Lakeview Loan Servicing Bayview Loan Servicing LoanCare LLC Black Knight M&T Bank Flagstar Bank CENLAR Central Loan Administration Inappropriate and/or illegal sales practices, fraudulent sales, scam other

It is my strong suggestion that you do not refinance your mortgage with Bayview Loan Servicing or Lakeview Loan Servicing if your current mortgage is being serviced by one of the following companies:

-M&T Bank

-CENLAR / Central Loan Administrating and Reporting

-Flagstar Bank

-Loancare

IF you are contacted by Lakeview of Bayview, what this means is these companies already own your loan as part of a larger loan portfolio, so when then refinance they still own it, and when they don't, they still own the loan serviced by one of the companies above.

In short, here is how they sell their loans for mortgage refinances.

Raise your principle balance on the new loan, tell you that there are no costs or fees, and tell you that you are skipping a mortgage payment or two.

This is generally all fals and never happens; not typically for any mortgage company.

The reason the raise your principle balance is so you don't have to make a mortgage payment, or two, out of pocket.   So, that's a cost to you because you've already built equity into your home by paying your mortgage.  So, it should be illegal for them to sell the refinance to you this way.  

It's impossible to skip a month mortgage payment.  You never skip a month.  When you pay your mortgage each month, your paying for the interest for the month prior.  

When you refinance, if your not shortening the loan term or keeping it the same to the amount of months you had on your existing loan, then they normally start the term over, which starts the interest over, which is front-weighted, which means you are building less equity in the beginning of the new loan, and increasing your principle balance to do that without telling you is not only a shady practice, it's a cost to you.

They can get away with this legally because you sign off on it all, just assuming what they tell you over the phone is true.  So, by signing any documents, you are agreeing to their terms, the real terms, which are likely not the same as what was told to you over the phone.

If it's truly a zero cost loan with zero fees, and your skipping a month or two, then it should not cost you any money out of pocket and they should not raise yoru principle balance.

Yes, I am a former employee of this company, and I don't endorse any company who uses these sales tactics.  I'm glad they laid my a** off.  Savages.