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Permalink Reply by Debra J rickert on February 18, 2010 at 2:33am

Debra J rickert said:

Jeanne Kozak said:

I have had one deal with Saxon and it was the fastest short sale I have ever done, listed-contract-closed in less than 60 days. The agent that wrote the offer had never done a short sale and I gave her all the horror stories to prepare her. She prepared her buyer and we were set to wait...and wait. We were contacted within a week of submitting the offer. The only thing that I was a little troubled by was that once we got the offer, Saxon then tried to do a loan modification with the seller, even though previosly the seller had tried and was only given a temporary modification. Saxon tried to get them to stop the short sale and modify, which was not in the sellers best interest due to their circumstances. We would have lost the buyer. Saxon was not prepared to reduce the principal balance, which is the only thing that would have made sense as it was substantial, maybe $100,000+. Once I talked with the seller and we looked at all their options, they chose to continue with the short sale. This seller was in this position because of the decline in market values, not over extending themselves. If Saxon had reduced their principal balance they could have stayed in their home. Have you ever thought of this...if the lender can short sale a property to a new buyer, in this case $225,000 price...why can they not modify the present owner...aren't the results the same? A loan of $225,000, an owner whose credit is not ruined, cost savings of the whole short sale/foreclosure process, a sale of another home to the new buyer, and most importantly appraisals not such a huge issue by these artifically low because of the short sales. Can you imagine how the market would improve without short sales? Well anyway, once the seller turned down the offer to modify, it went very quickly. I have also found that it may not be the servicer(Saxon) but the investor or the PMI company that take a long time. I would be happy to share our contact at Saxon that we had if you want to contact me.

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Permalink Reply by Debra J rickert on February 18, 2010 at 2:35am

Please contact me I need help wwith a short sale, it is awful and stalled so much heartache.

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Permalink Reply by Meli Van Natta on April 15, 2010 at 12:36pm

I did a Short Sale with Saxon that was quick and easy. Then the buyer got in a car accident and died. I sold the house again and it's been a nightmare all the way! Seven months later, we had an approval, missed the closing date by ONE DAY and cannot seem to get an extension! Worst problem with this company is the inability to get someone to respond.

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