Our mortgage loan was sold to Saxon Mortgage and for the live of me I cannot understand why companies of this nature can be allowed to prey on their consumers.
We were late on one payment, and the next month's payment was not due yet. They refused to accept our past due payment—they wanted both payments and told us they would send it back to us if we tried to send in one whole payment! They are of course making interest on our principal all the while they are not accepting our payment!
My husband lost his job and we were desperately trying to keep our home. They said they would work with us to solve our 2 months past due (after not taking the payment referred to in the previous paragraph). However, they would only work with us one way—make one full payment immediately and add one-third of each payment on to a regular payment for the next 3 months. If we couldn't do that, they then told me to wait until we were past due a third payment and "maybe" the default mgmt. People and their attorney would allow us to make another kind of arrangement!!! Yeah-right!
They are predatory and I can think of no other word to describe their philosophy and business practices—pirana.
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