What happens to Taylor, Bean, & Whitaker Mortgages?
What happens to Taylor, Bean, & Whitaker Mortgages since they were shut down by the government a couple of weeks ago? Taylor, Bean, & Whitaker did 1/3 of the FHA mortgages in Florida, and many borrowers wonder what will happen to their mortgage. The TB&W FHA loans have Bank of America as their handler now. Home
Taylor, Bean, & Whitaker
owners should already be receiving a letter from Bank of America Home Loans Servicing, LP, which is a subsidiary of Bank of America. This letter will tell you that your loan has been transferred to them and that you have been placed into their system. You can call 1-800-669-6607 with questions about your loan. Until notified you will use your old account number.
But what do you do if you are having trouble making your payment? You can call the same number and talk to customer service about your options, or you may want to visit the Housing & Urban Developement web site to find a HUD-approved Housing Counseling Agency.
If you’re already being reviewed by Loss Mitigation, the process should keep moving right along with Bank of America. Bank of America tells us that each negotiator has a work load of 700-750 files, now that work load will be increased. They will be adding additional personnel and training them. The Loss mitigation can take months and months.
If you’ve already applied for an FHA loan, your appraisal should be good for 6 months, so your loan file and appraisal should be able to be transferred to another approved FHA lender.
Other articles you might like;
- Is Port St. Lucie Real Estate The New Investment Safe Haven?
- How To Increase Your Chances Of Buying A Home In Port St. Lucie, Stuart, or Jensen Beach, Florida
- Bank Of America, Other Large Banks, Now Embracing Short Sales In Port St. Lucie Area
Similar Info:
- Florida Bank Of America Home Owners – Breaking News! If you are a Florida home...
Tagged with: Bank Closures • FHA • Loans • Mortgages
Filed under: Avoiding Foreclosure • For Sellers • Loan modifications • Real Estate • Short Sales
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Not an idiot,
100% of TB&W’s Ginnie Mae loans ARE going to BofA. A decision on TB&W’s Freddie Mac loans has not been made yet, as far as I know.
It’s sounds like you have some knowledge of what is going on. Since this post is meant to help home owner’s who may be confused about what to do if they have a TB&W loan, maybe you could contribute some of that knowledge, instead of just making up a snide post name and posting a single sentence that doesn’t help anyone.
Only about 60% of the loans will be going to BACHLS