Taylor Bean and Whitaker Trouble: Continued Mortgage Bankruptcy Hearing Update
Added October 22, 2009 by Think Glink Staff
Summary: Taylor Bean and Whitaker Trouble: Continued Mortgage Bankruptcy Hearing Update
Mortgage borrowers are scrambling for answers as their funds have been frozen; What do you do if you receive letters from two different mortgage servicing companies claiming that each one of them is going to service your Taylor Bean and Whitaker loan? We've received an update and past court documents from the United States Bankruptcy court detailing Taylor, Bean Whitaker trouble.
Taylor Bean and Whitaker Trouble: Continued Mortgage Bankruptcy Hearing Update
Taylor Bean & Whitaker Mortgage Company was a hugely successful mortgage origination and servicing company that was affiliated with Colonial BancGroup. On August 5, 2009, it was shut down. Taylor Bean & Whitaker Mortgage Company was based in Alabama, and did a tremendous amount of loan originations in Georgia and Florida. While we have reported a number of stories on the aftermath of the FDIC shutdown of Colonial BancGroup as well as the shutdown of Taylor Bean & Whitaker Mortgage Company after FHA declined to do business with it (following a pullback from Fannie Mae, Freddie Mac and Ginnie Mae), borrowers are growing frustrated with Taylor Bean Whitaker and are waiting for answers from the United States Government Bankruptcy Court.
We’ve learned that hundreds of thousands of mortgage borrowers are scrambling as their funds have been frozen; we were told that Taylor Bean Whitaker loans were to be ported over to Bank of America's Home Loan Services group and performing Freddie Mac loans were supposed to go to Cenlar, a legitimate loan servicing company. What do you do if you receive letters from two different mortgage servicing companies claiming that each one of them is going to service your Taylor Bean and Whitaker loan?
While the problems persist, we’ve just received news that the next Taylor Bean Whitaker hearing is scheduled for November 5th. For more information, you can take a look at the past hearing documents from the United States Bankruptcy Court.
For more information on Taylor Bean and Whitaker and continued mortgage troubles for borrowers, read our past articles.
Taylor Bean & Whitaker Customers Using ‘Equity Accelerator’ Program
Taylor Bean & Whitaker Mortgage Company Update From Sandra Sheley, Georgia Department of Banking and Finance
Taylor Bean and Whitaker: Answers for Taylor Bean and Whitaker Customers
Taylor Bean And Whitaker: Continuing Mortgage Lender Problems
Taylor Bean Whitaker Update: Deadline From Bankruptcy Court
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Comments
larrym says
Thanks for the link to court documents. my insurance payment never made it to the insurance company and tbw or my new servicer don't show the funds in escrow. I had to pay the insurance--now out 2x the insurance payment.
TerriR says
Does anyone have any idea when the payments to Equity Accelerator are to be un-frozen?
hooperd says
I am in the same boat larrym. Cenlar is suppose to be helping me but are almost impossible to get in touch with and have no answers!
FirmanC says
I'm in the same boat as hooperd and larrym. Although I have been able to reach someone I am not getting the answer I deserve. The dates I have been given for resolution keep getting pushed out. Went through a whole refi process as I was told it would be resolved through this process. Got a better rate but still out the $700+ and haven't been able to get the funds from TBW or Cenlar and I had to pay out of pocket for difference in taxes because of it.
JonesB says
Anyone still waiting for their money? I am still being told by Cenlar that my August payment is still frozen in bankruptcy court. I refinanced and had to come up with the payment to close so am still out my August payment made electronically to taylor bean.
Cynthia H says
I received an escrow check from TBW of almost 3 thousand dollars which bounced. I not getting any answers. It's so frustrating. You think they would (the Government) tell us something. Still waiting.
ST says
Cynthia. You're right, you would think TBW and the government would give out more information. You can read the following document from last month on your issue. I guess, Taylor Bean Whitaker is trying to fix the problem, but it has been slow. Here is one of the court motions from last month. http://docs.bmcgroup.com/TBW/docs/flmb_3-09-bk-07047_927.pdf
Gilbert Flores says
Thanks to the bankrupcy court,my last payment to T,B&W is frozen.Bank of America bought our mortgage and they are penalizing us every month over a thousand dollar payment sent in August to T,B&W. Are we supposed to take a loss here? This is just plain big business games,and communism! Who is to blame? Government,T.B&W.,Or Bank of America? We never knew our mortgage was sold until a month too late.No wonder so many home owners are in trouble.It's a huge scam that needs to be investigated.