Newest Loan Modification Scam Alert

Homebuyers and sellers just must be made aware of these scams.  It seems that a new program comes out and with it a new scam.

Most recently a homeowner under water on her home is seeking a class action lawsuit against Saxton Mortgage.  Sounds like it must be a small bank right?  No, it is a mortgage division of the gigantic company Morgan Stanley. 

The lawsuit claims that Saxton makes the Home Affordable Modification Program to lure customers into making “trial payments” on loans that it will not modify.

Saxton mortgage sent written agreement to modify the loan with three trial payments required, therefore proving she could pay the loan.  They then asked for an additional three payments and denied the loan.

Make sure when you are discussing your loan or finances with anyone that you speak to someone you trust.  If you need a referral please contact us at  the [email protected]