Successful Loan Modification With Saxon

How does Saxon Loan Modification Work?

Getting a Saxon Loan Modification can save your house from foreclosure.A short sale is when the lender bank purchases the home for less than what is still owed on the loan.

Saxon has created some great loan modification plans that can keep the homeowner from losing their most prized possession – your home. Negotiation is the backbone to restructuring the loan and its payment plan. Consideration is given to what the homeowner/borrower can afford and what time frame he is able to do it in.

Saxon is difficult, so be prepared, log every conversation that you have with them and get names and as many numbers as you can. Be prepared for forbearance as an alternative to modification, if you can get both….GREAT. However being that many months down is more a forbearance situation at first and then the mod rolls in after thearrearage is paid.

Sample  Saxon Loan Modification success

Finally, 3 months after requesting a Loan Workout package, we received our SAXON LOAN MODIFICATION paperwork via Fedex. I have seen many angry threads about Saxon, so I thought I would include this good news. It took countless calls and faxing the workout package over 6 times to finally get a response. We indicated on the workout income/debt page that we were upside down every month. By the way, no on ever called us, the Modification paperwork just showed up at our door. Our rate went adjustable to 10.625% and we continued to pay on time. We were offered a 5 year fixed with our original rate of 6.25%. We had the documents notarized and included the $556.00 fee.

We returned all our Saxon Loan Modification paperwork, notarized with the $556 fee. Not one modification has been made to our note, payment coupon or online account summary. 46 days after signing/notarizing/paying the fees, our loan modification is finally reflected with SAXON mortgage (both online and mortgage statement). HOWEVER, over the modification period where our payments and fees were held in a suspense account, late payments were reported to the credit agencies. We were not late, but Saxon took forever to update their computers so they reported us late. Again, they have said the late items will be removed, but just know that there are about 4 departments and countless personnel that handle this modification and none of them know what the other is doing.

Tips for Saxon Loan Modification

To use the modified Saxony loan program is necessary to discuss with a representative of the financial institution. They are the borrowers, a form with certain personal and financial information completely, then assess your suitability for the process of change in loans. In this case, as a rule it is necessary that the person should last three payments problems, which appear to have been long overdue.

Saxon loan modification help-desk is a well-trained office, which seems to halt sensitive crises successfully turn challenges. Sympathetic with borrowers and very skillful in negotiating with lenders. Employees have large eyes of the barriers to real estate and provide the borrower completely. Yes, we charge the contribution but this is very low.

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