Taylor Bean and Whitaker recently posted information on their website on where home owners should send their payments after the mortgage company unexpectedly closed.
I tried to give some clarity to Taylor Bean’s instructions on a recent post I put on my blog. However, the feedback I’ve received from homeowners have been mostly of confusion and dissaray.
Two homeowners have told me that they’ve received letters from two different companies saying they’ve taken over the loan servicing. Homeowners are now wondering which of the two companies they should send their payments to. Most have decided to hold on to their money until they can get a straight answer from a higher authority.
Here are a few comments from my original blog post:
Sally says:Received notices from both Cenlar and Roundpoint on the same day, both stating as of Aug. 12 they were servicing my mortgage and I should make my payments to them. I have no way to know which (if either) is correct. As my property taxes haven’t been paid I am concluding that the money I paid at my re-fi closing in June is gone – I’m not inclined to send out any more until the dust settles.
Ryan says:I’m in the same boat as many others. I had an FHA loan with TB&W and have received letters from both Colonial Bank and RoundPoint. Both banks claim that they now own my loan. I’ve called the FDIC hotline and their reported message has zero information on the TB&W closure and there’s no apparent way to get a hold of an FDIC rep. This is just another example of red tape.
I’m hoping that homeowners will continue to share their stories. Hopefully we’ll have some straight answers for everybody. Stay tuned.
RELATED POSTS
http://www.keaneloans.com/2009/08/19/where-do-i-send-my-taylor-bean-payments-to/
http://www.keaneloans.com/2009/08/13/ginnie-mae-president-steps-down/
http://www.keaneloans.com/2009/08/06/taylor-bean-and-whitaker-is-closed-now-what/
Related posts:
I was TBW and paid my August 2009 mortgage payment on Aug. 1. It cleared my back account on Aug. 10. I have now been assigned to Bank of America. Bank of Americal has no information about the $1772.68 Aug. payment I made to TBW. TBW did not pay my homeowners insurance either. Now my escrow is over $3,000 in the negative. There is no money to pay for my taxes, and I have been told by Bank of America that my monthly mortgage payment is going to increase to $2144.00. I have been told that my money and payment history is frozen with TBW assets and no one can say when they will unfreeze. I am getting call after call from Bank of America telling me that I owe my August payment. I have had no luck with anyone to get to the bottom of this situation.
Tiffany,
I’m very sorry to hear your troubles. I’ve read in other articles of escrow issues related to Taylor Bean but this is the first mention of it on my site.
My guess is they’re raising your payment to pay for the escrow balance that wasn’t transferred.
I don’t see how your assets can be frozen with TBW assets. They deposit those funds in an escrow account specifically because the money must be paid for that purpose only.
I would ask them specifically about this. I would also think that if a company is taking over servicing for another, it’s their responsibility, not the borrower’s, to recover those escrowed funds. You paid your taxes and insurance, you don’t need to pay them again and wait for a refund. If Bank of America is going to be paid for servicing the loan (which they do), they should make a larger effort to help you.
I would inquire specifically about the items I mentioned above and let us know how this turns out. I’ll continue to answer questions for you as well. Good luck and best wishes.
Keane