Homeowner Appreciation: Saxon Mortgage

Thank You Saxon for Making Home Affordable For The American Homeowner Through Loan Modification






As the current foreclosure and mortgage crisis persists so to does government, public, and private efforts to create outlets for Homeowners to seek mortgage assistance. Despite the Billions upon billions of dollars set aside to aid these efforts, and the substantial efforts of public and private officials and persons to create such programs, resources, and outlets like the Hope For Homeowners Program, Obama’s Making Home Affordable Plan, the Hope Now Alliance, LoanSafe.Org, ForeclosureHelpandHope.Org, HomeownerDebtHelp.com, and countless other online debt help resources and local community organizations and functions that all aid the efforts of the American homeowner in the fight to keep their home, despite these efforts only 9% of Homeowners who qualify for mortgage assistance have received mortgage assistance under these programs.

Many have pointed the finger at Mortgage service providers and banks such as BoA , Wachovia (now Wells Fargo), Wells Fargo, PNC, and American Home Mortgage Servicing just to name a few of the 38 mortgage companies who participate in the Obama loan modification program known as the Making Home Affordable Program. Critics claim that efforts from the mortgage industry are inadequate at best, very few eligible Homeowners who qualify for newest mortgage assistance program created by President Obama actually get the opportunity to obtain a loan modification. Though in all fairness it should be mentioned that the program is relatively new, the majority of these mortgage institutions are claiming to raise their level of participation, many of these organizations seem to be following through such as Wells Fargo who also has modified 220,000 mortgages outside of the Make Home Affordable Loan Modification Program. There are other bright spots giving way to positive hopes for the future effectiveness of mortgage assistance efforts.

One that we feel should get some real attention is the wonderful and hard working loss mitigation efforts of Saxon Mortgage who has modified mortgages of qualifying homeowners at a rate just shy of 3 times that of the overall average, this stat is even more impressive when you consider that the average rate may very well be inflated by Saxon’s rate. Many hope that other lenders will follow in Saxon’s footsteps and extend the same faith and acknowledgement of the importance and value of the American Homeowner and the American dream by stepping up to the plate and giving those in need another chance to keep their home.

Saxon Mortgage has done a great job by any available measure to their peers. The should be acknowledged and recognized for this. But as a final thought to ponder as Americans… Saxon Mortgage has modified 1 out of 4 eligible mortgages. This means that 25% of Homeowners in financial hardship with a Saxon mortgage who qualify for the Obama loan modification plan were able to obtain a lower monthly payment, stop foreclosure, and keep their home. This is by far better then the average which is 1 out of 11 or 12 and even more impressive to some of the other mortgage giants such as BofA who has a record of 1 out of 25 or Wachovia’s rate which is closer to about 1 out of 50 Homeowners.

These numbers will not work.


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