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JC, no location disclosed, said: “I was an Amtrust mortgage customer. My loan was recently taken over by Saxon Mortgage in March. I have NEVER been late on my mortgage payment even when my husband and I were both unemployed. Last night I received a call from a Saxon representative telling me that my April payment had not been received.
Deutsche Bank is the investor for many of Saxon Mortgage’s loans. It has been said that Deutsche Bank does not allow modifications. With that in mind, here is an article about Deutsche Bank and subprime profits:
Morgan Stanley, parent company of Saxon Mortgage, said Wednesday its first-quarter profit surged to $1.41 billion on strong results from its trading operations. The investment bank easily topped analysts’ expectations.
ST in Wisconsin said: “Saxon bought my mortgage loan in 2007. Since that date they have refused to take payments and continued to schedule sheriffs sales every six months and cancelled them at the last moment every time. They told my wife and I six times we qualified for their modification program and then never followed up on it.
Today I discovered what many people probably suspected. Saxon Mortgage did not foreclose in the middle of winter because homes would freeze and become damaged. Instead, Saxon Mortgage promised HAMP modifications that never happened, and foreclosed or threatened foreclosure when the weather moderated.