Has anyone had any problem with Saxon Mortgage and Re-fi, Loan Modifications?

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To make a long story short I had a forebearance with BB&T and they transferrred my loan to Saxon Mortgage.
I don’t qualify for a HAMP as this is for a second loan so I did apply and they say I qualify for an in house modification.
They want a large down payment so I asked to have something in writing.
The agent told me over the phone it would show 3 payments and the last one would show a large payment of 20,000 of what we are behind on.
She told me over the phone not to worry about that payment as it would be modified and worked back into my loan as long as we make the other two payments.
Ok, so she sends me a stipulation agreement stating just that I pay $ 5400 for the down payment and my first payment then 1086 for the next payment then 20,000 for the last payment.
It states that I must have all this paid and caught up by 4/13/2011 and if I don’t pay that then this agreement would be void.

From what I see and understand if I sign this then it is basically a binding agreement and I will have no recourse to seek legal action against saxon in the future.
If I sign it also then I am saying that I agree to pay that last payment of 20,000 and if I don’t then the agreement is void.
Why should I listen to this agent over the phone telling me not to pay attention to that last payment as it won’t be due and will be worked back into my mortgage?
Why don’t they put that in writing then?
Anybody else have anything similar happen?

I am thinking of telling them to take this agreement and shove it but in a nicer way ofcourse.
This agreement does nothing for me it only gives them rights to collect this money then turn around and say I didn’t pay the last large amount of which I can’t pay and turn around and foreclose on me anyway.
Anybody else see it differently?
Thanks for any and all answers
So, I called the agent who sent me this agreement and her response is that they don’t expect me to pay this and the system will be expecting me to pay it but the only thing that will do is put me back into review.
But, as long as I pay the other payments that I am expected to pay then when I go into review it will show that and I will start the modification process.
It sounds good but I don’t believe in what they say over the phone.
She said she would send me an email explaining it all so I would have something in writing.

  1. Reply
    February 5, 2011 at 10:31 am

    I did one for my father through them. No problems. It was amazingly easy to reach people on the telephone. I did have to fax then information multiple times though, they did misplace some stuff.

  2. Reply
    Em C
    February 5, 2011 at 10:42 am

    Are you trying to refinance and loan or modify it? If it just a refi you can do that anywhere if you qualify. A loan mod maybe a different story. Perhaps I can help more if you were more specific.

  3. Reply
    February 5, 2011 at 11:07 am

    You would be out of your mind to sign a contract on the basis that there was some oral understanding that was different from the contract. Unless you get something in writing that helps you (and an agreement that you will pay them all the money that you owe them is not helpful but just a way of getting around foreclosure troubles), don’t sign it.

  4. Reply
    My Take on It
    February 5, 2011 at 12:02 pm

    I wouldn’t believe ANYTHING that isn’t spelled out in writing and signed by both parties. Telling you that you don’t need to worry about the 20k and it will just be added to the loan seems like such a huge red flag to me! They can turn around and screw you royally saying that you defaulted because you didn’t pay that 20k! LOL

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