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My story begins back in December 2004. My family closed on a home through Homeworks Custom Builders, financed through Carolina Model Home Corp. I had an ARM loan, which our rate would change each year from 8% ($860 payment) to 10% ($1098 payment) then to 11% ($1300 payment). I was told that after 1 year of making payments on time, my credit should improve and then I will be able to refinance. That did not happen.

After several attempts after the 1st year of trying to get the home refinanced, my loan was brought by Bayview Loan Servicing LLC. At first I was excited because it appeared as if they were more organized than the previous lender. I contacted them of my situation to see if I was eligible for a modification on the loan terms. In the meantime, our loan was transferred INCORRECTLY, causing my rate to adjust at the wrong time. It took several calls to get the payment situated. After the rate adjusted, I was still challenged with trying to make the new payment. To make matters worse, after several attempts for a refinance, I was to find out that the first lender did not report my good credit history to the credit bureaus, meaning, that my credit score was still low which was very dissappointing.

Seeing that I was going to have a huge problem, I again contacted Bayview. They were "0" help. My advice from them was if you can't pay it all, then we can't help you. My payments fell behind due to unforseen circumstances (death in the family) and I had no way to catch up! Soon the collection calls were being placed from a "Maria" demanding a call and wanting money. There was no room for negotiation, because she would call while I was at work and would not call for weeks at a time.

Months passed, and no funds were paid. I contacted credit counseling groups that were a good listener but had no solutions. My credit score was low, therefore no one was willing to refinance me. In January 2007, the Sherriff shows up to my home with a subpeona to court. After attending, and speaking with the judge, I was able to file a recission which left me with no choice but Bankruptcy. To keep the home was a Chapter 13, MORE than what the payment was in a 12 month span, or a Chapter 7 where you leave you home behind. I opted for the Chapter 13. This was difficult to do and still is as we speak. As I stand, right now, I have the only option of paying out the Bankruptcy or refiling as Chapter 7 and lose everything. At this point, I still don't know if my home could be refinanced, just because my score has only gotten lower from being so far deliquent from Bayview. My credit report is inaccurate and they have done NOTHING to try to correct it. Right now, the only thing I know of is a class action suit against them.

Bayview and most of this mortgage mess does not care who you are, how old you are or what your obligations are. All they want is the money. It doesn't matter how hard you work, it isn't enough to pay for this mess. I wish I knew what I know now, because I would be a renter. I have lost more than I can express to anyone, far more than just the money.

Most businesses don't want your house, but this one has been different. Does anyone else have an experience similiar to this?

Monetary Loss: $18.

Location: Greensboro, North Carolina

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Guest

Yes...And it has become my mission to take Bayview and others like them DOWN!! Are you involved with talking with a lawyer on how they wronged you?

Please go to New Federal Rules Protecting Homeowners with Mortgages and Read all of it and educate yourself on this...You will be pleasantly surprised...I will not quit until I see these lender crooks put where they belong....I cant wait until they are plastered across CNN of how they have wronged so many people and have literally stolen peoples homes out from underneath them!! Their day is coming....

Guest

I read this and felt like I wrote it myself. Those are the options I am struggling with just because I am tired of dealing with Bayview.

I want to file bankruptcy and let them have it and become a renter. But I guess that is what they want.

All I wanted was a 1 month extension after I had thousands of lost income dollars and they have messed up and modified my mortgage in a way that costs me more and even though they admit what happened, they will not fix it.

Guest

Dear Mary: You need to contact me at sunrisepaso@***.net asap..!!

We have been fighting with them with all kinds of problems from not accepting payments to returning payments to Forced place Insurace and Escrow funds that are not suppose to be there to property inspections that they are chargeing the accout for since 2005 in which we started a legal procedure against them for all this.. I would never take a mod with them they are nothing more then a preditory lender that likes to go after people that are low income or lost there jobs..Go to your local court and start a emergency hearing to stop them from forcloseing on you.

They have no right to do to you what they have done you and to many across the United States and including us.. See they put us in to foreclosure twice with out proper notice according to our contract and under the mtg contract they must follow the terms of it. Any more people that have problems with them like so many of us across the United States need to ban together and screw them in a court of law.. Contact me asap reagrding your situation with Bayview and as well as anyone else needs to contact me as well with complaints that they have..

There are consumer protection laws that protect us as well as the mtg contacts that we hold have guild lines that Bayview must follow anything else other then what is the contract states is illegal in alot of states. Dont Let Bayview ***!!!

All they want is your property back regardless of how they go about getting it.. Watch Out for them they are EVIL...!!!

Guest

Dear Insider,

Bull. Bayview has NOT been accomodating at all.

I have been trying to work out a modification with Justin for months and months. I lost my job and was sending what I could each month, but then all of a sudden, Bayview sends my checks back and says "come up with this lump sum." So I asked them if my interest rate could be lowered so I could have a payment that I could manage. No go. So do not tell me how Bayview works with people and trys to help.

They are just like everyone else in this country, looking out only for themselves. Which is understandable, but don't blow smoke up my ***. I am STILL in the modification process and was served foreclosure papers today. All I asked is to have my interest rate lowered.

Now here I am, in foreclosure.

Yeah, sure, they avoid it. Right.

Guest

I had a loan with CitiMortgage that got bought over by Bayview. With this never ending recession, I went behind by a few payments. When I made my payment in December 2009. Bayview put my house under foreclosure status.

We called them and they said they would take the property off the foreclosure if I send them 2 payments. I did that. Then again in January and February 2010 they returned all my payments. When I contacted them they said the house was in foreclosure.

I told them but you said that you would take the house off foreclosure. They said it was not in writing. I was dealing with Heidi Bringham at Bayview -

Then on February 26 I called them and they offered a forbearance plan. In that agreement they said the total money I owed them was $15,000 and staggered the payment in 11 months. I fell for the sharks.

The following day I dug up the records, and in that a statement in January 2010 where my dues as off February 17, 2010 would be $8,500. So my total balance in the loan jumped up by $6,000 in 10 days. Unbelievable!! I walked into the trap that I later see is what Bayview is routinely doing.

Guest

Why the *** are you people agreeing to 11% interest rates in the first place?

If you have to have an interest rate of 11% because your credit is that bad, YOU DO NOT NEED TO BUY A HOME.

Every one of you had an ARM, and guess what, it did EXACTLY what they told you it would do if the market changed. You interest rate would adjust.

They can't just give everyone free money, and expect to run a business. You argreed to pay for a certain # of years, THEN you want to change the agreement, pay off early, and want them to lose money on the deal because you backed out of the contract?

Why is it ok for you to screw them, but not paying them their money, but they are somehow imorral if they want their money from you?

I don't think 98% of the posters on this board truly understand what a mortgage is, what they are agreeing to, how the home purchase works, and how escrow works.

You people need to get educated before running out and getting loans, ARM loans at THAT, and not UNDERSTANDING what you are doing. Pick up a book or take a class on finance. Jesus Harold Christ.

Guest
reply icon Replying to comment of Guest-100881

Harold, you are one fortunate person to be so, so smart and to have never had any misfortune in your life. Hopefully that will change, THEN maybe you will have the RIGHT to be so judgemental.

Guest

Oh,my god.They just bought my loan from citiBank.I will efinance i october with someone else(I Hope)My 3 year prepay will be up.

Guest

We decided to sell our commercial property in a southern state, but little did we know that Bayview included a multi-year lockout on the mortgage which meant a nearly $100,000 penalty for early payment. But we were told that was just for refinancing not selling.

So we found a buyer and set a closing date only to learn that this incredible penalty applies to sales, too.

We petitioned Bayview to waive it and they refused. We applied for a short sale and they refused. So I've filed Chapter 7 and Bayview will have to foreclose.

This means they're stuck with the property and will have to auction for a price that will very likely be less than the principal balance of my loan. I was going to be filing Chapter 7 anyway and so the foreclosure doesn't appear as a separate item on my credit record. So really, I just walk away.

I've never witnessed a business deliberately screw itself like Bayview. I wanted to do the right thing, and they refused. They're truly ***, *** people. No wonder the real estate market fell apart. Subprime lenders like this almost destroyed our economy.

Guest

Contact the HUD's RESPA department and see if they can help. Send them a compliance letter that can be found on HUD's website.

Also, write them an additional demand and request copies of all of your records, and clearly dispute the debt and ask for verification. Look at your state law to see what sort of protection you have, and then if all else fails, hire a lawyer.

Guest

i was just transferred to bayview from another co named citimortgage who really sucks, they messed my credit up, told me i could do a loan modification then been marking me late every month. i have been calling bayview and noone returns my calls.

i dont know which one of the companies is worse????good luck if bayview buys your loan. i think now days its better to rent....*** with trying to buy. its not worrth it.....

unhappy customer. they will be getting their house back..............

Guest

I say sue the *** out of the bank. There are RESPA laws, and banking laws, as well as consumer credit laws that were violated by Bayview and your prior mortgage company.

Bayview has a habit of misrepresenting themselves.

You need a good consumer law laywer and go after them. Good Luck!

Guest

I think it is funny someone from Bayview would write on this forum. They are so concerned internally about not "communicating loan details via email." Regardless, if you have a lock-out; you got the short-end.

The stip to mod programs simply waive all your legal recourse from this company. Never would they consider refinancing a deal.

It would make debt-service far too easy to manage. Go figure .

Guest

I work at Bayview and I can tell you that we are very are very accomodating with loan workouts. I don't know why the original poster had such a problem.

We try to avoid foreclosure as much as possible. If there is a hardship, we can lower interest rates , fix adjustable rates and roll arrearges into the loan. We can't work miracles, but I would say we help 99% of the people who contact us.

I don't know why the poster was not contacted for weeks at a time. That is not acceptable practice and our managment team will not tolerate it.

Guest
reply icon Replying to comment of Guest-24035

Having attempted a loan modification with Bayview, I have to disagree with you. In my opinion your (Coral Gables)management team came to Florida from Mariel, Cuba on the boatlift and they have their heads up each others a***s (where they belong!)and could care less about helping anyone not born in CUBA!

Guest
reply icon Replying to comment of Guest-24035

Happens to all I have encountered. Myself included. The difference is I WANT TO PAY MY MORGTGAGE and Bayview is allocating my money in places I don't owe like taxes and insurance.

Guest

Oh yeah ...

I forgot to mention that our finish work too was shoddy and we were always given promises but the problems were NEVER corrected.

My advice to all the tempted:

DO NOT purchase from Carolina Model Homes who by the way has changed their names to Homeworks Custom Builders.

It is tempting b/c they will finance almost anyone but remember what our mothers told us "anything worth having is worth working hard for and WAITING for.

Take it as sound advice from one who truly knows!!

Guest

Ditto Ditto and Ditto

Yes we bought a home from Carolina Model Homes.

Yes we accepted a 12% rate b/c we too were told we could refi in 2 yrs.

Yes we too didn't find out until almost 2 years later that they didn't report to any credit bureaus. However when we fell behind they did threaten that they would report to the credit bureau THEN.

And yes we were sold to Bayview.

And yes we are in Chapter 13 right now.

Guest

We too bought a house from Carolina Model Homes otherwise known as Homeworks at a fixed 12% interest rate. We too were givn the speech about how we could refinance in 1-2 years which of course wasn't possible b/c Carolina Model Homes never reported our payment history to any credit bureau. And we too are in a Chapter 13. Are you following this trend?

I belive Carolina Model Homes intentionally does not report to credit bureaus so they can ensure the buyer can't refi b/c they probably make out better selling their loans to Bayview.

And...I won't begin to talk about the shoddy finish work in my "new" home.

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