We have gotten scores of comments and questions from Taylor Bean and Whitaker customers who had been taking advantage of the bank’s “equity accelerator” program – an auto withdrawal designed to pay off your mortgage quicker. After TB&W’s collapse, many readers have sounded off that those payments are still being taken out, but not credited to any account. In fact, some are getting notices from their new lender that their mortgage payments are months behind, even though they’ve continued to be withdrawn.
While it’s not too reassuring to not see those payments being credited, Sandra Sheley, director of mortgage supervision for the Georgia Department of Banking and Finance, says those payments will be sorted out in time. “They do have the records,” Sheley says. “It’s not as if it’s fallen into a black hole. It’s just a matter of being reconciled.”
Those reconciliations are a part of the negotiations scheduled to be completed by Oct. 31. So what can Equity Accelerator customers do in the meantime? Sheley offered some advice:
- Cancel your Equity Accelerator payments. “Everyone is looking at trying to get the funds directed at the right place, but it’s kind of in limbo. If it were me, I wouldn’t want any other payments to go through,” Sheley says. That will be less for you to sort out later.
In a rather unscientific experiment, Think Glink called Equity Accelerator at (800) 549-6445, and while we couldn’t get any answers, the customer service representative who answered the call assured us that that was the number to call to cancel the program for TBW customers.
If you’re unable to cancel your payment through Equity Accelerator, the bank holding your deposit account (where the payment comes from) should be able to stop they payment as well.
Contact your new lender and explain to them that you were in the Equity Accelerator program, and that your payments have been frozen between Equity Accelerator and TB&W. Tell them you want to be off of the Equity Accelerator program in the future. If your new lender has told you you’re behind on payments, Sheley says to ask for forbearance on those amounts until the Equity Accelerator issue can be resolved.
Keep all of your paperwork. Put a stop to any payments that aren’t being credited if you can, but keep the records to show that you’ve been paying them.
While it’s difficult to understand how this will all work out, Sheley emphasized the importance of continuing your mortgage payments. “Everyone should have gotten a letter as to who is handling their mortgage now,” she says, and that lender should still be receiving your payments.
If you’re trying to find out where your “in limbo” payments are now, the best advice is to wait it out. Don’t miss any payments, keep all records, and by Oct. 31 we can hope to be up to speed as to how to handle the next steps.
Escrow accounts from Taylor Bean loans
Some good news, Sheley said, is that many of the loan servicers that have taken over TBW loans are “biting the bullet” and paying escrow accounts to ensure customers don’t lose their insurance.
If your loan servicer isn’t included in that, unfortunately, Sheley says that’s another piece of the puzzle set to be determined by Oct. 31 as well.
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