It’s been over a month since I received a rubber escrow refund check from my former mortgage provider, Taylor, Bean, & Whitaker. For those who didn’t catch the story the first time around, my husband and I refinanced and had a $1200 escrow refund due.
At the end of August I received and deposited the check into my bank. A few days later it was returned NSF, causing us to be charged a bunch of overdraft fees that were eventually reversed.
Here’s the update: there is no update.
I have called TBW three times now to find out what is happening with my escrow money. Every time I was on hold for around an hour before being told that the money is there. It’s just frozen by the FDIC. According to Taylor, Bean, & Whitaker, I will receive the money, when the FDIC decides to unfreeze the money.
I’ve talked to the FDIC. The FDIC put is blaming TBW in the matter. And they had someone from TBW call me back, basically telling me the same thing TBW told me when I initiated the call.
So basically, nobody at either the FDIC or TBW is giving anyone a straight answer.
Former TBW mortgage owners are in a world of hurt. Some have had to come up with property tax payments out of their own pockets…after having paid a year of tax payments into their escrow accounts.
Some people can’t afford to pay their property taxes and have been assessed late fees. Some are even in danger of having leins put against their property, because they haven’t paid their property taxes.
Some people were part of an Equity Accelerator program that somehow ran through TBW. And payments they made to TBW didn’t make it to Equity Accelerator, so now they’re behind on their payments. Ironic, since the reason that they signed up with EA was so they could get ahead on paying down their principle.
Others still aren’t sure to whom they should make their mortgage payment. On one day they’re told that their mortgages are with Bank of America, and on another day they’re told their mortgages are with CENLAR. And still others have been told that they are part of TBW’s restructuring, under Chapter 11 bankruptcy, meaning that the need to continue making payments to a company whose funds are frozen. Not very encouraging.
In doing a Google search for the status of Taylor, Bean, & Whitaker and the funds they (or the FDIC, depending on who you talk to) are holding, I haven’t come up with much. Neither has anyone else.
Other than local Ocala, FL papers, there hasn’t been much news on the third largest mortgage provider’s bankruptcy, other than the fact that they have indeed declared bankruptcy.
Basically customers are forced to get information from other customers. My last post on Taylor, Bean, and Whitaker has over 160 comments from mortgage customers sharing what they know and what they’ve been told. One reader mentioned that a ruling had been made in the legal case between the FDIC and Taylor, Bean, & Whitaker, but I’ve had trouble coming up with an online source to confirm that.
You’d think that there would be a better way to keep consumers, some of whom have thousands of dollars at stake, better informed about what is happening and what to expect.
I also think it’s sad that here we have a situation that is affecting hundreds, if not thousands, of people: people, who have done everything right, but are paying a high price for the failure of their mortgage company. Yet in the national news, Jon & Kate’s unraveling marriage is of more concern than what happens to people when Taylor Bean & Whitaker doesn’t pay property taxes and insurance.
Does anyone else see something wrong with this picture?
Photo by lrargerich.
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I'm just an average mom, trying to live a frugal life and get out of debt. I write about things that have (and haven't) worked to improve my family's financial situation. What works for me may or may not work for you, and you should always consult a financial advisor before making important financial decisions.
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