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"The median monthly payment reduction for borrowers enrolled in
the (HAMP) program is $522" - DSnews.com

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Saxon Mortgage Get's Sued


Saxon Mortgage which is the mortgage division of Morgan Stanley is being sued. A class action lawsuit is being filed against the mortgage company due to not following the rules underneath the HAMP program. Many customers were placed into Trial Modifications for three months and when the trial period was up they were supposed to be looked at for permanent modifications.  However, Saxon stated that they did not receive important information to move forward with the modification. The customer would repeatedly send in the requested information.  After a year of this type of business, the customer would be denied for a loan modification and told to try again. The homeowners became fed up with how they were being treated. They decided that they would sue Saxon for "monetary damages and injunctive relief."