tag:blogger.com,1999:blog-31722940021491674622024-09-12T07:22:33.343-07:00My Saxon Mortgage NightmareSaxon Mortgage Services, Ft. Worth TX has literally caused nightmares for many of its borrowers. This is just a few of the stories, helpful things and a lot of finger pointing.TammyBhttp://www.blogger.com/profile/05489129321364163350noreply@blogger.comBlogger24125tag:blogger.com,1999:blog-3172294002149167462.post-88900540897740999102010-06-24T10:38:00.000-07:002010-06-25T10:53:33.863-07:00Discrepancies in Recorded AssignmentsI cannot emphasis enough the importance of obtaining copies of your registered paperwork from the deeds office at your local court house. You need to get copies of the paperwork that is the foundation of your loan/mortgage. If your loans are anything like mine, Saxon is the one consistent factor in your loan. You may have had them for some time or they may have acquired you one day. Either way, TammyBhttp://www.blogger.com/profile/05489129321364163350noreply@blogger.comtag:blogger.com,1999:blog-3172294002149167462.post-66996327199122977142010-06-21T08:01:00.000-07:002010-06-21T08:01:50.193-07:00MORTGAGE ASSIGNMENTS AS EVIDENCE OF FRAUD, by Lynn Szymoniak, ESQ.MORTGAGE ASSIGNMENTS AS EVIDENCE OF FRAUD, by Lynn Szymoniak, ESQ.TammyBhttp://www.blogger.com/profile/05489129321364163350noreply@blogger.comtag:blogger.com,1999:blog-3172294002149167462.post-39289638299886436082010-06-20T08:34:00.000-07:002010-06-20T08:34:48.552-07:00Recruiting: Freedom FightersEvery morning, I make my daily rounds to my normal places, Saxonwatch, shamethebanks.org, pissed consumer.com. And every morning I read the frustration, anger and despair coming from the American people. The echo is slowly becoming a low rumble. "They can't do this. How can they do this to people?" More and more people are being sucked into the black hole of foreclosure and bankruptcyTammyBhttp://www.blogger.com/profile/05489129321364163350noreply@blogger.comtag:blogger.com,1999:blog-3172294002149167462.post-70659819398430592582010-06-16T09:56:00.000-07:002010-06-18T16:34:12.465-07:00So, what is it? Fraud or PracticeSaxon Mortgage essentially is a 'front company' for the deceptive business practices that take place behind the scenes. They are nothing more than a collection agency for the 'investors' that have continued to play their dirty game of mortgage poker in some smoke filled back room. However, over time, people see through the lies and misrepresentations. They become angered and frustratedTammyBhttp://www.blogger.com/profile/05489129321364163350noreply@blogger.comtag:blogger.com,1999:blog-3172294002149167462.post-71179441615966376642010-06-01T07:25:00.000-07:002010-06-01T07:46:47.652-07:00HAMP Numbers are Unacceptable.Based on the resent April 2010 performance report:
Eligible Delinquent loans: 3,275,249 | Trials Extended: 1,487,594 | Modified: 299,092 | Canceled: 277,640
Of the overall eligible delinquent loans, only 9% have successfully been modified and 8% were canceled. I could go into all the other stuff like how many were extended a trial period and how many were generated in March but for what. TammyBhttp://www.blogger.com/profile/05489129321364163350noreply@blogger.comtag:blogger.com,1999:blog-3172294002149167462.post-794367450912793142010-05-17T11:56:00.000-07:002010-05-19T09:53:28.649-07:00Erroneous Paperwork May Indicate a Bigger SecretMany people suffering from mortgage nightmares haven't a clue what to look for when it comes to trying to uncover the dirty little secrets in their paperwork. One good way to start is to request the papers.
First start with all the legal papers associated with your present situation. Your original mortgage documents, the deed or note, copies of any assignments of mortgage (youTammyBhttp://www.blogger.com/profile/05489129321364163350noreply@blogger.comtag:blogger.com,1999:blog-3172294002149167462.post-90631611599045210342010-05-13T08:37:00.000-07:002010-05-19T09:54:02.296-07:00Saxon needs to rethink their company values"Our goal is to provide valued services with Care, Responsibility and Attention to detail to ensure a unique and positive experience with Saxon.
At Saxon, we pledge to deliver courteous and knowledgeable responses to all customer inquiries. You can make a payment online or view your account history by logging in. Refer to our Frequently Asked Questions (FAQs) or Glossary for general TammyBhttp://www.blogger.com/profile/05489129321364163350noreply@blogger.comtag:blogger.com,1999:blog-3172294002149167462.post-25217561329070940472010-05-12T08:08:00.000-07:002010-05-19T09:54:29.496-07:00Morgan Stanley Investigation: Feds Looking Into Firm’s Mortgage DealsMay 12, 2010 by
Stephen Bernard, Huffington Post
Morgan Stanley shares dropped in premarket trading Wednesday following a report that the investment bank is facing an investigation into mortgage derivative deals.
Federal prosecutors are investigating whether Morgan Stanley misled investors about its role in a pair of $200 million derivatives whose performance was tied to mortgage-backed TammyBhttp://www.blogger.com/profile/05489129321364163350noreply@blogger.comtag:blogger.com,1999:blog-3172294002149167462.post-49794186763771289262010-05-06T09:09:00.000-07:002010-05-19T09:54:48.115-07:00Reading for every borrower who applied for HAMPEvery borrower should take some time to read the 'Supplemental Directives' that govern the HAMP program. When you are going through such a situation it is beneficial for you to know and understand the guidelines associated with the program. I printed copies and they were all inked up with notes and bright highlighted areas. Learn what they are supposed to be doing so that you canTammyBhttp://www.blogger.com/profile/05489129321364163350noreply@blogger.comtag:blogger.com,1999:blog-3172294002149167462.post-11246355525600276632010-05-02T19:04:00.000-07:002010-05-19T09:57:15.273-07:00Oh, how times have changed... Gone are the days when businesses were concerned about how their customers felt about them. I remember hearing stories about how it was back when my parents were young. People felt a sense of loyalty to the places they shopped, the owners and their families. You were known by name and they actually asked you how the family was. When did big TammyBhttp://www.blogger.com/profile/05489129321364163350noreply@blogger.comtag:blogger.com,1999:blog-3172294002149167462.post-84496349306613494272010-05-02T07:25:00.001-07:002010-05-02T07:25:50.148-07:00Take the Saxon Exprience SurveyWe are asking Saxon consumers to complete our online survey. This survey is designed to help us identify how Saxon customers are being treated, if they believe they are victims of fraud and answer general questions associated with your loan. Please take the time to contribute your experiences to our cause. With your help, we'll prove Saxon Mortgage Services doesn't live up to TammyBhttp://www.blogger.com/profile/05489129321364163350noreply@blogger.comtag:blogger.com,1999:blog-3172294002149167462.post-35079402069002828422010-05-02T07:13:00.000-07:002010-05-19T09:59:10.312-07:00Am I really part of HAMP?
I recently had a wonderfully long conversation with one of Saxon's customers. She was told she had qualified for the Homeowners Affordable Modification Program (HAMP).
She was told to submit a vast amount of verifying documents and how much her payments would be. She did like many others, submitted the paperwork over and over again, made all her payments on TammyBhttp://www.blogger.com/profile/05489129321364163350noreply@blogger.comtag:blogger.com,1999:blog-3172294002149167462.post-91373899010501475712010-04-30T07:44:00.000-07:002010-05-19T10:00:20.325-07:00Servicing Companies stand to gain more by controlling the outcomeIn addition to putting borrowers into default at will, they make vast untold sums of money before the property is foreclosed.
And once they target you, they cannot be stopped. That unlocks a wealth of money-making opportunities. The real money, as many servicing companies are discovering, is in the very lucrative business of targeting the most vulnerable borrowers and squeezing every last penny TammyBhttp://www.blogger.com/profile/05489129321364163350noreply@blogger.comtag:blogger.com,1999:blog-3172294002149167462.post-24740013689830596222010-04-20T11:01:00.000-07:002010-05-19T10:00:47.941-07:00White collar Crimes and Mortgage FraudFRAUD —the art of deliberate deception for unlawful gain.
From foreclosure frauds to subprime shenanigans, mortgage fraud is a growing crime threat that is hurting homeowners, businesses, and the national economy.
Mortgage fraud schemes employ some type of "material misstatement, misrepresentation, or omission relating to the property or potential mortgage relied on by an underwriter or TammyBhttp://www.blogger.com/profile/05489129321364163350noreply@blogger.comtag:blogger.com,1999:blog-3172294002149167462.post-25675220528043157342010-04-19T09:00:00.000-07:002010-04-19T09:01:05.706-07:00Fair Treatment is the Law...The Federal Trade Commission states that borrowers have the right to be treated fairly. Mortgage servicers may not:
count your on-time payments as late and then assess illegal late penalties
Neglect to make on-time payments of taxes and insurance from escrow accounts
Force borrowers to buy a second hazard insurance policy at inflated premium costs if the borrowers have valid insurance TammyBhttp://www.blogger.com/profile/05489129321364163350noreply@blogger.comtag:blogger.com,1999:blog-3172294002149167462.post-78225249567406788282010-03-08T21:30:00.000-08:002010-04-14T12:20:45.660-07:00How do you fight Saxon Mortgage?How does one fight a company that was identified as 'too big to fail' yet is operated by incompetent, under trained, $8.00/hr customer service associates who simply read the screen? The only answer I can give to you is to educate yourself and use your legal rights to prove you will not be bullied into accepting what they believe is your fate. Whatever life changing event led you to TammyBhttp://www.blogger.com/profile/05489129321364163350noreply@blogger.comtag:blogger.com,1999:blog-3172294002149167462.post-50077749829209410202010-03-05T10:12:00.000-08:002010-03-05T10:12:57.201-08:00If your Mortgage is NOT 30 year fixed rate, have it Audited.I've been doing a lot of research into Mortgage loan audits. One thing I've found is there are a large amount of loans that contain errors which could play in your favor. If you bought or refinanced your home sometime between 1997 and 2006, it is advisable to have a mortgage audit done on your loan. This time span was when most companies were pumping out loans at a high rate of speed. TammyBhttp://www.blogger.com/profile/05489129321364163350noreply@blogger.comtag:blogger.com,1999:blog-3172294002149167462.post-13278616508113360352010-03-01T11:43:00.000-08:002010-04-14T12:09:13.742-07:00Mortgage Audit. Is it worth the money?For those who aren't sure what a loan audit is, allow me to explain. It is a complete review of your mortgage loan documents to determine if the homeowner was victimized by unfair, deceptive and predatory lending practices. An audit looks for violations of all relevant consumer protection statutes. A good audit should look for fraud, misrepresentation, unfair and deceptive acts, TammyBhttp://www.blogger.com/profile/05489129321364163350noreply@blogger.comtag:blogger.com,1999:blog-3172294002149167462.post-26047968220592086432010-02-18T10:53:00.000-08:002010-02-18T11:33:20.180-08:00Would you walk away from your house?The nightmare may still stretch on even after you lose your home. Some people think that when they lose their home to foreclosure, short sale or deed-in-lieu, they can just move on. That may not be the case. The promissory note is your promise to pay the loan. Your home is the collateral for the note. Mortgage companies may release you from the collateral but your promissory noteTammyBhttp://www.blogger.com/profile/05489129321364163350noreply@blogger.comtag:blogger.com,1999:blog-3172294002149167462.post-67030870285170621142010-02-15T08:51:00.000-08:002010-02-22T07:54:59.301-08:00Advice to others trying to get things doneI was recently asked what advice I'd give to others going through the loan modification process. My answer to that is simple... Document everything. All conversations, all phone calls, all faxes - everything!
When and if you qualify for a loan modification, you'll need to send documents to verify your qualifications. Given Saxon has a tendency to shred or misplace vital documents, TammyBhttp://www.blogger.com/profile/05489129321364163350noreply@blogger.comtag:blogger.com,1999:blog-3172294002149167462.post-37165310105839099062010-02-14T10:12:00.000-08:002010-02-22T07:56:05.853-08:00The Beckers: Getting informed and getting helpThe Beckers: Getting informed and getting helpTammyBhttp://www.blogger.com/profile/05489129321364163350noreply@blogger.comtag:blogger.com,1999:blog-3172294002149167462.post-58824885858050090192010-02-13T15:24:00.000-08:002010-02-22T07:58:28.766-08:00Saxon Mortgage Makes 2,497 Permanent Home Loan Modifications As Of December 2009. But where are the numbers?In December 2009, it appeared Saxon was on the move. They went from 42 completed modifications to 2,497. But in our case, the question still remains.... Where are the numbers?
We bought our home in 2005 for $85,500. We are one of the very few who have been able to complete a modification with Saxon. It was not an easy process. We signed our modification papers in December. We TammyBhttp://www.blogger.com/profile/05489129321364163350noreply@blogger.comtag:blogger.com,1999:blog-3172294002149167462.post-51821289369587784682010-02-09T09:48:00.000-08:002010-02-22T07:59:13.894-08:00All in Due Time....When other mortgage companies and banks were bracing for the impending 'pop' of the housing bubble, Saxon was acquiring servicing rights from other dysfunctional mortgage institutions such as NovaStar and New Century. Higher numbers of subprime mortgages meant a higher rating. This put them in a position to appear 'better' than some of the other banks.
I took the time to write to the COP with TammyBhttp://www.blogger.com/profile/05489129321364163350noreply@blogger.comtag:blogger.com,1999:blog-3172294002149167462.post-49999575316896543202010-02-09T07:29:00.000-08:002010-02-22T08:00:01.415-08:00Too Big to Fail Whom?I, personally don't believe the government and the politicians grasp what many Americans are going through in this troubled economic time. People are walking away from their mortgages at a staggering rate, foreclosures continue to rise and roughly 10% of homeowners will end up underwater. That doesn't sound that bad.
Now take some time to read the stories behind those statements. The TammyBhttp://www.blogger.com/profile/05489129321364163350noreply@blogger.com