September 15 my husband had survived having a liver transplant. We knew our family was blessed. Once my husband's health was stable we started looking for a new home. Our mortgage lender had been there by helping us draw some of the equity out of our home.in our time of need we trusted him and his company. We started looking for our new home. We found it.
Days before closing we were told we could use my husbands income but that it would not be necessary to have his name on the loan or any of the closing papers. At closing we agreed that the seller would pay the taxes on the property and we guaranteed that as soon as my husband gained employement this lender would make sure we got out of this 80/20 interst only ARM. Guaranteed.
18 months later we started receiving letters from Saxon stating that we had not paid our property taxes. I told them they were mistaken and that the taxes had been paid by the seller at closing. Oct. 31 I went to pay via the Western Union our 2492.00 mortgage payment and was being told it was being rejected on Saxon's end and for me to call Saxon.
I called and was told that Saxon was scheduleing for the next day Nov. 1 for the loan to go to the foreclosure department. I immeadiately was defensive and asked the Customer Service Rep." How can you foreclose on us when we have never missed a payment?" She in return stated" Miss you havent made a payment since July 07. I commented there must be a mistake, I have proof we have never missed a payment, I have all my receipts.
Next she started with back in July they escrowed our account and that we now had a new payment of 2900 on the 80% loan and still 603.00 on the 20% loan.in addition she told me that we were considered in default because for 3 months they took our 2492. Paid our taxes and now were referring our loan for foreclosure. WOWW!!! Now they wanted with late fees over 10,000.00. No exceptions!!! 10,000.00
The customer service rep told me that if we could not afford the 2492 and were late all the time paying it. We should have never bought the property in the first place. She said to me that she lives in an apartment that she can afford and that's the choice we should have made." I was furious and said many things including that we would file bankruptcy before we would loose our home.
She then referred me to the Loss Mitigation Department. They told me that they could only set us up on some ridiculously high repayment plan for 6 months that was even more unobtainable and unreachable than coming up with 10K all at once. 3500.00 per month for 6 months with them continueing to report us late and adding huge late fees to both accounts.
We went to our local HUD agency in hopes of preventing foreclosure. Saxon has not cooperated with them. They have been aloof about the release of information to HUD and still demanding extremely high payments from us with this 6 month repayment schedule. We are facing loosing our home to this date January 30. We recently sent Saxon 4,000.00 in homes to stop the phone calls. They still are saying we owe over 10,000.00. We still own our 1st home and have been told by many entities to allow it to go into foreclosure in an effort to save the home we live in.
Back in July I begged Saxon to help us through one of their programs. We wanted a fixed 30 year loan even if the rate was 12 or 13 %. They refused. As is stands now we have an ARM that is due to balloon on April 20.2008 with rates of 9% on the 80 % loan with them and 13% on the 20% loan with Saxon. 21% on a 2 year ARM thats the defination of PREDITATOR
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