING.

I have left hundreds of messages and have never received one response. Finally, this month I made up my mind that I would rather foreclose than give them one more dime without a loan modification. All of the sudden these jerks are coming out of the wood work willing to negotiate. Before I would have taken anything better than what I was paying.

However now is different. I told them that unless they were willing to knock off some principle and put me into a 30 year fixed that they might as well get ready to foreclose. PREPARE THE PAPERWORK!!! I owe $265,000 on my home.

However, I am paying 12% right now and the home is only worth $180,000, MAYBE. Add that to the $50,000 it will take to foreclose and these geniuses have a pretty substantial loss. I can afford the loan, that is not my problem. My question to them is what is the benefit for me to continue paying 12 to 15% or more on a $265,000 loan when I can EASILY rent this house for $750 to $800 per month.

I was willing to negotiate into something reasonable up until 1 month ago. Now these a-holes can have it. By the way, homes in foreclosure are not even selling in my neighborhood. I know that this will destroy my credit but as I told Saxon, I will have an EXTRA $2000 + per month AFTER rent in my pocket.

I think I will survive.

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Sanger, Texas, United States #252319

Actually any mortgage company can hit you with a 1099 for the amount of loss they incure on the F/C. So if your loan balance is 100,000 and they can only sell your POS house for 10,000 they will be sending you a 1099 for you to file on your tax return. Have fun with that.


blah, blah, blah.... Look, the real disgrace is not that people are foreclosing but rather that the banks can stop this but won't. They CAN come down from the 12% interest they are charging me (and still make plenty of money) but won't because they know they will get bailed out by the government if I foreclose. Meanwhile, the value of YOUR home is decreasing because I am foreclosing. I feel bad about that, I really do. However think about this:

The cost of gas is increasing because OPEC needs more dollars for their oil. Opec needs more dollars for their oil because the dollar is worthless. The dollar is worthless because our interest rates are at record lows. Our interest rates are at record lows because the Fed is trying to protect the investment banks from completely losing all of these arm's and sending them into foreclosure. If they were to put the interest rates where it really needs to be in order to strengthen the dollar it would take the interest rate on my house from 12% to probably 15 to 18%.

This is not capitalism. Capitalism is about taking risk and being rewarded or penalized for that risk. I risked quite a substantial amount of money for the downpayment on my home which I will never get back. That is life. Obviously the bank risked more but they were going to earn more if it worked out. That is the way capitalism works. The higher you risk the greater your reward (supposedly). With true capitalism you win some and you lose...

We all just witnessed the largest bailout in US history over the weekend with *** Mae and Freddie Mac, (not to mention the bailouts of Lehman Brothers and Bear Stern and the hundreds of other banks in recent months). Why would the government bail these guys out and not the home owner? Just a question. Personally, I do not think anyone should get bailed out. Force the investors to work with the homeowners. We all know that is not going to happen anytime soon.

Finally, these banks and investors are all still in operation and the CEO's are still getting there $50 plus million dollar paychecks with outrageous bonuses for running a publicly traded company into the ground. These guys have lost there companies billions of dollars and still have a job. My family runs a small business, if it was mismanaged, putting people out of work and on the *** of financial collapse would it get a government bailout? Would I receive a bonus that exceeds the GDP of a developing nation? I highly doubt it. In fact, nobody on our businesses staff would be getting a golden parachute or be "left on staff to help (mis)manage the business during the turnover to the Fed". This is an easy fix but our democratic congress and republican president won't stay out of the way and force the banks to either lose there butts or work with the homeowners. That is where I stand. Call it unethical if you like, I just call it common sense.

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you say saxon sucks, and maybe they do, but you suck as well.

you can afford your obligations, but you feel you shouldn't have to, so you don't pay them?

you're not gonna get a shortsale or modification if you can afford your debt, you ***.

wonderful ethics there jpallen. yeah, stickin it to the man. where were your complaints when the lent you the money? simply no personal accountability - period.

its consumers like you who destroy the economy.


Saxon I feel is under staffed and are playing the same tactics that Fairbanks Capital did when it comes to Foreclosure.This company does need to be investigated or possibly a classaction lawsuite against them, they are certainly headed there.

The IRS is "NOT" taxing the forgivness of debt for homeowners right now.

You need to stay proactive and not let them get a difficiancy Judgment which looks like they are wanting to do.:?


After 3 months of non-payment, I finally received a little from these guys asking if there is anything they can do to help.Now they want to talk about a short sale or loan modification.

These clowns no that they have a very serious loss on there hands.

I would really like to help them but I just won't.Not that I can't, I just won't.


You know what *** me off the most?It is that congress just passed a bill giving $4 billion to local governments to bail out...

oh, I am sorry..... "buy foreclosed properties" from these mortgage companies. That burns me. These guys are not working with us because they know that a big bailout is coming.

I say, don't bailout anyone, not even the homeowners (and I am being foreclosed on).Force the mortgage companies to work with us or take the huge hit but don't bail them out at all.


:( We have a loan with Saxon and the interest is high.Like the person I just read.

Our loan is in my mothers name and who gave a retired women with fixed military income a loan surprised me. I was going through a divorce so she put it in her name. We had a arm and our payment went from $1,950.00 per month to almost $2,500.00. I explained that we needed to readjust the loan and they were not willing to do that.

We owe $265,000 on the house and it will appraise for $320,000.00 She says that she is over 60 yrs old so let it go and I can take care of loan items for her in the future.Would like to keep my house and I can afford it but this is crazy.

Redford, Michigan, United States #26213

According to the IRS there is a Mortgage Forgiveness Debt Relief Act of 2007 that does not count either a reduced principle or foreclosure debt as income. This is good for 2007, 2008 and 2009. Google it.

Erode, Tamil Nadu, India #24765

If you have any interest in maybe getting Saxon to negotiate with you,

I am countering with unfair trade practices...They do not want this on court record for future cases to use against them.

It might work for you?

Just be careful, if they relieve you of your debt, the IRS sees that relieved amount as income and will tax it. Now you have a giant tax bill. Thats what me Atty told me.

Good luck!!!Stick it to them!!!!

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