Zero Penalties getting Mortgage company having Terrible Loan modification Backlog
Saxon Mortgage comes with the premier proportion out-of residents caught in modification limbo, but really was not subject to any authorities charges.
Series: Foreclosure Drama
The other day, the us government put out studies appearing that there is a large situation from the Saxon Home loan, a part of Morgan Stanley. Of the many home loan businesses engaging in the new administration’s home loan amendment system, Saxon comes with the largest ratio out of people caught within the modification limbo.
The application, that provides incentives to have mortgage organizations to change loans so you’re able to an enthusiastic affordable level, might have been littered with delays and you will discouraging performance.