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Updated by user Feb 15, 2012

Also, what they forgot to tell me about the \'you can refinance in a year\' comment was- \"We will destroy your credit rating so there will be no chance in *** you\'ll ever get refinanced. We own you now\".

Original review posted by user Feb 15, 2012

Bayview is a business akin to a lion pride. Usually, when a lion hunts, they ambush their prey, knowing the outcome in advance. They prey on the weak, sick, or disabled. That is EXACTLY what Bayview does.

I was backed into a corner with taxes. I applied with bayview for a mortgage to 'consolidate' and have operating capital. They stalled, stalled and had me running around with filings, tax returns, and anything they could conjure up.

Finally having enough, the tax agent set a final deadline. Bayview set up the closing (conviently) the DAY BEFORE the padlocks came. The 'closer' came after 4:00 PM, at the last possible moment. As the lady read off and had me sign different documents, she hit on the guts of the loan. In her auction-speed reading, I heard a number that was 3 1/4% HIGHER than the rate I was told. I threw her out, deciding it was over for me; just leave the keys.

Ten minutes later, the complicit 'broker' called and finally convinced me to take the loan; that I could better my credit number and re-finance in a year at a much lower rate.

The closer came back and I signed the papers.

My payment was so outrageous, I could not keep up. They also paid my NEXT years insurance IN ADVANCE, and held back $20,000 escrow for some trumped-up reason. That $30k was my 'operating capital'. Now, with my financial hands tied, I went into default within a year. They finally gave me a 'mod' which put the interest where it was supposed to be in the first place. So, I paid a full year of payments, which, in reality, just paid the real estate taxes and insurance. At the end of the 'mod' my principal balance was larger than the original loan amount.

What the 'broker' failed to tell me was that there was a 'pre-payment' penalty of $15k if the loan was 'paid-off' or re-financed for the first 8 years.

Like the lions, these 'people (bastards) had me in their sights BEFORE I strolled into the Savanna. They already had hunger- pangs when I came limping into view. The outcome was pre-meditated, direct and deliberate. I'm in forclosure.

Seven years ago I shudda left the keys and gone. Now, after all the pain, anxiety, and hopelessness, I'm looking down the barrel of a 45.

Monetary Loss: $330.

Location: Browns Mills, New Jersey

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Guest

When the bankrobbers burst in with machine guns and ONE of them gets spooked in the middle of the money-loading and shoots a guard, they ALL get the murder rap. When the head lioness makes a kill, the ENTIRE pride eats.

When a bank makes a loan, all those involved are agents of the mortgage enterprise. When I hire a hitman to kill any enemy, it's as though I pulled the trigger, slashed the throat, or used the baseball bat with my own hands. Bayview is a deceptive, underhanded, low-life, secret-agenda, bunch of theives. Their agenda is notto provide loans; it is to take people's property.

If you have a problem, get a lawyer.

They don't even respond to them. Then the judge or jury gets to decide.........

Guest

I do the accounting for a small business and suggested my client transfer his mortgage to a company with better terms. We were also, told we would be charged a large fee (20K) for early payout as well as the interest for the entire loan.

They also charge a fee for statements that should be sent out automatically and he has also been charged other fees in the past that most lenders do at no charge. They seldom return calls (which they would probably charge for anyway). By the end of the 7 year term he will not be very far ahead except that the property value has gone up (Thank-goodness!). I do not recommend anyone doing business with this company.

It has felt like doing business with a loan shark. Also, with regards to the individual that said you should read before you sign; even the lawyer was given the run around. They are very smooth!

BEWARE!! :(

Guest

regardless of the situation, I think all documents should be read prior to signing....

sounds like a awful situation. i would put more blame on your broker than the lender in this case.

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