Blog: Taylor Bean and Whitaker Mortgage Company Hotline Information for Borrowers
Added August 10, 2009 by Ilyce R. Glink
Summary: NEW UPDATE 9/10/09: Today's update is an edited, condensed transcript of my conversation with BOA spokesperson Rick Simon. Cenlar is a legitimate loan servicing company and Roundpoint is NOT A SCAM. The situation is confusing, but not fake. 9/01/09 Yesterday, we reported that Bank of America taking over servicing rights for FHA loans and Ginnie Mae loans previously held by Taylor Bean and Whitaker Mortgage Company.Earlier this month, Taylor Bean and Whitaker Mortgage Company, which is owned by Colonial BancGroup shut its doors. Dozens of Taylor Bean and Whitaker Mortgage Company borrowers called the Clark Howard Show and Ilyce Glink Show to ask what they should do. Should they pay their old loans or new loans? How could they find out if their loans funded? The FDIC and Federal Reserve Bank have set up customer hotlines you can call to get information.
Taylor Bean and Whitaker Mortgage Company Update September 10, 2009
Read my interview with Bank of America spokesperson Rick Simon about how 180,000 loans were ported over from Taylor Bean and Whitaker to Bank of America's Home Loan Services group. Find out what numbers to call if Bank of America's collections department has been calling you.
Taylor Bean and Whitaker Mortgage Company Update September 1, 2009
Performing Freddie Mac loans were supposed to go to Cenlar, which is a legitimate loan servicing company.
When Colonial bank closed, either the bank or the FDIC took all of the Taylor Bean loans Colonial had and gave them to Roundpoint. That company was told they were servicing all of those loans.
Long story short, the loans weren't sorted correctly, so now people are receiving letters from both companies saying they’re being serviced from both. If you are a customer in Georgia in this situation, call the Department of Banking and Finance at (770) 986-1633 or Toll Free at (888) 986-1633.
Read today's blog post for more details
Taylor Bean and Whitaker Mortgage Company Update August 31, 2009
Bank of American is taking over the servicing rights for FHA loans and Ginnie Mae loans only. These government-sponsored loans made up the majority of loans Taylor Bean and Whitaker Mortgage Company was servicing. It includes roughly 100,000 mortgage loans.
According to our source at the Georgia Dept. of Banking and Finance, other servicers will be brought in for Freddie Mac and conventional loans. Those plans are still in the works, and the situation is quite fluid.
The acquisition by Bank of America should be done any day now, according to the Director of Mortgage Supervision at the Georgia Department of Banking and Finance. The big issue now on the table is how Georgia homeowners are supposed to pay their property taxes due tomorrow September 1, 2009.
All of the property tax escrow accounts for Taylor Bean and Whitaker residential loans were held at Colonial Bank, which failed earlier this month. When Colonial Bank went under, the FDIC froze all of its accounts, including thousands held as tax escrow accounts for Georgia and Florida Taylor Bean and Whitaker borrowers. The problem is will the FDIC unfreeze the accounts, or will thousands of Georgia homeowners have to pay their property taxes again because their tax bills may not be paid on time.
The Georgia Department of Banking and Finance is monitoring that situation, working with the FDIC and state representatives daily to try to develop a solution as the situation continues to change.
Bank of American has assured the Georgia Department of Banking and Finance that any payments sent directly to Taylor Bean and Whitaker will not be considered past due even if they are received after the due date.
For more details about the current situation, and how to make payments, check out this story with additional updates on the Taylor Bean and Whitaker Mortgage Company situation.
Also, check back tomorrow. We are trying to get information that will answer some of the concerns brought up in the comments on this page.
Taylor Bean and Whitaker Mortgage Company Files for Bankruptcy: August 24, 2009
Taylor Bean and Whitaker Mortgage Company announced it has filed for bankruptcy protection. The move comes after a virtual shut-down of the company after secondary mortgage market giants Fannie Mae, Freddie Mac, Ginnie Mae, and FHA decided not to work with the company, limiting its ability to originate and refinance mortgages. According to Inside Mortgage Finance, a trade publication, Taylor Bean and Whitaker was the third-largest FHA originator and the twelfth-largest mortgage lender nationwide.
Some 2,000 workers have been laid off from Taylor Bean and Whitaker Mortgage Company, according to media reports.
Taylor Bean and Whitaker Mortgage Company's Notice to Mortgage Customers August 24, 2009
Taylor Bean and Whitaker Mortgage company has posted the following on its website, TaylorBeanonline.com:
AT THIS TIME, TAYLOR, BEAN & WHITAKER MORTGAGE CORP. ("TBW") IS UNABLE TO EITHER OFFER AN ONLINE PAYMENT OPTION OR AUTOMATIC PAYMENT DEDUCTIONS FOR ITS HOME MORTGAGE CUSTOMERS. PLEASE NOTE THAT NO AUTOMATIC DEBIT PAYMENTS HAVE BEEN MADE SINCE AUGUST 10, 2009. MOREOVER, TBW IS NO LONGER SERVICING GINNIE MAE AND FREDDIE MAC LOANS.
FOR HOME MORTGAGE CUSTOMERS WITH A GINNIE MAE LOAN, YOUR LOAN WILL NOW BE SERVICED BY BANK OF AMERICA. BANK OF AMERICA CAN BE REACHED AT 1-800-669-6607. PAYMENTS SHOULD BE SENT TO:
BANK OF AMERICA HOME LOANS, LP PAYMENT PROCESSING P.O. BOX 10334 VAN NUYS, CA 91410-0334
FOR HOME MORTGAGE CUSTOMERS WITH A FREDDIE MAC LOAN, YOUR LOAN WILL NOW BE SERVICED BY ONE OF THE FOLLOWING SERVICERS:
IF YOUR LOAN IS CURRENT, YOUR SERVICER WILL BE CENLAR. CENLAR CAN BE REACHED AT 1-877-680-5583.
IF YOUR LOAN IS NOT CURRENT, YOUR SERVICER WILL EITHER BE SAXON OR OCWEN. SAXON CAN BE REACHED AT 1-888-422-6451. OCWEN CAN BE REACHED AT 1-800-74-OCWEN.
FOR ALL OTHER HOME MORTGAGE CUSTOMERS, PLEASE MAIL YOUR PAYMENT TO THE FOLLOWING ADDRESS:
TAYLOR, BEAN & WHITAKER MORTGAGE CORP. ATTN: CASHIERING 1417 N. MAGNOLIA AVE. OCALA, FL 34475
IT IS IMPORTANT FOR ALL CONSUMERS THAT YOUR LOAN NUMBER IS WRITTEN ON YOUR CHECK AND THAT YOU INCLUDE ANY SPECIAL PAYMENT INSTRUCTIONS SUCH AS ADDITIONAL PAYMENTS TO PRINCIPAL OR ESCROW. USE YOUR TBW LOAN NUMBER UNTIL YOU RECEIVE A NEW LOAN NUMBER FROM YOUR NEW SERVICER.
FOR QUESTIONS ABOUT YOUR FHA-INSURED LOAN, CONTACT FHA’S RESOURCE CENTER AT 1-800-CALL-FHA.
FOR QUESTIONS ABOUT YOUR FREDDIE MAC LOAN, GO TO THE FREDDIE MAC WEBSITE AT WWW.FREDDIEMAC.COM OR CONTACT FREDDIE MAC’S HEADQUARTERS AT (703) 903-2000.
FOR OTHER QUESTIONS, PLEASE CONTACT TBW AT 1-888-225-2164 OR 1-800-530-2602.
Taylor Bean and Whitaker Mortgage Company Shut Down
Taylor, Bean and Whitaker Mortgage Company shut its doors last Wednesday, after FHA said it would no longer do business with the company. Weeks earlier, Fannie Mae and Freddie Mac shut down their relationship with the mortgage brokerage and servicing company.
Last year, Taylor, Bean and Whitaker did $6 billion worth of loans. They were clearly continuing to do many loans right up to the end. When I filled in for Clark Howard on August, 5, 6, and 7, 2009, I received dozens of calls from Taylor, Bean and Whitaker borrowers who wanted to know if their refinances funded and if their loan originations were in trouble. Borrowers wanted to know if they should continue making their payments and if their real estate tax bills would be paid.
UPDATE
The latest news on the Taylor, Bean and Whitaker Mortgage Company comes from the Wall Street Journal. According to the newspaper, Bank of America Corp. is taking over the servicing of all Taylor Bean mortgages that are backed by the FHA.
Taylor, Bean and Whitaker filed for bankruptcy on August 6, just one day after the company announced it was closing its doors.
I suggested that borrowers take the following steps to find out the current status of their loans:
- Contact the closing attorney and try to find out if the mortgage or refinance funded. (If the closing attorney's voice mail line is not accepting new messages and there is no information on the voice mail acknowledging the problem, you can also reach out to the state attorney disciplinary committee to file a complaint. I talked to an ethics expert with the American Bar Association who agreed this would be a prudent course if you cannot get in touch with the attorney.)
- Contact the escrow closing company to find out if the mortgage or refinance funded.
- Contact the state agency that regulates mortgage companies and the state banking regulator. In Georgia, that would be the Georgia Dept. of Banking and Finance.
Today, the Miami Herald wrote a blog about Colonial BancGroup and its acknowledgment that the federal government has opened a criminal investigation and the bank may go into receivership on August 12th. Colonial BancGroup provided funding for Taylor, Bean and Whitaker and may have had a deeper relationship with the mortgage broker.
Colonial BancGroup is FDIC insured. Even if the bank goes into receivership and shuts down, consumers will be protected up to the current limit of $250,000 per person, according to the FDIC.
Taylor Bean and Whitaker and Colonial BancGroup Hotline Information
The FDIC and Federal Reserve has a customer hotline for Taylor Bean and Whitaker customers.
FDIC 877-275-3342 Federal Reserve Bank 888-851-1920
Join us for Ilyce Glink's How to Profit From Foreclosures on October 24, 2009
Are you interested in foreclosures? Do you want to buy one to live in or to rent out to help subsidize your retirement?
If you're interested in foreclosures, you may want to join me for my latest event, HOW TO PROFIT FROM FORECLOSURES. It's going to be an amazing event, filled with experts you can trust! (Why? Because my team and I will vet everyone who is going to be there. You won't be hit up for a pitch to spend $3,500 for someone's DVD program on how to make millions with foreclosures. It's just excellent and honest information.)
At our event, you'll pick up tips from top bankers, agents, lenders and REO specialists on how to find foreclosures and negotiate for them; tips from top tax experts and attorneys who know how to negotiate a foreclosure deal and keep you on the right side of the IRS when it comes to investing in foreclosures; and you'll hear real life stories of successful investors who have made a great living and built up a fantastic amount of equity investing in foreclosures - without gimmicks and expensive DVD tutorials to sell. You'll hear them tell you what has made them rich and successful.
Sign up now for Ilyce Glink's How to Profit from Foreclosures and get YOUR foreclosure questions answered. There are ony a LIMITED NUMBER of early-bird tickets that will be sold. Make sure you get one!
© Ilyce R. Glink. All rights reserved. This content may not be used, distributed, syndicated, compiled or excerpted in any medium or form without written authorization from Think Glink, Inc. For information on syndicating ThinkGlink.com please contact us.
Comments
Jamie Irwin says
Where do these statistics come from? What is your source? A truly informative read, but it should be brought to the publics attention more inadvertently. Perhaps the facts should be reviewed with less biased spin, but hey its a true reflection of modern day society
DG says
I was with Taylor Bean and my taxes were taken out of my escrow account? I now have a negative amount in my escrow account and the county taxes do not show as paid! What do I do as my tax bill is due on Sept. 1st and I do not want to be late or double pay!
steven a landman says
i am caught in the tb&w conundrum. both cenlar and round point mortgage are concurrently asking for my sept. 1st mortgage payment. no one answers to any of 3 phone numbers for tb&w. also, no live answer at the number given for cenlar. round point answers and is very helpful, if indeed they are my new mortgage company(866) 559-8717. don't want to lose a wrongly sent payment, nor be charged late fees if i need to wait too long for clarification.
Jeannie says
We have received payment requests from both Round Point & Cenlar also. The only real person I could get was at Round Point & she told me to just hold the payment until they "figure this out". She indicated they think TB&W may have sold mortgages to more then one company. Now I'm seeing online that Bank of America is taking over all the loans, so what a crazy deal this is.
John says
I paid TB&W my September payment early. The payment cleared my bank on 8/11. My loan was transferred to Cenlar on 8/12. The payment wasn't credited. Now I owe another payment for September. Can't get anyone at either company on the phone or to respond by email. This is very frustrating.
lala says
My taxes are also due on Sept 1st. actually got TBW on the phone yesterday. I am one of the unlucky ones who hasnt been transferred to a new lender yet...they said they plan to make the tax payment but cannot guarentee it. I then asked should I mail in payments minus the escrow amounts and they told me to mail my full payment...so let me get this straight, I am to send them escrow money so they cannot pay my taxes and insurance? WHERE IS OUR GOVERNMENT??? WHY SHOLD PEOPLE WHO ARE RESPONSIBLE AND PAY THEIR BILLS ON TIME CARRY THE WEIGHT FOR THOSE WHO DO NOT??????? PLEASE SOMEONE HELP US
calisurf says
I too have the same issue. 2 mortgage companies. looking for payment. Round Point was helpful stating that their uppermanagement was notified, and they believed that my account was with them. I too got the automated message from Cenlar, "due to unforseen circumstances, we can not take your call" This is one big mess. I made my first payment to RoundPoint before I got my letter from Cenlar. We'll see where this goes, at this point I hope my account stays with RoundPoint since my first impression of Cenlar has been negative which has been inline with other posters.
Allie says
We got behind on our payments with TB&W and they were working with us on a Fresh Start Program, telling us to stay two months behind to qualify for this program, and we were supposed to close this month (August). I called the "Fresh Start" program today to see why I had not heard from them (since I already filled out the closing documents) and I found out that TB&W had shut its doors! Now I am 2 months behind, and have to pay that (originally they were going to cover it, and fix our credit showing that nothing had been paid late) and I have NO $$ to do so. So now I am scared that I am going to lose my home ALL BECAUSE I LISTENED TO THE ADVICE OF MY MORTGAGER!) I don't know what to do!
Yogi says
I just switched to TBW last month and now I have two service companies asking for my first payment. While I already mailed a letter with VOID check (ACH) to RoundPoint. 1 week later I got a letter from Cenlar asking same. TB&W website says - Cenlar. Am I in any trouble? I haven't tried calling any one yet, but I will call tomorrow.
Lara says
We also have received requests for payment from both Cenlar and RoundPoint. What the hell???
Marty says
I hate to say it, but me too. Roundpoint has "opened an investigation" on my loan. Cenlar told me that I have a 60 day grace period, and Roundpoint told me that I have a 30 day grace period.
Jaimi says
I'm in the same boat with Cenlar and Round Point. However, you can do what I did - I called Freddie Mac (who actually holds the loan): 1-800-373-3343 (select option 3). They told me my loan was with Cenlar.
Earle says
We were issued an escrow surplus check from TBW for over a thousand dollars. We cashed the check and have spent the money. The bank has called us and now asked us to replace the money because the check was returned to maker. We are current, our September payment is due, and we have not heard anything from Cenlar. We get busy tones from TBW and Cenlar says they are unable to answer questions at this time. We tried to log in the web site as they recommended with our current loan information and it doesn't work. We would really like to speak to a live and real representative from who will be handling our loan to avoid and negative impact from this matter.
Judy says
I was told by HUD to send my payments to Bank of America as they were taking over ALL TB&W accts after they were shut down. So, I sent a check for my 1st (which was the 2nd of 3 payments on a trial modification being handled by Sparta Servicing) and a check for my 2nd (which TB&W had advised me was going to be modified-of course they closed before that was finalized). I, too, had been told I had to be a month behind to qualify for a modification which I now know was not true. Bank of America received my checks 8/17/09 according to usps; however no one there knows where it is. They have no knowledge of me whatsoever. One person told me they would be returning the checks, then today one said to have my new servicers send them a request to have them send the checks to them. Apparently, Ocwen has my first. I have left 3 messages with the lady who supposedly has my 1 acct who says not to call back as she will return ALL calls within 24 hours. So far no return calls. My 2nd apparently went to 21st mortgage who knew nothing about me, even though TB&W had lied to me back in July saying that 21st had my loan. (I had never heard of 21st, then got a letter from them saying they were going to take over my 2nd Aug. 21st.) I don't think anyone has a freaking clue what is going on. To me it's just like the Cash For Clunkers Plan Obama put out-they tell all these car dealerships to give people up to $4500 for junk cars so they'll purchase a new car. They do, then they have to shut down the program because the government has only reimbursed 4% of the auto dealers who paid their customers on the spot. With this modification program, a million eligibility letters have been sent out and only 9% financed because the government didn't bother to take the time to educate all the servicers beforehand on how to handle all this mess. I have talked to HUD, FHA, Freddie Mac, TB&W, and even sent t a letter to Obama. I also called the US Treasury and the Center for Urban Development. NO ONE knows what is going on. They just transfer you to someone else who doesn't know what is going on. I'm sure that since now my August payments are somewhere sitting on someone's desk who doesn't know what to do with them that in a month or two I will be asked to make triple payments along with late fees along with starting my modification process all over again-that is if the government hasn't shut that program down by then as well. This country is just screwing us so far into the ground that we'll never get out.
denisewildermuth says
this is not a store charge card we talking about here, these are our homes. we need help! how is it so many are left with no one to contact, not even the suposed new holders of our mortgage?
Gloria says
I have been working with someone from the Fresh Start Program and mailed in a partial payment the first week in August because that was what I was supposed to do to get caught up. The person from TB& W's Fresh Start Program and I scheduled payment arrangements to get me caught up. The Refinancing paperwork was overnighted to me in June, I signed everything highlighted and sent it back along with a payment (needed to contact them when the payment is sent), a copy of the Fresh Start Letter, and a personal letter explaining your situation. I did all this and the day I was suppose to send the balance of the refinancing, I learned TB &W had been shut down; Aug 13th. I've left message but no one has returned my calls. I've tried contacting the Customer Relations number "ALL DAY" and its always busy. I researched Bank of America and another Mortgage lender but they are unaware of what has happened. I'm 2 months behind, received a 45-day Foreclosure letter from TB & W but no one has contacted me as to the status of my home. I was advised by Bank of America and several Mortgage lenders to wait until 9/1/09 but don't send money because of the uncertainty of where it may end up. So, I'm still seeking assistance from FHA/HUD in my city to get some answers. I don't want to wait until the new Mortgage Lender contacts me and indicates I need to pay a whopping, balloon payment of more than I can handle!!! Thanks TB& W for making my life miserable. Talking on the phone will not suffice because I cannot get through; the next step is talking with HUD and the Attorney whom drew up the paperwork for my mortgage before its too late.... Everyone, please get in touch with A LIVE PERSON WHO CAN PROVIDE ANSWERS... North Carolina
LJ says
US Government is seriously messed up... Things have been really bad for the past few years, where is the government when we really need you? Really, I don't know what is there for me to do. Calling them won't help me much, and I really don't know who to call.. I paid my mortgage on time, and where the hell did my money go to? Why are there two companies trying to convince me to send them money.. wth is going on..
TBW Customer says
I also received letters from both RoundPoint and Cenlar, and I have come to the conclusion that RoundPoint is a SCAM. When I spoke to the customer service rep at RoundPoint she told me that they were investigating with the FDIC why Cenlar was sending out letters, but she was unable to give me more detailed info on my account, and told me to send a payment before they sent me a statement or payment coupon which would show me what my payment should be. I spoke to someone at FHA and he thought that they sounded fishy and recommended I file a complaint with the FTC, which I have done. He said that the correct servicer would be Cenlar, and when I logged into their website they showed my current principle balance, escrow, etc. RoundPoint had info that the FHA person told me they could get from elsewhere, and he felt that it sounded like they were trying to get me to refinance with them. I really think that they are a scam, and hope that you can put a stop payment on your check. I would also recommend that everyone who receives a letter from RoundPoint file a complaint with the FTC and call your attorney general. It seems they are trying to scam us.
TBW Customer says
Also, I was able to get thru to customer service at Cenlar (after waiting on hold for half an hour) by calling 866-430-9689. I got this number from another message board a few days ago.
Krista says
After several calls to BOA and them not being able to find my loan anywhere, I have not moved on to Cenlar. I have been trying to get through to them for four days and have been on hold with Cenlar for 4 hours now. This is ridiculous. At least BOA answers the phone! Cenlar's hours are 9 am to 6 pm. I have already run the battery down in my cordless and transferred to my desk phone while cordless charges again. I will not hang up until they answer or close. Unbelievable how difficult it is to just find out who I make my payment to. No letters from anyone yet. No clue where my loan is or who owns it now. These online forums have been my only source of information. If a family member had not heard on the nightly news about the TBW crisis, I would have no idea. Wow. Can
Krista says
Thanks for the info on calling Freddie Mac Jaimi. While still on hold with Cenlar (4.5 hours) I was able to get through to the folks at Freddie Mac. They answered in less than 10 minutes (that's how it's supposed to work) and confirmed they do hold my loan. They instructed to wait for the letter before making any payments or phone calls to new service providers. They said new service providers will be sending letters with info on payments and instructions. Again, no late fees, or dings to credit. Hope those letters come soon...and hope this helps someone else out there trying to figure out what to do about their September payments.
Ilyce says
Thanks for all the comments on your experiences with Taylor Bean and Whitaker. We are working to try to get some information on the Cenlar stuff, as well as more information on the tax payments. I'd like to see the Georgia Dept. of Revenue agree to wait for its cash without dinging everyone's credit or forcing people to shell out for another tax bill even though you already have paid out that cash to Taylor Bean in each months' mortgage payment. According to our source, every state is attempting to negotiate with Taylor Bean on its own - so imagine trying to set up 50 calls plus a national call every day with the FDIC. We're on the case and will try to have more answers for you tomorrow. Thanks for stopping by and please let other Taylor Bean customers know we're trying to get some answers for them.
Nish says
I refinanced my loan to Wells Fargo just before Taylor Bean was suspended, I thought I was lucky when I received my escrow refund back from TBW last week but I just got a letter from my bank telling me the check bounced!! Can't get a hold of anyone at TBW, how do I get my back back???
Regina says
I too am mixed up with the TB&W. My loan went to Bank of America. TB&W didn't debit my August payment. I was given a number to contact BofA and when I did they lady told me to not worry about it. They would not be charging any late fees etc. they realized they would have a lot of late payments. she said I would receive my paperwork in a week. (that was on the 19th) still haven't received anything. I just assumed that when I received my paperwork I would make 2 payments. However, yesterday evening around 9:00pm my husband received a voice mail message from Bank of America to call 1-800-604-8630. This morning at 8:30am he received another voicemail message from BofA to call the same number. So I called it and guess what.............It was the Debt Collection Deparment for Bank of America........OMG. I'm in the debt collection department because I haven't made my house payment and I don't even know where I am supposed to make it, or mail it, let alone I don't even know my Account no. This is absurd!!!!!!!!!!!!!!!!!!!!!!
Relieved, Tampa says
I am in the same boat. Went to Freddiemac website and looked at their news from Aug 28th. They say if you receive notices from RoundPoint and Cenlar, make payment to Cenlar....thanks. http://www.freddiemac.com/news/archives/corporate/2009/20090820_tba-qa.html
celena says
I am currently on hold and have been for an hour with TB&W. My August payment has been made but not credited to my new account..... No one knows where my money is!!! very frustrating!!!! No one is very helpful
Scott says
Does anyone know who we need to get in contact with in order to protect ourselves? I don't think anyone is going to protect us from the banks or the government. I am almost ready to get an attorney for this. I couldn't place Augusts payment on the 10th online because that when things went south. Now my second months payment is coming up. Do we really have to kick and scream in order to give someone our money??? I cannot get through on any of the numbers and I have yet to receive any mail on the new mortgage company.
Ilyce says
We will have new information up shortly on the site. Stay tuned.
Angie says
What a terrible mess for all of you! I feel terrible for all the time, frustration and stress this must be causing! I'm wondering about the escrow money for your insurance payments???
Audrey says
Same boat, mailed in August Pmt never knew TB & W was having issues they cashed the check and it cleared my bank August 6th. My loan transfered August 24th to Bank of America and I knew nothing about it, I went to make my Sept payment on line and was shocked to see TB & W wasn't there anymore, called the number it gave got BOA and they were nice, gave me my new account # helped me set up account on line and make my Sept payment. I Didn't even notice my August payment had not been made...BOA's collection department started calling me the very next day (Sept 1) and started to hound me for the August payment. I said I made it, had copies of canceled check for proof, they said ok...I got another call the next day, and the next and today from the same collections at the same Bank of America telling me I am delinquent for August. I have explained to these people every single time they call and faxed them my proof I made the payment and they will not stop calling and it still has not been posted to my loan....I'm so upset! and have no idea what to do
Jackie says
I was using an equity accelerator payment through Paymap. He informed me that the Feds are holding the August payments and that I would not incur any late fees or damage to my credit. I talked to someone at Cenlar as well and she informed of the same.
Dwayne says
I knew this wouldnt be a smooth transition! My loan was transferred to B of A on 8/5 from Taylor Bean. Already I have a call from collections! (I even have an email saying there was no Aug payment due!) And late fees waiver? The agent said no, if I dont get pay by Sept 16 I get a late fee. I aksed if I would get dinged on credit since B of A says I was 30 days late. They said no, I would be grandfathered in for the 1st 60 days. MONITOR YOUR CREDIT REPORTS!!
Ilyce says
Dwayne: Contact BOA's customer service number. There should be a grace period of 60 days from Sept 1, 2009. That should take you through at least part of October (or through it) without any negative reporting to your credit history and without any late fees. I just put up another update. Check it out on today's blog (September 10, 2009). Ilyce Glink
DANIELLE says
I CLOSED A LOAN WITH TB&W ON 6/26/09. I HAVE PAID FOR AN APPRAISAL,($375) ENGINEERING CERTIFICATE, ($450)ENGINEERING WORK ($2600) DONE(OWE). I FOUND OUT MY LOAN DIDN'T FUND 2WKS PRIOR TO WHEN MY 1ST. PAYMENT WAS DUE..MY CURRENT MORTGAGE COMPANY WAS CALLING WANTING MONEY. I RECEIVED A CERTIFIED FORECLOSER NOTICE TO PAY 2MONTHS BACK PAYMENTS IN 7 DAYS OR THEY WOULD START FORECLOSER PROCEDINGS. I HAVE CAUGHT UP ON MY CURRENT MORTGAGE BUT, STILL OWE TAXES AND ENGINEERING WORK AND WILL NEED TO PAY HOUSE INSURANCE IN 2 WEEKS.I HAVE CALLED EVERYONE POSSIBLE TO SEE IF ANYONE HAS PICKED UP MY FHA LOAN ACCT.. I HAVE NOT BEEN ABLE TO FIND ANYONE WHO MIGHT HAVE MY ACCOUNT. I HAVE TRIED TO GO TO OTHER PLACES TO REFINANCE BUT APPARENTLY SINCE I STARTED THE REFINANCE PROCEDURE IN MARCH, MY CREDIT SCORE HAS DROPPED 9 POINTS BELOW THE REQUIRED AVG. I NEED HELP DOES ANYONE OUT THERE HAVE ANY SUGGESTIONS AS TO WHAT I CAN DO? HOW CAN THIS BE DONE LEGALLY? I HAVE SIGNED NOTORIZED LEGAL DOCUMENTS THAT SAY I HAVE CLOSED A LOAN. WHAT WOULD HAPPEN TO ME IF, THE SHOE WAS ON THE OTHER FOOT!!!!... I'M SURE I'D HAVE TO PAY SOMETHING...?????? FRUSTRATED LIKE THE REST OF YOU OUT THERE AND AND DUMBFOUNDED AS TO WHY NOBODY IS RESPONSIBLE FOR HELPING US. BEFORE THE GOV. SHUT THEM DOWN MAYBE THERE SHOULD HAVE BEEN AN ACTION PLAN! MAYBE THE GOV. NEEDS TO STEP UP TO THE PLATE AND SET UP HOTLINES AND MAKE THINGS HAPPEN, MAKE SOMEONE GIVE US THE ANSWERS AND THE RESULTS WE ARE ENTITLED TO. (COMMUNICATION AND ORGANIZATION)
Lanora says
I could just CRY!!!!! I have tried to get a loan modification from TB&W since APRIL!!! I still have the hardship letters that I sent them. I also tried to fax them to no avail. When I FINALLY reached someone on the phone at the time, they told me Oh, you aren't in any trouble, wait until you get behind at least 2months. I knew that I would have a change in my income, where it was going to decrease, however they wouldn't help because I wasn't behind at least 2-3 months. Now that I am behind, and TB&W no longer exists and not knowing where or who to send payments to, I now am being threatened by Bank of America for being behind! I did everything I was suppose to do and now I am being penalized for it. I do not want to lose my home. I am a single parent with a daughter in college trying to do the right thing and always teaching her to trust and now I feel as though I have been stabbed in the back!!! Bank of America never once have tried to check as to why I was late, never checking records that I had tried to work with TB&W months ago. WHO HELPS THE LITTLE PERSON!!!! SOMEONE TELL ME, PLEASE!!!!!!
TB says
I work for a title company and we have don't numerous closing with T,B&W. I was wondering if maybe you would know, or have any information on where the recorded Deed's of Trust and Final Title Policies would go. We have no clue. Does anybody?
Tracey says
TB&W! Bank of America! THEY BOTH DO NOT GIVE ANY STRAIGHT ANSWERS! TOO MANY REPRESENTATIVES - WITH WRONG OR ANSWERS TO SATISFY AT THE MOMENT! NO ONE CALLS BACK! THERE IS NO TRANSCRIPT AS TO THE ENTIRE "CUSTOMER SERVICE" THAT WAS GIVEN BUT YET THEY WANT "FEEDBACK" AS TO HOW WELL THEY SUPPOSEDLY DID! NO WAY! MADE MY AUGUST 2009 MORTGAGE PAYMENT VIA ONLINE BANKING (NOT KNOWING TB&W WAS SHUTTING DOWN, THE MORTGAGE PAYMENT WAS DEBITED FROM MY ACCOUNT (OVER $1,800) AND YET NO ONE CAN FIND IT! I BARELY MAKE THE PAYMENT MONTHLY AS IT IS AND LUCKILY HAVE BEEN ON TIME! NOW, MY QUESTION IS - IF THE CURRENT BANK SAYS IT WILL NOT AFFECT CREDIT/LATE FEES FOR 60 DAYS...WHAT HAPPENS AFTER THAT WHEN IT IS OBVIOUSLY NOT OUR FAULT! I HAVE PROOF OF THE PAYMENT, DEBIT IN WRITING. WHERE'S MY MONEY - WE WILL ALL BE SUFFERING AND STRIVING TO SAVE OUR HOMES AND FEED OUR FAMILIES! WHO TO CALL!!!!!!!!! WE NEED HELP!
TRACEY says
Also...MY HOME INSURANCE WAS INCORPORATED INTO MY TB&W MORTGAGE PAYMENT! THEY NEVER PAID MY HOME MORTGAGE...FOR SOME REASON, I THOUGHT I WAS RESPONSIBLE FOR IT, SO PAID THE HOME INSURANCE FOR THE ENTIRE YEAR OUT OF POCKET...WHERE'S MY HOME INSURANCE MONEY IF IT WAS ALREADY INCLUDED INTO THE MORTGAGE?! MY HOME INSURANCE COMPANY SAID THAT TB&W NEVER PAID THE HOME INSURANCE THE PAST YEAR! I'M OUT OVER $900 PLUS AN AUGUST MORTGAGE PAYMENT! SOMEONE NEEDS TO STEP IN - PRESS CONFERENCE - LAWSUITS - I'M STRESSING AND JUST COMPLETELY LOST! NO ONE CARES ABOUT THE PEOPLE - JUST THEIR OWN PAYCHECKS!
Jim says
I have never received anything from TBW,BOA,Round Point , etc. My loan closed on july 22nd. My first payment was due Sept 1st. I have never received any info from any bank. Called all the numbers and sat on hold for hours. No one has my loan. We closed 2-weeks before the closing of TBW. I have saved my Sept & Oct payment. But as of now no new lender is servicing my loan. Maybe it was list in the big crack....I wish.
jim says
And I will not make any payments until they figure out there mess. This should not be our responsibility. I never signed a document referring to lost, incompetent, and complete disorganization..
TH says
My refinance closed on July 20nd. I received a letter from Cenlar for my old loan, and both TBW and Roundpoint for my new loan. My old loan was not paid-off as it supposed to, and instead was sent to Cenlar as an active loan. Both TBW and Roundpoint claim they service my new loan. I have called numerous times to Cenlar, TBW and RoundPoint, and filed a complaint to State but the issues still remain. Who and how should I contact to get this issue resolved? And after the old loan gets paid-off (I don't know when), how can I make sure that the subsequent released documents are filed correctly? Please help.
Glenda says
I was not going to pay my mortgage until I contacted Clark Howard's company who stated that it was legitimate to send payments to TB&W but with a certified receipt. I sent it by overnight mail on 9/28/09 and it has not been cashed yet. Should I stop payment on the check? In addition to this, on today the 10th of October, I received a tax bill from my county stating that it has not been paid so I owe another 5% penalty and they want the funds from me by 11/15/09. What is going on here? I was told by a representative of TB&W that they were able to keep a small portion of their loans so I should continue to send my payments there. Is that true?
kelley says
hi glenda, i am in the same boat. one thing to note, is that they did cash my aug and sept, it took awhile but they will cash them. apparently they have about 10,000 loans with them, supposedly we are getting new lenders, but who knows,
TH says
My refinance closed in July and still has lots of issues. My old loan is not paid off as it supposed to be, and was trasfered to Cenlar. And both TBW and Roundpoint claimed they service my new loan. I have contacted TBW, and they told me that they are working through the bankruptcy court process to resolve the issues, but have no estimated date. What exactly am I looking for for the October 31st deadline? Is my old loan supposed to be paid-off and the subsequent documents be released by Oct 31st? Nobody gave me a straight answer. And what happen to my tax lien if my old loan is not paid-off? I still have an escrow balance in my old loan, and who knows what happens to it. What should I do??? I sent my Sept and Oct payments to TBW for my new loan, and they cashed the checks and applied the payments. But RoundPoint still said that they had my new loan. I have sent RoundPoint a letter, but no word from them.
DB says
I would also like to know were my escrow money went. Bank of America is raising my mortgage payment because I have a shortage in escrow now. Bof A says they may have answers in the future, but till then I will just have to pay the new "adjusted" mortgage payment.
Where is "OUR" Bailout! says
Why isn't this situation all over 60 MINUTES? I guess the government is too worried about making sure those AIG executives get their bonuses. Guess this won't make the evening news... Might hurt Obama's public opinion poll! Why did they let TBW continue to make loans knowing fully they were on the verge of collapse... Totally irresponsible... Where's our escrow? TBW Executives are probably sitting in Vegas planning their new bonus distribution plan with escrow dollars... HELP!!
TH says
My refinance is still not resolved. My old loan is not paid-off. My new loan is still with TBW. My old loan still has an escrow balance. I keep paying every month to the escrow for the new loan, but TBW doesn't pay my tax!!! All they said was waiting for court order!!! I don't have a choice not to pay the escrow, but they have an excuse not to pay my tax!!! They collect my money every month to put to their pocket? Do I have to file some kind of claim to the bankruptcy court to get my escrow money? or to get the fund so my old loan can get paid-off? I'm afraid that all the money will go to the big company that have big lawyers, not us even though that is OUR MONEY!!
TH says
My refinance with TBW is a nightmare. SInce the end of July, TBW has not resolved it. My old loan is not paid off as it supposed to. My new loan is still with TBW. I pay TBW every month (principle + interest + escrow). But TBW said that they are not sure if they will pay my tax since they are waiting for the court order. Can I just not paying the escrow and pay only principle/interest to TBW? What will happen to my escrow? According to the claim for bankruptcy court, we can claim only the amount (escrow) that TBW owed before they filed bancruptcy?? So how can I get the escrow that I paid them from August till now? I need HELP, PLEASE!!!
TH says
My loan is still with TBW untill now. I pay them every month (principle+interest+escrow). Is my money safe? Does the bankruptcy court cover only the money that TBW owed before it filed for bankruptcy? TBW holds my escrow money, but didn't pay for my tax. I have to pay tax out of my pocket. Can I get back my escrow that I paid after they filed for bankruptcy?
dd says
My problem with CENLAR is they are claiming they did not receive my last pmt to TB&W in August. I filled out autodraft forms for CENLAR and they are not drafting my acct even though I was sent a confirmation letter stating they would the 5th of the month. The reason they say they are not is because I am past due for my August pmt sent to TB&W before the takeover by Cenlar. I have paid every month on time and this is 4 months past the takeover why have they not got their paperwork straight and why don't we have a customer svc dept who can rectify this whole mess. I can fax all my pmts to TB&W (check copies) if I knew where to fax to. As it is every month I have to call them to autodraft my check acct and I am worried they will double draft my acct.
lucy says
has anyone on this board been transferred to AHMSI from TBW? If so is their escrow there? They are refusing to make my tax payment due last week even though there are ample funds in my escrow account, they are telling me the money isnt there, TBW is telling me in fact it was transferred to them...help!
Goldwing says
We are still waiting for our escrow? Does anybody know anymore about the escrow cks which are due to us? Still waiting????
Ann and Dan Bopp says
Our property taxes were due to the county in October and our homeowners insurance is due in January. Nothing has been paid. I get the same story everytime I call TBW...it's up to the courts....
Pete says
Check your transfer balance with roundpoint I just did a complaint with the Virginia Banking commission because roundpoint had a different total amount than TBW transferred. Turned out Roundpoint had added $800 to my total. This has been fixed since my complaint. Check your numbers!!!!!
KD says
My husband and I are in the process of purchasing a home owned by Taylor Bean. Escrow is having a horrible time trying to get the deed for the house. Has anyone else had this problem?
TH says
What is going on with TBW now? My refinance is still unresolved... my old loan is still not pay-off... my new loan is still serviced by TBW... my tax is not paid... my escrow account is still frozen... Nobody gave me any news about this... just 'Wait for court order". What should I do? HELP, PLEASE.
Sonja says
I had my mortgage through TBW just like everyone else. BOA now has my loan. BOA has increased my monthly payment to cover my insurance. How do I get my money that TBW had in my escrow account. How do I get my money? It's not fair that we have not been informed about our money...
Inge says
TBW had a 50 Acres tract of land listed. My client had a contract on this property. Then TBW realized that they owned only 25 Acres but would not reduce the Sales Price. Then TBW withdraw the contract because they had not foreclosure the property correctly. Has anyone else experience this?