Saxon Mortgage Services, Inc. , SMSI

Saxon Mortgage Services, Inc. , SMSI, began in 1960. It was acquired by Morgan Stanley in December, 2006. It currently services 310,000 home loans worth $51.3 billion, placing it in the top 20 US mortgage servicers. The company is based in Ft. Worth and Irving, Texas.

In response to the mortgage crisis, Saxon has significantly added to its collections and loss mitigation staff. It strives to be a “socially responsible corporate citizen” committed to preserving home ownership.  It warns its borrowers to beware of foreclosure rescue scams and posts this cautionary brochure on its website.

Saxon is an active participant in the Obama Homeowner Affordability and Stability Plan which provides access to low cost refinancing for homeowners current on their mortgages and loan modifications for those facing financial hardship.

For those not eligible for the Obama Plan, Saxon offers the following options:

• A repayment / forbearance program allows borrowers to distribute delinquent payments over a period of time, usually up to 10 months. A portion of the deferred delinquent amount is added to normal monthly mortgage payment.
• Loan modification lets borrowers make a temporary or permanent change in one or more of the terms of the home loan. As a result, the loan will be reclassified as current and the monthly mortgage loan payment will be more affordable.
• Debt forgiveness is occasionally allowed to write off of a portion of the loan’s principal for a short fi or loan modification.

If there is no way for a borrower to keep his or her home, Saxon will consider accepting a short sale which allows a homeowner to sell the home and use the proceeds to pay off the mortgage in full.

Another possibility is accepting a Deed in Lieu of Foreclosure which allows a borrower to voluntarily transfer legal ownership of the property to the lender when a homeowner is unable to sell a home at the market value.

Contact SMSI at:
Saxon Mortgage Services
9311 San Pedro Ave
San Antonio, TX 78216

Or call toll free 1(888) 325-3502 7:00am - 10:00pm Central (M-F) 8:00am - 2:00pm (Sat.)
Fax: 888-240-1885
Saxon reminds its borrowers that not all qualify for any or all options.

If you are unable to reach your servicer or local state program, or if you would like additional assistance in this process, contact Mortgage Outreach Services tool free at1 (866) 408-0420. Mortgage Outreach works directly with many servicers to help find solutions for borrowers that are struggling to keep up with their payments.