Consumer complaint received 2020-02-26
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: Community Loan Servicing, LLC (formerly known as Bayview Loan Servicing, LLC) (FL)

Approximately a few years ago, when we filed a complaint against our mortgage company, and based on its response, we could not grasp comprehensively what was being done to us by XXXX XXXX XXXX XXXX/XXXX  via Bayview Servicing, it financing, modification, etc. But we could feel the gravity of it, but could not explain it on paper. I believe we have gotten close to explaining it now, as or for everyday Lay People. 
My husband and I purchased a Small Residential Multifamily Commercial property approximately ( 15 ) years ago. And after it being sold a few times, etc., we ended up with it being purchased by ( XXXX XXXX XXXX XXXX  and Serviced by Bayview Servicing interchangeably ) approximately the last ( 13 years ). And we have not been able to Even Discuss Refinancing with this mortgage/bank. This is because of geographical restriction ( XXXX XXXX XXXX XXXX  ) placed on property owners like us ( after the bank purchased our mortgage ) ; And because we did not live in certain states outlined by the bank for refinancing, so we were refused any refinancing. Which I find to be discriminatory, and I dont see much difference in this type of Restriction and a type of Redlining. ( i.e. New York, New Jersey, Connecticut, Pennsylvania, Maryland, Delaware, Virginia, West Virginia, and Washington, D ] are the only states XXXX XXXX XXXX XXXX/XXXX  accept financing or refinancing of Commercial Properties. And that is after XXXX XXXX XXXX XXXX/XXXX  purchased our property from our original mortgage company ( i.e XXXX XXXX dba XXXX via Bayview Servicing ). 
XXXX XXXX XXXX XXXX/XXXX  purchased our mortgage knowing we lived in Florida and the Bank with its geographical restrictions vowed not to refinance our small commercial property if we didnt live in a [ Selective Group of States ]. The above states are the only states XXXX XXXX XXXX accepts financing or refinancing, according to my phone conversations with XXXX XXXX XXXX representatives, and ( has been viewed on online information ). So what are the rest of Their Commercial Property Loan/Mortgage Holders Supposed to Do. 
Over the years, XXXX XXXX XXXX XXXX/XXXX  has placed a constraint on small residential commercial property owner ( s ) like ourselves. And has Restricted us from refinancing out of a ( Extremely Costly and Bad Promissory Note Agreement ) and ( Extremely Long Term Costly Modification ) that was originated by the same companies that XXXX XXXX XXXX XXXX/XXXX  purchased the mortgage from and interchangeably utilized as a Servicer ( i.e. Bayview Servicing ). Approximately in the last eleven ( 11 ) years, that modification causes us to receive an ( Adjustable Rate Notice of a mostly increase change in our monthly payments ) every 6-months each year approximately for the last 11. We should have had the right to refinance out of such a [ Bad and Costly Financial Agreement ] years ago, when we requested it. 
And with the Origination and Modification of this Mortgage there was Misrepresentation of the Closing Documents regarding My Rights ( XXXX XXXX ) of our Commercial Residential Property as follows : XXXX XXXX dba XXXX and Bayview Servicing for XXXX made a mistake to solely place my husband name ( XXXX XXXX ) as Borrower on the Promissory Note when we are both responsible for payment of the Mortgage. ( i.e. Jointly and Severally as stated in the Promissory Note ). My name should be included in print. ( XXXX XXXX ). 
And ( one of the Reason Being ) the approximate ( {$75000.00} ) paid down with closing costs to purchase this Commercial Residential Property, came from both of us ( as two working people ) Not From One of Us!. So one can not own it or its financial rights. [ XXXX XXXX dba XXXX, Bayview Servicing for XXXX and XXXX XXXX XXXX XXXX, or XXXX XXXX XXXX XXXX/XXXX  ] ( appears to all work interchangeably ) can not just decide to take away my Financial Position or eliminate my position as an Equal Partner Borrower because - one company Services the mortgage/loan and the other one Purchased it and decided to create an alternate character far as my involvement ( XXXX XXXX ). 
Regarding loan qualifications for the purchase of this property, my husband doesnt provide the money for the mortgage, it comes from the tenants rental payments. So both of us are actually qualified borrowers. And we both had jobs. 
And he can not, financially make the mortgage payment for the property himself ( if theres not a rental income ). It would take money from both of our salaries, etc. to put together that large of a mortgage payment. So again, I am in the position as a borrower as much as my husband is. 
XXXX XXXX XXXX XXXX/XXXX  and Bayview Servicing has been giving my husband ( XXXX XXXX ) all the [ on paper ] rights, etc. to be in charge of all aspects of our property ( i.e. My signature not required for the modification ; His name in the writing of propertys rental income payment checks ; A backseat position for me on the insurance policy, and being told [ do ] I have permission from XXXX XXXX XXXX via customer service to ( give me the permission ) to discuss the propertys business. That indicates a bias against me as a women Eventhough the Promissory Note states ( Jointly and Severally ) which holds me responsible for the payment of the mortgage/loan just a much as him. And again to mention, the large sum of money spent to purchase this property was not ( my husbands ) alone, its was Both of ours. 
My husband does not own any Sole Rights between the two of us ( regarding our property ) and neither does he own me. So he would not have the sole right ( neither does XXXX XXXX XXXX XXXX or Bayview Servicing at that time ) to determine who writes their name on our commercial propertys checks, which is covered by the money collected from the propertys tenants not my husband ( XXXX XXXX ). 
It appears that XXXX XXXX XXXX XXXX XXXX/XXXX  and Bayview Servicing ) did not follow the requirements of the closing document ( s ). This can cause legal ramifications. The Original Promissory Note which states Borrower,  hereby Jointly and Severally ( if more than one ) partner, etc. promise to pay. I paid a financial equal share to purchase this property as borrower, and I am an equal partner Borrower. So any agreements or changes carried out on the property should have required my signature and permission ( i.e. The Modification of the property ). 
REASON TO RETURN MATURITY DATE TO ORIGINAL DATE : Bayview Servicing did not choose to acquire signatures from both borrowers [ for the Modification ] when it stated in the Promissory Note ( Jointly and Severally ). Knowing I am an equal borrower and partner to the mortgage. Which means directly and indirectly we are both responsible for the [ Mortgage Payment ] of the property. So any Financial Decisions or Extended Mortgage Years, should have been a decision of both Borrowers/Parties. Because I would have NEVER added ( 15 ) years on to an investment property. There is no investment ( for the investor ) if the bank is going to take the investments for an entire two lifetimes. 
To add, I brought my husband to the table in this property deal/purchase, he didnt bring me. And ( Bayview Servicing and XXXX XXXX XXXX XXXX  ) could have asked me ( if they didnt know ) instead of making up a decision in their office. But you ( the Mortgage/Bank and Servicers, etc. ) create the documents language, and can read a promissory note and a Mortgage and Security Agreement. 
As a reminder this financial relief we asked the bank for in ( XXXX ) happened at the height of the countrys Financial Crisis. But you ( XXXX XXXX XXXX XXXX/XXXX  via Bayview ) dont have to make us pay for it over ( 28 )  years with our investment property by adding ( 15 ) years to the already ( 15 ) years mortgage, plus ( Lifetime Monthly Mortgage Payment Increases ). And calling it an affordable modification. 
XXXX XXXX XXXX XXXX  raised our mortgage ( {$500.00} ) last month at the snap of a finger. So, apparently, they are not concerned if we can not afford payments anymore. 
So there needs to be a discussion on eliminating those ( 15 years ) off our mortgage and return our maturity date back to the one on the Original Promissory Note [ XX/XX/XXXX ] ( which is the Note Bayview and XXXX XXXX XXXX XXXX  kept anyway ). Except eliminating that area of [ XXXX XXXX XXXX Increase ] for only TWO YEARS. Then returning back to the Original Adjustable Promissory Note Rate of approximately [ 10.5 % to 11 % ] to date, and still going. 
The high interest rate from [ The Adjustable Promissory Note ] attached back to the mortgage could have never been real Relief or Affordability.  Soon we were not paying much less in monthly payments than we were before. 
To call it a Relief or an Affordable modification [ Bayview Servicing ] should have permanently adjusted/change the interest rate ( more affordably ) so we would not have to pay for an investment property for two terms ( 30 years ). And should have kept the original maturity date ( XXXX ). Because for the first 15 years we have not been paying off the property, at all. ( i.e. Presently, Approximately [ {$70000.00} ] has gone toward the Principal ) ; At Date of Purchase, approximately [ 75, 000 ] was paid down including closing costs. So [ ACTUALLY ] we can say there has not been ( Any Money ) paid toward the Reduction of the Principal in ( 15 ) Years. ( See attached [ recent ] XXXX XXXX XXXX Statement, P & I Balance ). Also, thats why we should have been allowed the opportunity to refinance out of this Costly Mortgage Note a little over few years ago when we requested it. 
WHAT CAN FIX THE PROBLEM : XXXX XXXX dba XXXX and Bayview Servicing for XXXX made a mistake to solely place my husband name ( XXXX XXXX ) in print as Borrower on the Promissory Note when we are both responsible for payment of the Mortgage. ( i.e. Jointly and Severally as stated in the Promissory Note. ). My name should be included in print ( XXXX XXXX ). 
Bayview Servicing ( including XXXX XXXX XXXX XXXX/XXXX  ) needs to correct and make clear on the Promissory Note that I am a Borrower and Equal Partner just like my husband ( XXXX XXXX ). Because I can collect rent from the tenants ( which pays the Mortgage ) and make the check out to the bank as well as my husband. This act by both financial institutions give the appearance of being bias against me the wife/females. 
Ensure the same language is included and clear between [ Promissory Note, Mortgage and Security Agreement and Rider To Mortgage and Security Agreement ( Florida ). 
And ( make notation in the banks/servicers mortgage files in your offices ) the approximate ( {$75000.00} ) paid down, that includes closing costs, to purchase this Commercial Residential Property, came from both of us ( as two working people ) Not From One of Us!. So ( One ) can not own the property or any Rights surrounding it. 
Regarding the Modification, after the two ( 2 ) years of the Modification which was ( 5.5 % interest rate ) the bank returned back to the Original Adjustable Promissory Note Rate [ approx. 10.5 % to 11 % ] approximately for the last ( 11 ) years. So Instead of us paying payments to the Bank ( s ) approximately the exact same way/amount ( according to the Adjustable Promissory Note ) for 15 years, we would be paying them the ( exact same way/amount ) for 30 years. We request to have back the Original Maturity Date of ( XXXX ). 
Extending the mortgage for 15 years was no relief because the cost of the mortgage has placed us at a great financial lost and disadvantage. There was a mortgage Modification but not an affordable one. This ( mortgage modification ) is only a relief in an extremely, costly, long term way ). So another ( 15 ) years does not financially benefit us at all as property investors. 
The Modification process should be labeled ( Invalid ) because it should have required both borrowers signatures [ XXXX XXXX AND! XXXX XXXX ]. And because ( Bayview Servicing Silenced and Eliminated the Rights of the other Borrower ( me ) ( the wife ) ( XXXX XXXX ) during the Modification Process. Also, again, we are requesting the property is returned to its Original Maturity Date ( XX/XX/XXXX ). 
XXXX XXXX XXXX XXXX/XXXX  needs to come up with a ( Modified ) and ( Affordable ) way to ( Adjust, etc. ) our mortgage to get rid of those ( 15 ) years off our Commercial Residential Property mortgage. And done with affordable mortgage payments until the ( XXXX ) maturity date ( like the current payments-without the added [ {$500.00} ]. Because I believe we have gone thru enough and the two institutions ( i.e. Bayview Servicing and XXXX XXXX XXXX XXXX/XXXX  ) have taken enough from us and done enough to us. 
So, again, there needs to be a discussion on eliminating those ( 15 years ) off our mortgage and return our maturity date back to the one on the Original Promissory Note [ XX/XX/XXXX ] ( which is the Original Note Bayview and XXXX XXXX XXXX XXXX  kept anyway ). Except eliminating that area of [ XXXX XXXX XXXX Increase ] for only TWO YEARS. Then returning back to the Original Adjustable Promissory Note Rate of approximately [ 10.5 % to 11 % ] to date, and still going. 
XXXX XXXX & XXXX XXXX XXXX XXXX XXXX XXXX XXXX, FL XXXX ( XXXX ) XXXX Affiliated Companies/Financial Institutions : Bayview Loan Servicing , LLC Customer Support Department XXXX XXXX XXXX  XXXX XXXX, XXXX XXXX  XXXX XXXX, FL XXXX ( XXXX ) XXXX https : //www.bayviewloanservicing.com/contact-us/ Loan Owner : XXXX XXXX XXXX XXXX XXXX as Trustee Bayview Commercial Asset Trust 2005-3 MBS Administration XXXX XXXX XXXX , XXXX XXXX  XXXX  , NY XXXX Phone : XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX, NY XXXX XXXX XXXX XXXX XXXX