Bayview Loan Servicing

Does anyone have recent experience with them on a short sale? I am in the process of trying to purchase one. The owner has accepted our offer and now we are waiting. They do have MI. Here are some of the details. The owner owes approximately 400k and our offer is 320k. The offer is 80 percent of the amount owed, so does the this mean that the lender should be OK with the offer and the decision will be up to the MI company? Will they likely ask for some contribution? The offer is right at current comp prices in the neighborhood.

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Permalink Reply by Smitty on August 22, 2011 at 8:10am

If there is MI on the loan, they could ask for more $$$.  I have dealt with them only on one REO property and found they were good to deal with, which was positive because I don't really deal with REO's.  I was trying to help a friend out.

Permalink Reply by Wendy Martin on August 23, 2011 at 1:24am
In my experience the deal will die when there's MI 90% of the time.  Depends on the MI company, and the listing agent/negotiator. Normally the MI company can pay out more to the lender than the short sale proceeds will.  So the seller will be asked to come up with cash and a promissory note to make it work, but generally the seller will not have those resources, and the deal will die.  Do you know the name of the MI company...?  Some will negotiate, some will not.
Permalink Reply by Wendy Martin on August 23, 2011 at 6:40am
By the way I forgot to mention....I closed one short sale with Bayview in 30 days, from list to close, they move FAST.  That short sale did not have MI, but the company was great to work with.
Permalink Reply by Investor on August 23, 2011 at 6:51am
They have been very responsive that I can tell. I am just not sure about the amount of time it may take the MI company to go through their side of the process.
Permalink Reply by Christina Conrad on August 23, 2011 at 10:20am
I have only had one dealing with that company and it wasn't good.
Permalink Reply by Investor on August 25, 2011 at 7:52am
They sent someone out to take pictures of the house right away, but now all is quiet. I guess there is no telling how long it may take. We are locked in for 60 days, but we are over 2 weeks into the process.
Permalink Reply by Loren Hoboy on October 5, 2011 at 5:30am
The lender is Cenlar--Bayview is the processor. We put in an offer back on 4/12/2011 on a fixer.  On 7/13 they countered at a price 30% higher and well above the market.  We countered and still await an response on 10/5 from the investor.  Bayview processor never returns calls, and after contacting her manger, she wrote back that they are 2 weeks behind.  Still no real response.  Worst service I have ever seen form a SS processor and I have seen a number of them.
Permalink Reply by Wendy Martin on October 5, 2011 at 5:54am
Loren Cenlar is one of the worst in my opinion.  They wanted 30k from my seller, and guess what they got it b/c he needed to sell and move out of state.  That means Bayview as the servicer is under some strict guidelines to get the most $$$ for Cenlar.  Good luck, this will be a battle.

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