Bayview Loan Servicing - Bayview can have the house! I can not bleed money

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Home » Consumer Reviews » Mortgage » Bayview can have the house! I can not bleed money

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Bayview can have the house! I can not bleed money

Apr 16, 2008

Bayview Loan Servicing complaint by Gggg

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Refinancing horrors. Our loan was purchased by Bayview and 2 weeks after they purchased the loan they sent papers saying we were delinquent on our 1st payment--the previous loan holder didn't apply our first 2 payments! That straightened out then Bayview changes the terms of our loan to an INTEREST ONLY loan and bumped our payment up to $5500...

We made arrangements to modify the loan which they say they can not do---it only applies if Bayview wants to modify...Of course they set us up with a plan to "Stipulation to Modification" Which means you pay them on time for six months (we did it!)and they start your loan again as if it were back at month #1 with a lower payment approx 1/2---which means the money you paid faithfully for six months ---let's call it a free gift to Bayview...As Maria explained they have to get their money...

That's ok...foreclose in NJ you can live 1 year mortgage free and if you go bankrupt you get $30,000 for single $60,000 for a married couple. I'm sick of it.

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Comments (1)

1. Written by nunya, on 11-05-2008 17:50

Sounds like you did not read the refi that you signed. Mortgage companies do not change the terms of loans. Thats illegal. I bet if you read your note it will tell you that you signed an interest only loan. You should be happy that your mortgage company is even helping you. No where in you note does it say they have to or are they obligated to. And you are wrong about the money that you are paying. It is going to your loan and you bal is still going down. When they mod your loan they will mod the current bal of your loan after you have made those payments. You are starting over on your payments, but your bal is still going to be lower than what you started and your interest rate will be lower. As for the bankruptcy, you can file, but I can guarantee they will file motion for relief and they will get it and you will still have to pay your house payments. Bankruptcy is harder to file these days. Maybe if you had read you loan docs you would not be in this mess. So you can only blame yourself. Its easy to blame Bayview, but guess what they did not create your loan. They go by what they have, that you signed. You should blame your crooked *** broker.

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