Saxon Mortgage Loan Modification

[Joel Fraser]

Hi We are in the process of getting a loan modificaton with Saxon Mortgage. I have been viewing some horror stories here on the forum and I see it may not be promising. We have been with Saxon since February 2007 our loan was sold to them from CIT. We have an arm that resets February 09. We tried to refinance but of course no luck :( Well to make a long story short, my husband is a truck driver (independant contractor) and since diesel has be so high, the guy who owns the truck that my husband drives is not making money like he use to, causing our pockets to be hurting. So I kept emailing and calling Saxon and finally, May 28, they wrote us stating they would help. So they asked us to fax in the financial packet. This took about a month of back and forth because of course they never recieved it. Finally they got the thing. So, I have called them everyday and harrassed them. To my surprise, they called me on Tuesday stating that they have assigned us to a negotiator. And we should here from her within 48-72 hours. So we are playing the wait game. We have been past 30days late a couple of times, but have always managed to come up with the money at the last minute. This is the most frustrating thing to deal with. They advised us not to make July's payment. Is this a good idea? They stated that we need to save it for a downpayment. Our interest is 8.99 and we have a second mortgage with CitiMortgage that is at 13.6% fixed. :eek::eek::eek:. I declare this diesel thing is hurting us big time. I just pray to God they these people will give us a mod. If they dont what advise do you all have? I contacted NACA and they told me that they could try to negotiate a mod with us, but I dont know........