Business ProfileforBayfield Mortgage Professionals Ltd.

I had a 2nd mortgage of $50,000 with Bayfield, commencing January 14 2019 renewable annually. In November 2022, issued renewal documents that i did not renew; they provided a payout balance greater than the principal borrowed, after 3 years of payments and their annual renewal fees! They corrected the payout figure as at January 14 2023 - confirmed in the Statement of Adjustments I signed as I was refinancing with a **** ****** **** **** reverse mortgage BUT Bayfield attempted to process their renewal debit from my chequing account January 15 2023 - declined - I DID NOT AUTHORIZE RENEWAL as confirmed November 2022 when they provided me with their corrected payout balance as at January 14 2023. Bayfield requested a greater payout amount from **** ****** ****, more than I had borrowed in 2019 & **** ****** **** paid it without consulting me. My *** Mortgage Broker & **** ****** **** have been unsuccessful in getting Bayfield to refund my overpayment; they are all ‘circling their wagons’ in their feeble attempt to justify the payment made to Bayfield. I appreciate that the monthly mortgage payments that I made over the 3 years are largely applied to interest with very little actually reducing the principal, particularly since this 2nd mortgage was at a considerably higher than market interest rates & compounded monthly BUT none of my supposed agents understand that Bayfield is not entitled to a PAYOUT BALANCE that exceeds the amount borrowed and on which all monthly payments and annual renewal fees were paid for the duration of the mortgage. Bayfield is entitled to their corrected payout balance that included their $75.00 discharge fee, as at January 14 2023 plus their daily interest charge, January 15 2023, to January 26 2023, the date they received the payout cheque from **** ****** ****. Bayfield have refused to refund my overpayment that **** ****** **** issued to them in error from the funds provided under the **** refinancing amount.