Update by Homeowner: Bayview let the insurance lapse and so many days beyond that, the insurance company (State Farm) had to get some waiver. But the best part is yet to come!
I was informed in November our mortgage payment was now to be increased $120! When asked the reason, they said it was because they had performed an escrow analysis. That was a FUBAR I was at a loss to address. I asked why an analysis when one was done in August.
No viable reason, but they added they will be doing another one in December. Meanwhile, I received their statement that now had the insurance included and again, they astounded me. They had insured the home for over THREE times its value! I immediately called State Farm and she did a review, took updated specs of house, and the MOST she came up with to insure was $151,000 (small house).
Bayview (thru State Farm) insured it for $294,000! It is no wonder we cannot clear out our escrow. When I demanded this be addressed and compensation for what I consider insurance fraud, I received a letter stating they could not adjust the coverage as it had been "Bound." Nice, considering they let it lapse and it was "Bound" for only a month! I am calling today, since there will be another insurance billing and no doubt escrow analysis.
I will demand the house to be insured at the appropriate replacement amount. If I am refused, then we have reached the end of the road. The mortgage will increase yet again, and it is as of November MORE than our monthly income. We are disabled and my husband is elderly and terminally ill.
I am trying to obtain employment, but barring a lottery, these games with Bayview will continue as they have with all from BOA through to and including Bayview. As a side note: we were part of the CA lawsuit involving BOA and awarded $1600. Those that were foreclosed on I understand received their settlement checks, but (by then) Greentree, DiTech and now Bayview all refuse to honor this agreement. Greentree said they attached it to the END of the loan.
Why is the fox to be the steward of the chicken house they got fat on? This is OUR SETTLEMENT FUNDS! Anyway, that $1600 has now become a deferred payment at the end of the loan period and must be paid by US! They turned it into a *** balloon payment!
Yet no one addresses it, they get away with ignorance, incompetence, lies and outright fraud. We need an attorney in order to extricate ourselves from this nightmare without it ruining the rest of our lives. We cannot afford most attorneys and those in our area (Triad of NC) will not even return a call. We are, thanks to the 2 years Greentree took to Modify the loan and the end result being a disaster of 'in-house' mortgages, underwater.
Anyone? Group of us? Send legal advise would be great. I have fought for nearly 8 years to keep our home.
It would break me if I lose that last of what I am.
And we lose the last of those basic human needs required for survival: shelter. StopGOP2018@gmail.com http://twitter.com/StopGOP2018 Please note that although the above contact links indicate otherwise, this is NOT a political matter-yet.
Product or Service Mentioned: Bayview Loan Servicing Mortgage.
Reason of review: Homeowners Escrow Fraud.
Monetary Loss: $1500.
Preferred solution: Retroactive compensation for incorrect/fraudulent billing of homeowner insurance amounts.
I didn't like: Not allowed to speak to escrow or insurance or managers, Incompetent staff, Ripoffs.