More light is now shed on what happens to a homeowner’s morgage which was held by Taylor, Bean, & Whitaker. (150,000 mortgages).   The Florida Division of Financial Regulation has gotten the loan company to update its Web site so that homeowners can find out what to do.  You can get the info at the Taylor, Bean, & Whitaker homepage.

Since we’re so close to tax time and homeowner’s insurance renewals, TB&W agreed that the escrow monies they are holding for that purpose would be used only for what it was intended for and nothing else.   Imagine this – the escrow accounts of Taylor Bean were held by Colonial Bank which was also taken over by the FDIC.  When Colonial was taken over,  it froze those escrow monies.  Now Fredie Mac will pay for the insurance when it’s due, but as of August 18, the Financial Division hasn’t met with Ginnie Mae loans.  It is assumed that they will likewise pay the insurance premiums.  Let’s hope so with hurricane season upon us.

Apparently the TB&W mortgages are being taken over by different banks with Ginnie Mae insured loans going to Bank of America.  The homeowners of these loans will get a letter in a couple of weeks with where and how to send in their mortgage payment.  It appears that Cenlar,  a servicer, will take over the Fredie Mac loans.

If a homeowner is doing a short sale and their loan is a Freddie Mac, Saxon Morgage Servier or Ocwen Financial will handle these.

The loans which were neither Freddie Mac or Ginnie Mae and were not federally insured will be taken over by 21 other bank entities.   Therefore, until those are decided upon, payments on those would just continue to be made to Taylor Bean.  There are already hundreds of complaints about how this was handled and how  slow the transition is taking place.

 

 

 

 

 

 

 

 

 

 

 

 

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Filed under: For Sellers • Loan modifications • Real Estate • Short Sales

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