Replies to This Discussion

Permalink Reply by Kent Dills on May 27, 2010 at 9:12am

Keji, no help here but some sharing of the misery.

My only short sale with Saxon was a nightmare. Worse even than B of A.

Had a good offer that was going to net the bank about 85-90% of FMV; but, they accidently foreclosed on the home.

I told the folks in Loss Mit. that it was on the list and they assured me they'd postpone to let us complete the short sale but the didn't. The home was taken back (no buyers) at auction and turned over to an REO almost immediately. That's how I found out Saxon didn't postpone.

I tried working with Loss. Mit and then REO departments to get the foreclosure rescinded (as they took it back it would have just been a paperwork drill) but they stopped returning emails and calls after a day or two.

The REO agent listed for what I had it listed for at the end and sold it in about a month for probably the same amount as my offer was for. So, my sellers got a foreclosure on their credit record and I was out a commission. Sucked.

Hope you have better luck with Saxon than I did. I purposely avoid them now!

Permalink Reply by Stephanie Lim on June 4, 2010 at 11:40pm

I submitted one in mid-December. Didn't get approval until 4/15. Complete package in from the beginning, no holes. We were given different negotiator names at different times when we would call. Turns out our negotiator had been on vacation and had someone else "handling" her stuff while she was gone. He did nothing. I got read receipts on e-mails but never a response. Messages sent through customer service...never a response. Around 4 months into it, our negotiator told our seller that she didn't have anything she needed so the file had been closed for months (NOT TRUE she had just never opened the file.) Despite daily calls to customer service, the negotiator called the seller and gave HER, not us, the required HUD changes for her to submit. We got our approval, then they came back a week later with a demand from a PMI company seller didn't even know existed. It was not a PMI loan, but they had put 20% down. Our approval letter from Saxon has no mention of the PMI company whatsoever and showed required cash contribution as zero. Now we have a second letter from the PMI company demanding a cash payment (which we negotiated down from their "non-negotiable" amount).

We lost our buyer and they let us substitute an identical contract this week. Got the extension with buyer name change 4 days after we asked. However, before they would issue the letter the HUD had to match to the penny despite the granted extension resulting in a higher tax proration to the seller because of the two month difference in closing dates(she had already made me go back and prorate it exact to the closing date of the first approval before we could get the approval so there was nothing extra there at that point like there normally would be to help shield us from having that problem.) She sent it back and told me to resubmit it because it resulted in a $101 lower net to them because of taxes...The funny part...the negotiator, after going back and forth all day long (with me trying to explain the HUD to her), made me move the real estate taxes and second lien payoff to the second page from their designated places on the first page of the HUD. Refused to issue approval without it. So the prelim HUD is wrong and I expect this issue to come up again when they have to review the final HUD and the attorney's office switches these numbers back to the right place (she insisted they had to be part of the closing cost number on second page of HUD). When I finally got the letter, it had the old buyers names on it and a different date than she had told me to calculate the HUD through. Took her a few tries to get the right buyer name on it and actually fax it to me correctly.

Bottom line...they are extremely slow, disorganized and seem to have no oversight. Very sloppy (approval letter w/ no mention of PMI cash contribution required, etc.). And their negotiators do not seem to understand the HUD-1 (demanding real estate tax prorations MUST show up on second page along with 2nd lienholder payoff). But you CAN get an approval if the contract numbers are right and you hang in there and keep buyer on board.

Very frustrating to work! Good luck and let us know how it progresses for you.

Permalink Reply by Jeff Payne on June 5, 2010 at 2:58am

Michael Kim

Home Preservation Manager

Saxon Mortgage Services, Inc.


4708 Mercantile Drive

Fort Worth, TX 76137

Phone: 817-852-2430

Fax: 817-852-2821

Email: [email protected]

Anthony L. Powell

Supervisor 30-89, Special Servicing

SAXON

3701 Regent Blvd. Ste 200

Irving, TX 75063

phone: 972-570-6355

ext: 216355

fax: 972-570-9239

[email protected]


Rodeman, Scott SFW

Permalink Reply by ed kane on August 25, 2010 at 12:33pm

We submitted to saxon a full price offer in april with a fully qualified buyer.
Had nothing but delays with them through the closing date of August 6th. the Chase the buyers lender dropped the ball. Now for over a month we have been waiting for MR stanton the negotiator to give us a new closing date. we have tried every name number abd email we can find. Saxon is so out of this that it i snot funny. they hAVE NO MANAGMENT THE HAVE NO STRUCTURE AND THEY HAVE NO CLUE. tHIS IS SO DISGUSTING, DOES ANYONE know of anything else we can try? we need to close this soon the bueyr is getting married and would like a house before they get married