Payoff of Mortgage Loan / Saxon Mortgage Services

Payoff of Mortgage Loan / Saxon Mortgage Services

March 29, 2006

Saxon Mortgage Services, Ft Worth TX I am suppose to close on my home today, March 29, 2006. Everything is ready but my payoff. My buyer called me today to verify my payoff from Saxon Mortgage. It is incorrect. According to the payoff provided, my payoff is larger than what I financed it for more than three years ago. I understand the loan balance isn't going to very low because the short amount of time I had the loan. I called Saxon to inquire about this. At first they quoted me the same as the buyer, then I asked how that was possible. After a few minutes on hold the person got back on line and said she would have someone research it. I informed her I was to be closing on the loan today and need the correct payoff so that the funds could be disbursed. She stated that she couldn't quote me on a time frame of when this would be corrected but thought that maybe it would be done sometime tomorrow. My frustration with this company is high. This isn't the first problem I had with them. Over this past summer, I made a payment that didn't reach them. They called about 10 days later to inform that they didn't receive my payment. I then called the bank and stop pay on the first check and issued a check in its place. Of course I had to pay the stop pay fee and now the late charge on the loan. Which I understand, stuff like this happens. I did this in a timely manner. I sent the second check beginning of the third week of June. The payment is due on the first. My issue is that the payment didn't post to the loan till July 1. After looking at my records of when my check cleared my account, I don't see how it is possible. According to the check, the payment should have been posted in June. The problem now is that the loan shows 30 days past due and leaves a mark on my credit report. So I called Saxon to get explanation. I told the lady the situation. In the conversation she gave me three different dates of when the payment was posted. I argued my point and she claims that they don't process checks anyone and didn't for years, they process everything ACH. I had the actually check in my hand. So I had to fax proof of the check and she would research it. To this day, nothing has been resolved. I wouldn't recommend this company to my worse enemy. The two times I had to deal with them, they have been rude, unfriendly, and not willing to help at all. I don't know if this makes a difference but I feel like I need to do something. If this prevents someone from going through the frustration I had to, I will feel much better.

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