Saturday, February 13, 2010

Saxon 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 now owe Saxon Mortgage Services $97,000 and change.  But where are the numbers?  At no point during the process did they show a breakdown of the extra amount.  How do I know the late fees were actually waived?  They are supposed to be but without a breakdown, who knows.
We were given 30 days to review the papers and accept.  By the 7th of December, they were calling to ask if we had returned the signed documents.  They even offered us a $50.00 gift card if we return them before December 14th.  Whooopie!  This kind gesture sent up red flags for me. Why are you rushing me to return the papers?  I felt the need to have our Neighborhood Housing Services center review the contract before we agreed.  But did I have a choice, really?  Our home was scheduled to be sold later that month. If we didn't agree, we would have lost it all.
After getting the O.K. from our NHS agent, we signed and notarized the papers. Come January 30 we still hadn't received the final copies.  A call to the customer service department provided no help what so ever.  I was asked if I had made copies.  "Yes, but a legal binding contract requires all parties sign and notarize the contract.  I need a copy of the final paperwork."  I was told they don't send them. WHAT? In my eyes this modification was not final until I received a copy of the documents with their signature.  You wouldn't drive off a car lot without paperwork that proves you own the car.  Without the final documents, is my nightmare really over?
After much determination I was able to get a .pdf copy of our modification documents but to date, we have not received the official copy.  We are now underwater more than $35,000.  Just make sure what you're fighting for is worth the end result.