Blog: Taylor Bean & Whitaker Mortgage Company Frozen Accounts
Added September 15, 2009 by Ilyce R. GlinkSummary: Taylor Bean & Whitaker Mortgage Company Update: September 15, 2009: Taylor Bean & Whitaker frozen accounts. We're hearing from a number of Taylor Bean & Whitaker customers that their accounts have been frozen. Is this happening to you? Please leave your story or question here. I'm currently waiting for a response from Bank of America.
Taylor Bean & Whitaker Mortgage Company Update - September 15, 2009
We're hearing from a number of Taylor Bean & Whitaker customers whose have accounts have been frozen for some unknown reasons. We're also hearing that Cenlar's toll-free number is no longer being answered.
Here's today's question:
Ilyce: My question pertains to the Taylor, Bean & Whitaker bankruptcy/frozen account issue. I participate in the Equity Accelerator Program (Paymap Inc.) that was originally sponsored by Taylor, Bean & Whitaker.
I refinanced my Taylor Bean & Whitaker loan with Bank of America and the Equity Accelerator program has been deducting my mortgage payments and sending them to Bank of America. I have just been advised that three August debits totaling $2,844 are part of the asset portfolio that was frozen by the FDIC.
Equity Accelerator has not been able to articulate why Bank of America mortgage payments were being routed through Taylor Bean & Whitaker. They also assured me that Bank of America was in the loop and that I wouldn't be subject to late fees or credit issues resulting from a late or missed payment. I called Bank of America to confirm and neither statement was true. In fact, they were pretty clueless and referred me to Aegis who manages their accelerator program.
Aegis had my records and also indicated that my payments were frozen. Can you explain to me how my Bank of America mortgage payments would be processed via a Taylor Bean & Whitaker account and why Bank of America would have no knowledge of the issue?
I would also like to understand how I got caught up in this if Aegis was managing the Equity Accelerator payments to Bank of America. I would also like to know if I can expect to recover my money.
From, William
William, I can't explain this, but I have sent along your question to the folks at Bank of America for comment. I will also make sure someone from the FDIC sees it. I don't know what state you live in, but your first call should be to the banks and mortgage lender regulator in your state. In Georgia, that's the Georgia Dept. of Banking and Finance. Each state has someone managing the Taylor Bean & Whitaker issue (whether full-time, as the regulators in the Southeast are finding they're swamped and need a full-time person to manage all of the calls) or part-time.
Stay with it. I have been repeatedly assured by the Bank of America team that as long as you have tried to make your payments, you will not be dinged on your credit, nor will you be charged late fees.
I've said it before and I'll say it again: I think the issues with Taylor Bean & Whitaker go pretty deep. I think that there was some funny playing around with the money and I wouldn't be surprised if we see charges brought up against the folks who owned Taylor Bean & Whitaker as well as Colonial BancGroup. How these entities are all tied together - well, I don't have those answers yet.
But stay tuned. I'll continue to update the site as new answers come in.
For those of you concerned about Cenlar, it does appear that Cenlar is no longer answering its toll-free number. I'll see if I can find another one.
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Comments
Dawn says
TBW is holding on to my account for some reason. They called me on my due date which they have never done wanting my Sep. payment. I told them I did not feel secure sending my money to thieves. Why won't they transfer my account to another lending institution? It has me pretty worried.
Ilyce says
Dawn: I'm not sure why TBW is still collecting for anyone at the moment. I was under the impression that all loans were transferred to other servicers at the moment. Do you have a government-backed loan? If so, then you should call Bank of America's home loan servicing number. You can also contact your state department of banking and finance, which regulates all mortgage lenders to find out where your loan has been assigned. Stay tuned - we'll be trying to get additional information. Ilyce Glink
Dawn says
Thank you for responding. I do not have a gov. backed loan I have a conventional loan. The lady said they were holding some loans because they were going to restructure.
Tracey says
Our loan is paid through Equity Accelerator. The loan was originally with TBW and was sold to Wells Fargo about 5 years ago. I did notice last year that they payment still said Taylor Bean when it was deducted from checking. I asked Equity Accelerator about this and they assured me it was just a "system" thing and would never affect our payment. HA!! This past week I noticed that our bi weekly payment was not deducted from checking. I called Wells Fargo and they said to call Equity Accelerator. When I called them they informed me that the FDIC had raided TBW and since our payment was still "coded" as TBW in their system it was frozen. They assured me that Wells Fargo knew all about the situation and would be happy to help me. Four phone calls to WF and an hour on hold proved them wrong. Finally a supervisor at WF helped me this morning and I am sending a payment to them tomorrow. Our other payment is still frozen with Equity Accelerator and I have no idea what do about that. They said they would send me a letter when the account was unfrozen by the courts and I could decide what to do with it. I am very frustrated and I have no idea if there is anything else I can do?
Tom says
I am in the same situation as many others. I live in Texas and my loan is thru chase, we were not notified on anything we just noticed that Equity Accelarator did not withdraw money from our account the past two weeks. for some reason we are under taylor bean and whitaker thru equity accelarator. They at this point have not made our Sept. mortgage payment, plus they have additional money above and beyond my payment. Does anyone have the number for who to contact in the state of texas? Thanks, Tom
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?
Tom says
Does anyone know the Bankruptcy court where they have filed their chapter 11? Thanks
ST says
filed for bankruptcy in Middle District of Florida (case 09-07047)
Tom says
Thanks ST for the response, here is the phone number for the attorney representing TB&W 813-229-0144
Holly says
I had the same problem as Tracy. We had the equity accelerator program and our loan was sold to Wells Fargo, but was still taken out through Taylor Bean and Whitaker. My August payments were withdrawn and the Equity accelerator program could not draw on them to pay my september payment, so my payment was late. I called after 2 payments were not withdrawn, and got the same runaround "the bankruptcy court had frozen the assets." So, i made my payment directly to weels fargo, who tried to charge me late fees and payment fees. I got the fees reversed, but then when I tried to set up biweekly payments, I was told I could not until the account was unfrozen or closed . . .so after a 2 hour round-about, I found out that I had closed the account in my first half hour on the phone, and it would take 24-48 hours to process, and THEN I would be able to do equity accelerator, but not until I make October's payment . . . so now I have my September payment frozen that was deducted through equity accelerator . . .at least I figured it out in time so that I didn't have to pay the fees, and I canceled that account. Keep track of who you talk to. It works!
mike says
Has anyone verified if August payments were posted or were some frozen as well?
J.D. says
I just found out that the equity accelerator program I was using through TBW that would deduct bi-monthly withdrew funds on 8/17. How could they withdraw on 8/17 if fund were frozen on 8/10? Also, I have verified that my August payment was made, just not my September.
Terri says
I am also on the Equity accelerator program, deducting bi-weekly. My loan was transferred to Bank of America. My August payment was made, had 3 withdrawals in August, September payment not made because of the frozen accounts. B of A said I had 60 days from the date of the bankruptcy filing to make my September payment with no penalties which will be Oct 4th. But October's is also due. I can't come up with both month's payments at once. Will I get my money back after they unfreeze these payments? What happens to it? How long does it normally take to unfreeze the accounts? This wasn't my choice, why should I get penalized?
mike says
make your oct payment on time. it will most likely pay your sep payment due. when the funds are released from equity acc. they will pay your oct payment and your credit will not be dinged, and you will be current. this is what i am doing
Gary says
Good to know I'm not alone, but that is of very little solace. My mortgage was with TBW and we were also using the PayMap equity accelerator service. My mortgage was moved to Cenlar and after receiving their introductory letter, I immediately called PayMap and verified that they had all the information on where to direct my funds and I need not do anything. On September 9th, while balancing our checkbook, my wife noticed that our regular bi-weekly payment had not been withdrawn. The next day I called PayMap and that is where the fun started. The person I spoke with that day told me about the FDIC freezing the accounts and said that "a letter had been sent out" informing PayMap customers of the situation. I had not received the letter and she said they had learned of the situation on 9/1/09. On 9/14 after still receiving no letter, I first called the FDIC. They had little to no information for me and directed me back at TBW claiming they had the most information. TBW said they had stopped accepting all payments in mid-August so my money "must be with PayMap" so I was then on the phone with PayMap again! The rep at PayMap I got this time said there was no letter sent out to customers, in complete contradiction to what I had been told before. He was able to let me know that my money was sitting in a custodial account owned by TBW. He was unable, however, to let me know where that was - no bank name, no nothing. I found it incredible that he found my question as to where PayMap directed my money as a strange one and claimed he had no idea. I told him SOMEONE must know where my money goes after being debited and at that point he offered up the FAX number of the legal department. I scoffed at both having to talk to legal AND only being given a fax number. He said he had no way of transferring me or giving me a phone number to call. At this point, I asked for his supervisor. I spoke with the supervisor (Aaron - direct dial 720-332-4148) who gave me the THIRD version of the "letter" story I had heard. He told me that a letter was "currently being drafted" by their legal department informing their customers of the situation. I couldn't believe it. Here we were halfway through September and had my wife not been on top of our finances we might not have known that our September mortgage payment had not been made! Aaron was able to confirm that the custodial account in question was held at Colonial Bank. Guess what? They've gone belly up! I immediately called Cenlar and let them know that they would be getting our payment late. We are lucky that we were able to move money around and make the payment, but I have to assume there are hundreds, if not thousands, of people that are being forced to come up with additional money for a mortgage payment. My next step, based on the above responses, will be to call my state banking regulators to see what they can tell me. My questions at this point, which no one can answer, are: What happens to my money once the account becomes "unfrozen" and what is a likely ETA on that happening? The most infuriating thing about this whole situation has been the lack of information provided to we the customers. Counting the "welcome" letter I received from Cenlar in mid-August, I have received ONE piece of mail about this whole deal. Nothing from TBW, Cenlar, PayMap, or the FDIC. ZERO. How can that be allowed to happen?
Gary says
Came across this today, from last week (9/17) http://www.ocala.com/article/20090917/ARTICLES/909171017/1001/NEWS01?Title=Deal-would-unfreeze-TBW-mortgage-escrow-payments
Alan says
I like many others have Equity Accelerator through PayMap. When I refinanced with GMAC I restarted the service through themand fell int the same situation, Aug deductions made and NO payment in Sept. Called PayMAp and the same run-around, them stating that a letter was sent to the banks notifying them. GMAC has no knowledge of any of this and if I do not make a payment before 30 days my credit will suffer. I blame Paymap for failing to notify customers that this is happening and and at least giving us some correspondence that we can show the current lender to explain the situation.
Tom says
I am in the same boat as many of you, we made our Sept. pmt. on the 18th. and chase waived the late fees for us. We then cancelled equity accelerator and opened up a savings at our bank, they will automatically deduct funds from our checking every week and put it into savings, we then set up our mortage to draft from our new savings. This allows us to control what is happening and ther is no third party involved, and we still make an extra pmt + every year to pay our mortgage of faster. Good luck to everyone out there I am just greatfull to have the funds to make our pmt. Hopefully I will get my 1900.00 dollars back from equity accelerator.
Tom in AZ says
I have almost the exact same situation as Terry... Really not sure what to do at this point - been on the phone with Equity Accelerator a few times trying to get some documentation out of them and getting the run around. What concerns me (besides the funds getting pulled after bankruptcy was declared, and the overall "fishy-ness" of the story and timelines I get from teh Accelerator people) is that I don't see much commentary about folks that used teh accelerator program with other lenders getting their money back... Does anyone know what the next step is to try to claim our funds?
Tracy says
I am in the EXACT same situation as Gary, I almost felt like I was reading my own story! I am infuriated that I called Equity Accelerator on Tuesday for an update and as always they told me that they had no updates and asked me to not call until next month! You know what, I'll call as often as I want to, as they are holding MY money! There was a bankruptcy hearing scheduled for 9/21, but it looks like it has been rescheduled to 10/8, so I'm sure this thing is going to drag on longer. Keep this alive so we can all get our money back.
Ilyce Glink, ThinkGlink.com says
We are trying to get some answers for you from Equity Accelerator and others. The best advice I can give you right now it to pester your state banking and mortgage lender regulator to get them to take action to move things along. Not sure why this has gotten so gummed up, but hopefully we'll have an update soon. Please check back for more details.
Matt in OH says
too was with the TBW equity accelerator program. I also found out when my most recent payment was not deducted from my checking account. I reveived NO notice from anyone. My mortgage is with Wells Fargo (actually after some digging I found that it's actually a Freddie-Mac mortgage SERVICED by Wells Fargo). I am in the tank for $4200. WaMu (who is also tanked) sold my original mortgage (servicing) to Wells-Fargo. They used TBW to manage the equity accelartor. In actuallity, it's WESTERN-UNION who manages the accelarator program. They told me since TBW was a "third party" that those funds were frozen. They did acknowledge how much I had frozen in a "cuatodial account" but would not say anything about where or who was holdding the account. I inspected my original TBW agreement and it states that it is FDIC insured. We will see where that goes. What really makes me mad is the Western-Union people I spoke to (representing TBW) said Wells-Fargo would not make any late fees or damage my credit for 90 days. Ha! hen I called Wells-Fargo I found they already assessd me a lete fee. However Wells-Fargo waved the fee based on my past credit with them. I also found the bankrupcy is in the central Fl district in Jacksonville. You can go there to see how to file a claim I did. What a Mess. If anyone wants to know more e-mail me at drmbb@cinci.rr.com.
Tracy says
I have also found out that the judge for the bankruptcy hearing is Judge Funk so if you search for central fl bankruptcy court, you can find Judge Funk's calendar and phone numbers. I found out that the hearing was scheduled for 9/21 but for some reason has been rescheduled to 10/8. maybe if enough people call they will move it up, we can only hope. what i'm most upset about is how unprofessional equity accelerator has been in not informing its customers of what is going on. whenever i called there at the beginning of this week, they had no answers for me and asked me not to call until next month. you know what, i'll call as much as i want, because it is my money and not theirs, and I want it back. they claim to not know what's going on, but they have to know something. all they need to do is make a few phone calls or look on the internet like us consumers.
Pam says
I came home today to find a letter from my mortgage company informing that TRW did not make my September payment to Provident Funding, then another letter from Provident Funding informing me that TRW has applied for Bankruptcy and that I should be making my payment independent of TRW. Provident did charge me a late fee, that they were unwilling to wave, costing me another $90. TRW last withdraw from my account was on 8/28. I called Citibank and had them remove TRW from having access to my account. The Citibank representative on the phone did not want to cancel, saying she needed approval of the merchant! I had to threaten her with closing my account before she would do it. One wonder who really controls our money. Unfortunately I live close to the edge and making a double payment will be difficult. I guess can forge for food, dumpster diving seems to be a new popular sport.
Pam says
I came home today to find a letter from my mortgage company informing that TBW did not make my September payment to Provident Funding, then another letter from Provident Funding informing me that TBW has applied for Bankruptcy and that I should be making my payment independent of TRW. Provident did charge me a late fee, that they were unwilling to wave, costing me another $90. TBW last withdraw from my account was on 8/28. I called Citibank and had them remove TBW from having access to my account. The Citibank representative on the phone did not want to cancel, saying she needed approval of the merchant! I had to threaten her with closing my account before she would do it. One wonder who really controls our money. Unfortunately I live close to the edge and making a double payment will be difficult. I guess can forge for food, dumpster diving seems to be a new popular sport.
Regina from IL says
Same story -- TB&W Equity Accelerator withdrew funds as scheduled on 8/14 and 8/28. On 9/14 I came to find out that they had not yet made my September mortgage payment. First thing I did was call my lender (Chase) and while they were sympathetic basically said "too bad so sad, we want our $$". Second thing I did was go to my bank (PNC/National City). I found the initial bankruptcy request filing documentation on-line which I printed up and brought with me. I maintained that since Colonial Bank froze TBW's accounts (or their one checking account according to the Colonial Bank folks) on AUGUST 5, that TBW withdrew funds from my account not once, but twice -- fully knowing there was not a darn thing they could do with that money. If that is not robbery, I don't know what is. Apparently my bank agreed with me because they redeposited the funds about one week later. I made my Sept payment to Chase on 9/18 and they did waive the late fee. When I first contacted TBW Equity Accelerator on 9/14 I was told I would have a letter of explanation faxed to me the next business day; the Colonial Bank folks said they would have the FDIC contact me. Neither of those promises were kept -- no surprise there. The real surprise and stupidity is that today I received not one but FOUR computer generated letters from the Equity Accelerator folks saying there was a problem with my account and I needed to call them right away. I did call them and told them THEY were the problem. I was assured that they have been denied future access to my account "at the customer's request" . . . but it was suggested to me that when everything gets straightened out I could call them and they would start things up again FAT CHANCE!!
Eric J says
We see to be in the same boat. Bank Of America got our loan from TBW. We had been making twice monthly payments thru equity accelerator, which continues to take money every other week from our checking. BoA is not getting paid however. They are asking for Sept payment but we have already had the money deducted from our checking by the Equity Accelerator. I need to stop this and get the money recovered to BoA. Anybody know what the best way to make Equity Accelerator cease and desist from hitting our checking account? Do I just go to the bank and stop payment? (we bank with Chase on a day to day basis.) Does anybody know how to contact Equity accelerator by phone? Eric
Gary says
Eric - I've had the most luck (though still not much) calling Aaron, a supervisor at PayMap Equity Accelerator, directly: (Aaron - direct dial 720-332-4148)
mary says
My experience with dealing with Taylor Bean and Whitaker was a short while,being with Bank America now I am learing that my payment for August which was made on 08/07/2009 electronally ACH debit has never been credited made my september payment on 09/09/2009 but they still say I owe September. I have spoken to so many agencys Georgia Banking and finance, Occ, Bank of america,Executive office customerer care,FDIC,I now have it in the hands of the United State Senate office I have, requested review on account with Federal Housing and Urban Development. I can feel for all the other consumers that are in the same situation,I have faxed confirmation to BAC from my bank.This was filed but not posted as my payment,I am thinking about get my information together and get the news media to my front door as there are so many of us in this limbo.I have been researching on this since 08/10/2009 when I tried to verify my payment.This is an FHA loan wouldn't people payments be backed uped by such????
Ryan In OKC says
We sold our house on 7-30-09. this is when the mortgage was paid in full. I still have not recieved my escrow refund. I called TBW and they stated that they can not issue any refunds until the court hearings and complete. My question is does anyone know the status of the case? I could surely use the money as i know we all could since we had to come up with the payments that weren't made or funds not refunded. Is there anyone to call that can actually tell me the status of the case?
Michael says
Ryan In OKC, Im in the same boat, I refinanced in August with Citi Bank and TBW owed me an escrow refund, but now its bank of america who owes and until they unfreeze the funds we aint seeing no money, Everyone Ive spoken with said it could take another 60 to 90 days before any money makes it out.
mary says
I live in Augusta Georgia, made payment to TBW on 08/07/2009 electronically ACH through bank, as of 09/28/2009 no credit given,I received welcome letter from Bank of Ameriaca on 09/05/2009,I have been like a paid clerk since August 10th,calling FHA,Bank and financing of georgia, the OCC,I have talked to Bank of America at least three times a week,I have spoke to the Attorney General office, sent letter to the senators office of Georgia,wow I guess it is time to get the news media to report from my area incase there are others in the same situation.If we were on the other side of the fence as consumers,and not respond to or make our payments, what would my mail be like past due notices,endless telephone calls,and then forclosure,gosh why cant we get no answers, I am now preparing to report to bbb in georgia as well as Florida,I am a heart patient that has died five times and I dont need this stress on me........All I want is a few answers and most of all credit for my payment that they have been sent confirmation from my bank on that I deserve If you have been transfered to Bak of America they also have a exective customer service office
Kristine says
I called TBW yesterday since I had received a statement for October. They said they would no longer be sending statements out and that since my mortgage has not been picked up by another institution I should continue to send my payments to their cashiering department in Florida. How do I know that my payments are actually being credited to my account? Anyone else in this situation? What do I do?
Erica says
I live in Maryland and made payments thru a third party "Equity Accelerator", for my mortgage to TBW, what I am most disappointed about is no one wrote to anyone to explain the situation. At least we would of been prepare to make arrangement to make our Sept payment and not be stress out and protect our credit rating. My suggest to everyone instead of using a third party to make your payments, paid a extra payment a year yourself, I will not be using any third party to make any of my payment ever again
Molly says
My husband and I are also living in the nightmare that Taylor Bean has created. We had made our August payment to them using their Bill Matrix system. They took the money out of our bank account, but when our loan was transferred to BOA they never sent them that payment. Better yet, TB&W never posted that payment to our account. After working with them for over 2 weeks, they finally tell us that all the TB&W funds are frozen and they can not release any funds. Now we are showing 1 month behind. What makes this worse is that we are in the process of refinancing our loan, but we can't get a correct payoff all b/c TB&W won't give BOA our money. How can they do this? This has got to be illegal. I would love to file a suit against them for the trouble they have cause my family. We don't have much more time before BOA will start to report to the credit bureau.
Andrew says
TB&W, I thought I was done with them. They spun off our debt to BoA, and we began making payments on the new account. But, this month TB&W tried to cash a check against my account! This caused a cascade of NSF fees. I cant tell you how angry I am at these crooks
Hennessy says
I am among the many that are being screwed for being an honest bill paing person. From two days of nonstop calling and arguing I have found out the following (not that it will be an comfort); when you entered the Paymap Inc, Equit accelerator program you were sponsered by TBW. Regardless ofd who your mortgage is now with, TBW is still your link to the program. This means technically you pay your mortgage payment to TBW bimonthly. THey take and hold your money until paymap asks them for it. Then paymap makes your paymap. It is a little more complicated because each business along the way holds and invests your money briefly to make their profit off of you. To add to the mix TBW did hold the money themselves. They gave it to other banks to hold for them. One of them being Colonial bank who the FDIC closed in early August. As far as TBW the FDIC did not close them. The problem is they declared bankruptcy. THerefore all accounts have been frozen by the bankruptcy court.
DW says
I too have a TBW loan. I refinanced the original loan amount through a TBW refinance program. The new loan funded on July 26th. The original loan with a monthly payment of $1400 was some how transferred to BOA and also TBW is showing that they hold the new refinance loan of $1200. So now I have 2 first mortgages. Go figure......... What is there to do now??? BOA has been no help at all and they are also showing me 4 months behind on payments, which I was not late with TBW on any. They are saying that they are also going to start foreclosure proceedings. I can say that now I will definately be late on any and all payments till someone can prove which loan is valid.
Kelly says
For some reason TB&W is holding on to my loan. Since they are in bankruptcy, their accounts are frozen so they won't disperse from my escrow accounts to my insurance or taxes. Now I have a bill from my insurance saying it will cancel if I don't pay. It is so frustrating. I can't afford to pay twice for something. I just don't know what to do. I don't want to pay TB&W if they aren't using my escrow account correctly. I might not pay and just wait and see what happens. I feel they are stealing my money!
Holly says
Kelly - we are going through the same nightmare at you! Our taxes were due on 9/15 and TB and W did not pay them or give us any notice they weren't going to pay them. I feel like we need to report this somewhere. I have called lawyers but do you think we can report this to the government to help us?? My husband and I are going to be out 1500 this month because we don't want more late fees on our taxes.
Pam in az says
Same deal - taxes and insurance weren't paid. make sure you are all checking on that!
Holly says
Pam -- do you know if there is somewhere we can report this and at least get clearer answers?
Ilyce says
Pam in AZ: We are checking on that. Some of these tax and insurance payments are starting to be paid. We are checking in weekly with the Georgia Dept of Banking and Finance and the FDIC. We will continue to report on what's going on with Taylor Bean and Whitaker.
Ilyce says
Holly: we're searching for places for you to report the goings on with Taylor Bean and Whitaker. Please check out our other reports. October 31 is a big deadline for the TBW stuff.
Jennfier says
I too have been dealing with the TBW and Equity Acc. issues. Does anyone have any updates as of 10/13? I too have funds that have been :frozen" until further notice and as of Fridya, no one at TBW, EA, or Bank of America know anything!
Coder says
It appears that Judge Funk has another TB&W hearing scheduled on 10/15/2009, but no hearing scheduled for 10/31/2009. So much for a supposed deadline!
Coder says
There is also another hearing scheduled for 11/5/2009. I will be reviewing the list of motions and orders tomorrow with my attorney. More info to come...
NotSoLuckyINKentucky says
Same situation, was told by equity accelerator people that TBW is holding my AUGUST payment (frozen acct) and that the equity accelerator people have my sept...putting me 60 dys past due, and in 2 days my oct. payment is due. I did cease the eq. acc. people from EVER TOUCHING MY CHECKING ACCOUNT AGAIN but that doesn't help me being 60 days behind. I have the money to pay my oct. payment but when I do it will go toward august, and my pymt in nov. will go toward sept. etc until my money is released from whoever the heck has it. If they do reverse any late charges at all, I know they aren't going to reverse several of them....did TBW not have the court date on 10/8 as earlier mentioned? My god this is nuts....I can't believe companies can get away with this. I never received anything from TBW, first notice I got was first week of Sept. from BOA that they were now servicing my loan. No letter from TBW, eq. accelerator, nothing.....and if they knew this was happening and continued to draft out my money during the month of aug? Is there anything we can do? Would contacting a lawyer of our own do any good at this point? I am so frustrated at this, my house payment is the ONE BILL I make sure to pay on time every month, partially why I wanted to do the equity acc. and now this happens......I get the runaround no matter who I call and nobody knows anything, why don't the banks who have taken over these loans know about what is going on instead of harrassing people with past due notices and foreclosure threats and rude customer service reps who when you call the first thing they say before you can tell them why YOU are calling THEM is 'your acct is past due, would you like to make a payment today?' which I've had to hear at least 4 times now.....I'm about to pull every hair out of my head!!!
samir salman says
I Am also waiting for a re-issue of our $1400 check that bounced. It has been very frustrating. I have made several calls to TB&W and have spent hours on hold just to find out there’s nothing more they can tell us right now. I am Glad that I got out, But I need to Know how and when I can get my money.
Bev says
I closed on a refi with TBW on 7/18/09, after two weeks the mortgage broker notified me that TBW never transferred the funds. Then I get a bill from TBW - I keep telling them the it was never funded. The most current answer is that it funded, but there is a delay in disbursing funds. And they have transferred the loan to RoundPoint Mortgage. I don't understand how they can say it funded and not sent the funds. I'm still have to pay my original mortgage. I will get to see my attroney on Monday.
Melanie says
I am also in a very uncomfortable "holding" pattern. As of today, Oct.20th I am still receiving payment statements from TBW to make my mortgage payments to them in Floriday. I have not received notification that anyone else will be servicing my mortgage. I just got a call from my insurance company that my homeowner's insurance will be cancelled in one week due to the fact that TBW has not paid my premiums out of my escrow account. Afraid to even tackle the issue of my taxes being paid in a timely manner - I am assuming all of this will remain in limbo until the October 31 court date deadline happens. I know I seem calm now but believe me I have had my moments of utter frustration, panic and anger. I, like many other have played by the "rules" only to be at the mercy of unscrupulous business practices that made a huge impact on the daily lives and well being of many people. I can only hope that we all come out of this in relatively good shape....having said that - this has most certainly been an exercise in the reality of business climate we all must deal with. GOOD LUCK TO EVERYONE!!!
John says
Same boat as everyone else. Equity Accelerator has $1275.00 of my money frozen. My mortgage was also sold the Wells Fargo in 2008, and WF notified me of the problem, about the same time I noticed my Auto Drafts were stopped after 08/31/09. I cancelled all future drafts to EAP and got a confirmation number over the phone. (Big Deal), also instructed EAP to send the funds back to my checking account when the account is un-frozen. Yes, this could go on awhile. Good luck to everyone.
Betty says
I too am in the same situation as everyone else. Equity Accelerator keeps giving me the same bs about forzen assets and can't do anything about it. I cancelled my auto withdrawal 8-31 and was informed that by end of week I should have my money returned. To date all I have been given is the royal run around. I have been passed to more people with heavy accents that I finally asked where is my call going, I was informed Costa Rica. I think that was when I hit my limit of calm with EAC. No action has been done since, they just keep giving me the same script response and if they could refund my money, they would. Today when I called for my weekly abuse, I was told that they should have a decision end of the month as to who, how much and when the monies will be returned. When I asked if I would get my full amount of $2300, I was informed that it all depends on the banks. My question is, that if I cancelled my agreement with EAC, how can they continue to hold onto my money? Also, does anyone have a number I should be contacting in California about all this?
Jim says
My original loan with TB&W has moved around a couple of times but is now with Citimortgage. Like many others I noticed that my mortgage payment in early September wasn't extracted and then realized that Citimortgage hadn't been paid from the funds extracted in August. Of course I had received no notification of any of this by Equity Accelerator, Citibank or TB&W. I called Equity Accelerator today, and they still have my money and supposedly can't release it until the bankruptcy court releases it, which doesn't really make sense to me since they withdrew the money after TB&W quit taking mortgage payments! After this mess, I would never put money into one of these programs. As far as I can tell, if I set up an account with Paymap, I would get stuck paying another setup fee. Hopefully we are all getting interest, assuming that they don't somehow figure out how to pay bonuses to TB&W executives with our money. Good luck to all!
Cheryl says
We are in the same boat. Aug/Sept payments frozen in the bankruptcy court. But we got a new twist today: we received a letter from AE congratulating us for paying off our Cendarl Loan and asking we would like our credit balance paid. When I called AE the csr said the letter was sent in error and I should wait until we receive another letter which wouldd let me know when the bankruptcy dollars are released. What a mess . . .
John in Virginia says
Check out the following link for some new information. http://www.11alive.com/rss/rss_story.aspx?storyid=136817 Thos is from Rick Simon, Bank of America whom I believe will be aquiring ad correcting the majority of TBW accounts. I believe our cash that was drafted by the Equity Accelerator Program and frozen is now a comprehensive list under review and hopefully we'll see some corrective action in November. Keep praying this will work out.
Debbie in Chicago says
We had a mortgage with TB&W and re financed my mortgage in July with Wells Fargo. I received an escrow check from TB&W in early August for $1200 and deposited it into my checking account. When I went to make a purchase for $800 the store would not take my debit card. I found out the next day that the check bounced. I would just like to know if I will ever get my MONEY!!!! It's impossible to get in touch with them.... If anyone has any information on this please let me know.... Thanks
Heather says
I too had the Equity Accelerator program after getting notice that my mortgage transfferred to BAC I called the Accelerator program to give them the new info & that is when they told me they would not be able to do that. They would refund me the money within two to three business days. Waited a few days & I called back and they said the money was frozen. I just called TB&W Thursday and asked them if they knew anything more about the accounts being unfrozen and the first person I spoke to told me that all accounts were unfrozen by the FDIC a week ago. I asked why I hadn't recieved my money yet and she said I would need to talk with Equity Accelorator. Well, we should know how that would gone. Of course I talked to them and they had no informatin that any accounts have been unfrozen and they were unable to make any calls but suggested that I call TB&W and conference them in. Well I went ahead and called back TB&W and spoke with another person and they said all accounts are unfrozen but the only accounts that are being distributed now are the checks that were mailed to them. When they got done doing that then they would move on to third party including Equity Accelorator. Hopefully they are telling the truth.
Christina Land says
It is now November 5th and according to Bank of America, TB&W still has my payment that I paid in August! I have been receiving phone calls and notices stating I am at risk of losing my home on a daily basis. Bank of America is also telling my insurance company that I don't have escrow and therefore is not paying my insurance bill. I have a statement from Bank of America with my escrow balance of over $6,000 in it. Now the tax bill is coming due on the 30th. I am surprised that Bank of America doesn't have a better system in place for people like myself who have been handed this card. When I call them to find out the status, I have to be passed around to several people before someone knows what is going on and still can't tell me who I can talk to at TB&W and when they are going to give back my $1,700 mortgage payment!
Holly says
Hi Everyone - Does anyone have any updates? Our mortgage is still with TB and our excrow is still frozen...since we had to pay our taxes we are hoping this gets resolved by xmas. I am so incredibly frustrated!!!! This is not fair at all.
rizeninme says
We are in the same situation- TB&W did not tell us they had sold our loan so our August and September payments were sent to them. Now BOA is calling and sending threatening letters every month on how we are going to go into foreclosure. I have to say, for the record, that I HATE BANK OF AMERICA!!! Seriously! What they are doing to us is pure harassment!!! I have provided proof that we paid the Aug and Sept payments and still the calls and the threats. They KNOWINGLY bought our loan from a company in bankruptcy and now they can harass us because TB&W hasn't paid them? The communication with BOA is so difficult because it takes a minimum of 30 minutes to even get an English speaking person on the line. BOA claims that this is not on our credit report, but guess what- IT IS!!! They have reported us as 60 days late on our mortgage!!! My husband and I are seriously considering suing BOA for harassment.
Henry says
Just wondering if anyone who was using the equity accelerator plan, but no longer actually had a mortgage through TB&W has received their frozen funds yet? (I refinanced earlier this year and continued to use the equity accelerator program even though I was with a different morgtage company.)
D says
I have Equity Accelerator but a different mortgage provider than TBW, and I have not received my funds. The FDIC and EA both told me yesterday that we should be getting them in "a few weeks." They are just waiting for the bankruptcy judge to approve the release.
flutepicc says
I have been waiting for a refund, as I refinanced and my new company had to pay my real estate taxes, as well did Cenlar. It has been almost 2 months since I closed, and I cannot get a straight answer form anyone!! I called Cenlar, who claims they have not received the check back, when the city has records here that they sent it back Oct 20. I am getting ready to hire an attorney. Cenlar is HORRIBLE!! Refinance, or do whatever you need to to get your mortgage out of their hands. It is the absolute WORST "customer service" ( I hesitate to even call it that) that I have ever encountered. Get out while you can!!
Kenny says
Henry, I’m in the same situation as you, except I had 2 mortgages with TBW using equity accelerator. I refinanced one in 2008 and the other earlier this year. I kept the one I refinanced in 2008 with equity accelerator because the mortgage company that I refinanced with (BB&T) did not have an automatic payment plan that would debit my account every 2 weeks. Luckily the one I refinanced earlier this year finally ended up with Wells Fargo and they have a plan that drafts my account every 2 weeks and it does not cost anything. So I had already canceled it with equity accelerator before August 1st. I ended up paying my September payment straight to BB&T for the mortgage that I still had with the equity accelerator program. Basically I had to come up with a double mortgage payment in one month so it would not go against my credit. I now use Bill Pay through my checking account to make the monthly payment and told equity accelerator what they could do with their program. They are a bunch of liars and crooks. I don’t want them to start up again if they ever do get this mess straight. I will never have anything to do with them again. What really makes me mad is that if I had not been checking every day an noticed that they had not drafted my account on Sept. 1 I would have had a late payment to BB&T. I was not notified until well after Sept. 15th that my September payment had not been made and that the funds they had drafted were frozen. I like you, am still waiting on my money but I will not be surprised if we never receive it.