Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
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We are walking away from a mortgage with Saxon, the devil's spawn.  We were in a contract-for-deed for 4 years on this house before we were able to get a "normal" mortgage, as well as another devil's spawn.  That was with Novastar, another sub-prime lender.  We no more got current with (we got behind because of my health and a job loss) than Novastar sold our mortgage to Saxon.
My husband spent 21 years in the Army and receives a pension.  It's not enough to live on.  I'm disabled and I collect SSDI.  It's not enough to live on.  So my husband works as a customer service rep.  We are in our mid-50s.
We were paying $1100/month with the contract-for-deed.  When we went to Novastar, the payments went to $1400, then $1500, then $1600.  We got behind.  We set up a repayment thing in which we were paying over $2200/month.  Yes, all the mortgages were ARMs. 
We love this house and we love our neighborhood.  But we just can't pay that much money.  We signed  papers today for a rental.  We're trying to be positive and look at it as down-sizing.  We take possession on April 9th.  As we turned down our street today on the way home from signing papers, it really hurt.
Our realtor with the new house called Saxon about a short sale and they refuse to talk to her.  She's done some research and has seen what Saxon is like.  She says that we can expect foreclosure (the short sale was designed to avoid that), which will stay on our credit record for 12 years!  We can expect Saxon to sell the house for whatever they want and then come after us for the balance, 10's of thousands of dollars.  If that does happen, we will have no choice but to file bankruptcy.

Does anyone have any different information on the spawn-from-hell?

It's a hard lesson to learn at our ages.

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It is hard to fight a fight is not with Saxon.... but it is still a daily fight.... and I am ready to join you....   Not sure how to fight the big dogs, when it never ever stops

I wish you luck... in your new life!!!!
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Hi Sue,
 Your story that was shown on another website is what compelled me to come here.

I have also posted how a short sale can work, I am willing to assist you (NO CHARGE) in working a short sale, Yes there is a way to do it and Yes my company is pretty good at getting them to accept the short sales.

You or your Realtor can contact me at my email address and I am willing to assist you.

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Too many unknowns but your credit history can only be seven years, not 12. They may not talk to your agent but they may talk to you and because of your income situation they might figure out coming after you for a deficiency judgment is a waste of time. Ask them about a deed-in-lieu of foreclosure depending on your equity situation.

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This is all too familiar.

I'd guess the hard part was to make the decision to walk away.

I definitely understand needing to get out of this mess.

Once they get you into this scam it is nearly impossible to get out before
they every last dime you have and then foreclose.  Flushing that kind of  money down the drain is just a hideous experience.

I would suggest that you consider getting yourself an attorney to look
over your paperwork to see if you have a cause of action to file suit against them after you leave your house.

As borrowers, we seem to do better when we file the case than when
defending foreclosure.

You might want to read the United States of America v Fairbanks Capital

Web Results

I am quite sure you will see yourself having the same problems as Fairbanks
borrowers that were marked for excessive fee assessment which is most disgusting as fees were assessed without cause.  The result, the borrower is fleeced.

You may have trouble trying to explain what happened to you and experience further distress when nobody believes that this could happen in the United
States.  They will assume you are lying and that you bought too much house
and everything that ensued was your fault.

This should help you understand what happened to you and the sad fact
is after this settlement that the scam is still perpetrated with no end in sight.

Please try to understand that you were scammed and so have hundreds of thousands of others.

Be careful.  There are many scams against borrowers by people who say they
want to help.  Scamming borrowers facing foreclosure was in the top 10
scams reported by AOL-money article.  Credible??  Probably.

Good luck to you and if you want to ask questions, please do.


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Please don't feel alone.  We are in our mid 50's too and walked away from the house we loved in November.  It was the best thing we ever did.  I was stressed to the max and having panic attacks.   It got to the point where I hated to go home after work.   They had foreclosed and there was nothing we could do.  We left months ago, well before the sheriff's sale.  We couldn't enjoy our home anymore...

It feels like your world is crumbling, but hold your head up.  You did nothing wrong.  They stole your house.  Not your home.  Or your pride....

These people don't care.  They "cook the books" and misapply payments and charge late fees and whatever else they can come up with.  Our home was sold last week, back to the bank of course, for $82,000.  It was appraised at 123,000.  Now they will get a realtor who specializes in BPO'S to list it for pretty close to the appraised value.  Or at least close to what we owed.   They'll be fine...

And you'll be fine too.  My health has improved and renting is totally stress free.   I hate the fact that these a**holes disrupted my life, but until I can find an attorney who "gets it" I will continue to live my life as stress free as possible and hope they all fry in hell.

Feel free to e-mail me if you need to talk...

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