ANYONE WITH SHORT SALE EXPERIENCE WITH SAXON MORTGAGE

I have a question for the agents. I am interested in buying a property as a short sale. It is a neighbors home and I would like to own the property. I have put together the financial package required by Saxon and my lawyer handled the HUD-1 and real estate contract. I have authorization to call of the account and do so regularly. I believe I have a complete financial package and am awaiting assignment to a negotiator. My question is what would a real estate agent (experienced in short sales) do that I am not already doing? I really want this home and if hiring a real estate agent would facilitate the process I would do that. Thank you.

melissa (from Binghamton, NY)

Great Question! The agents value is not only for the Buyer or Seller in the negotiations and paperwork. In the eyes of the bank (Lender of Seller) the Realtor is there to give the home the most exposure to receive the highest and best offer. It might be worth the time to include a local Realtor if it is not already on the market, and this way you have that basis covered.....the bank does, and will ask, and they may delay the process if it is not on the market and turn your offer away. It could also appear your a family member and Banks do not like to Sell Short to the borrowers family members. 

Good Luck!

Michael Brenner

Keller Williams

Thanks Michael. The thing is this house has been on the market and the real estate agent could never get a short sale package together. The house has now been vacant for over 1 year and the mortgage 516 days past due. any advice?

melissa (binghamton- again)

Your message is not clear if a Realtor is still involved or not? ..... If the Realtor still has the listing let Saxon know a Realtor is involved. Then get the Realtor to explain to the Lender after of course you put them on an authorization to speak to the lender, and tell them you are the only offer in 516 days, Then Saxon will most likely accept your offer considering you are within range to their value. Make sure your Attorney puts the appropriate fee on the HUD for the agent so Saxon is aware of what their absolute net value will be.

Michael Brenner

I have 2 mortgages with Saxon that are option arms with negative amortization (one of the options). They accelerated my payment schedule without cause on both loans. Has this happened to anyone else? I am going to find an attorney to start a class action lawsuit if I am not the only one this has happened to. I have been making all my payments and they are still accepting them but they are trying to make me pay the fully amortized 30 year payment which only happens when my loan becomes 110% of the original amount or it is Dec. of 2009. Neither of these events have taken place yet.

I have spent lots of time talking to them on the phone but they are completely inept and non-resonsive.

I am currently trying to get them to modify my loans but have had no success.

I would love to hear any and all reponses.

stuart

jbdevo@aol.com

Just letting everyone know that there is a little bit of hope with this company. I purchased my house through a short sale with them. Guess I just got a little lucky but it took lots of phone calls to a contact inside of saxon. They even agreed to 4000 closing but then shorted the realtor commission. Took about 30 days to get an approval from them.

I am about to submit my first short sale offer to Saxon in a day or so.  After having read all the horrow stories others have gone through with them, could someone out there provide direct telephone and fax numbers or email address for document submission that actually go where the docs are supposed to go?  I am very experienced in negotiating and dealing with short sales, but I am not in the mood to start the run-around with them for months and then get paid hardly anything.  Any heads up is greatly appreciated.

Wow - I've read these posts and it is amazing...

I'm a homeowner who lost my job and was out of work for 6 months. I finally got a new job, but it required me to relocate. My wife is a teacher, and therefore lost her job when we relocated. She has not found anything yet -- there is a hiring freeze in the area where we moved.

I contacted a realtor who immediately suggested doing a short sale -- this was back in February and we were still current on our mortgage. We got nowhere because we were not behind on payments.

So, after moving in March, we made no more payments. We are two months behind and received a letter from SAXON three days ago showing us our options. One of which is, surprise, a short sale. I just called them and spoke to a nice rep who checked my account and asked if I wanted to do a short sale -- literally went right to the point! Obviously they must be gettng tons of these kinds of calls.

She transferred me to a short sale agent -- and I got voicemail for "Chad". I left a VM with loan number, phone number and name. Let's see what happens...

To avoid any misunderstanding, please be advised that Craig Hosay's office has NOT yet filed a class action suit, as indicated in a previous post.  The office is still reviewing data to assess the viability of any legal action, but suit has not been filed at this time.  Thank you.

I saw the end comming with my employer back at the beginning of the year and put my house up for sale in Feb.  I took a pay cut in March and found myself unable to make my payment for May.  We recieved an offer and submitted it to Saxon around the first of July.  Since then i have not had to resubmitt any documentation.  My buyer is in the game for now but like everything else it could change.  It is now the end of August and Saxon has not sent me a trustee sale date yet nor have they sent me any other kind of response.  Based on what I've been reading ANYTHING could happen right now.  This property is not my primary home and I really don't want to go into forclosure, but I just can afford the losses any more.  I'm not sure if I should forget about even attempting to continue with the short sale or not.  If they want to forclose rather than do anything else then I don't see how anyone can stop them.  Does anyone know of a better way to handle this?

Thanks for the feedback,

My realtor has been doing a pretty good job keeping up with them so far, but nither of us ever relized the situation until we both started asking around.  When we began the short sale I was able to speak directly to the negociator and they did get right to the point while I had them on the phone.  They did order the VBO and acknoledged recieving the short sale package without too much hassle.  In the snowballs chance in hell my income ever comes back up again; do you think it would be worth it to try and get a repayment plan with them?  (this is of course assuming they drag it out and wait for my buyer to disappear)

I have had a nightmare with Saxon since June 2009.  I was unemployed, had my condo on the market for over a year.  I decided to accept a job in Florida rather than being homeless and broke.  I let Saxon know my situation and finally got them to agree on Short Sale.  They have rejected 3 short sale offers and I am now facing foreclosure.  They have sold my mortgage to OCWEN and I just spent an hour on the phone with them explaining my situation.  They are going to send me Short Sale info now.  Now I have to start all over again.   But my broker's contract ends in December and they won't renew.  I live in Florida now - and my condo is in CT.  The first offers came this summer for the short sale and they are now lost.  My broker has been terrific and trying to keep up with them.  But as above - they do not return phone calls, do not know how to answer any questions.  They are clearly over their head in this at the homeowners expense.  I guess foreclosure will be the result and my life and credit will ruined and changed for ever.   At 58 I am starting all over again with no savings and no chance in making the income I was making before all this happened. 

I have Saxon as my mortgage company and looking for someone to help we do a short sale.  I have a friend of mine that is a investor that wants to buy my house.  I live in Lexington Ky and anyone could help me thank you.

Just received an answer 3/12/2010, from Saxon Mortgage on our short sale.  Submitted it to them in Oct 2009.  They want us to bring $4000. to  the table.  They are losing 10%, (about $20,000.) We are losing $60,000, which we put down on the house 10 years ago and then we have a 2nd mortgage that will lose 95% (about $61,000).  The whole process has been very stressful, mostly due to Saxon not being very professional, never returning phone calls, changing negotiators, not having information when my realtor calls, I could go on and on.  Is bringing money to the table from the sellers a normal practice with a short sale?

Bringing money to the table is not necessarily "normal practice" but it is done.  It usually depends how much the bank thinks they can get from you.  If you have sent them financial documents showing ANY money, they will want some of it.

Are you still dealing with this?

Did you give up?

The last post is from March 16......