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Bayview Loan Servicingmortgage practices

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We were with Kellner mortgage when we first got our loan in 2006. They then sold our mortgage to Countrywide and they sold it to BOA and BOA sold it to Bayview Loan Servicing. While we were with BOA, they set us up on a repayment plan paying $777.09 for 4 months while our mortgage was only $464.82/month. Before we could finish our last payment on the repayment plan, they sold our loan to Bayview Loan Servicing. Bayview stated that those payments from BOA did not follow so we were behind. They are now telling us that we are 20 payments behind and unless we come up with a little over $6000 up front and they'll spread the rest of our payments out, then we are facing foreclosure. They told us that our file was referred to their legal team to start the foreclosure process. Bayview also sent us a letter stating that we were not qualified for the HAMP modification because; "PLEASE CONTACT OUR CUSTOMER SERVICE". This is exactly what the letter read and I still have this letter in my possession. I then called HAMP and they told me that this is not a reason to deny us. HAMP stated that Bayview were to provide us with a legitimate reason and why we were denied and that they were sending our file to their escalation department. I am awaiting a response from HAMP as well as Bayview on our status; but at this moment, I feel BOA and Bayview has done my husband and I complete injustice. We are ready to file suit against them. The sooner, the better.

Di
Jan 26, 2015
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Comments

  • Ro
      Jan 26, 2015

    If you have all documentation from your BOA loan you should be able to prove you had paid 3 of the 4 payments of $774 to BOA and if they bought the loan they should be honoring it. The reality is they wont honor and they will waste your time and money. The key to dealing with a sub prime lender like Bayview is to be organized and have copies of EVRYTHING.

    The sad reality is Bayview is going to make your life miserable and fee you to death. That is their game. The scary foreclosure club is always over your head. That being said, there are a few ways to fight them.

    1) Hire a competent real estate attorney that has had experience with sub prime lenders. This may help get it straightened out but you will pay an attorney a fair amount of money as Bayview will not really be swayed by a legal letter. (they get lots of them!).

    2) Fight fire with fire. Quit giving them any money until they get their crap together. This is a game of chicken and not for the faint hearted. Remember they want your money not your house. I assume that your credit may not be great (they will trash it anyways even if it is). In most states it takes a good 12 or more months to really get your moved out of your house. Again, they don't want your house (unless you have lots of equity in it) they want money with late fees, paperwork fees, it is Tuesday fees, etc...If you play this right you will get their attention and possibly even a better deal.

    3) Your big stick is bankruptcy. Don't be afraid of this financial tool. It is the most misunderstood financial tool among average folks. Big business wants to keep it that way. Bayview has probably already trashed your credit or will by saying you are late on those 20 payments. Once your credit is trashed bankruptcy is a solid option. Once your meet with a bankruptcy attorney, you stop paying all bills other than gas, water, electricity (vital things). Everything else is effectively stopped and no one can contact you regarding your debt. You will meet with your attornies several times and eventually meet with a federal trustee who will decide the outcome. If you as a couple makes 75k or less you can discharge everything if you want. It just goes away and they cant hassle you again, and Bayview will most likey get screwed big time. The other hidden gem is at the trustee hearing he/she may be able to negotiate a settlement for you to keep your house if you want to. Again, you probably get a better deal. Or start fresh and clean and dump the house on Bayview. Your credit will start coming back up almost immediately. It really will.

    I am sorry that you are being hassled by these crooks. But remember they want your money and will scare you with foreclosure to get it. Fight back and smash them in the face.

    Good luck to you.

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