Our mortgage was just sold. Please help!

jwemt81 · Joined: 14 Aug 2009 Posts: 1 1.53 Dollars($)

We have been customers of Taylor, Bean, & Whitaker Mortgage since we bought our first house a year and a half ago. I went to make our mortgage payment today and found out that TB&W has suddenly been shut down this past week and that our loan has been sold to Bank of America. I got right on the phone with Bank of America to find out what was going on and how to go about making our payment. They told me that none of the customers from TB&W had been put into their system yet and that we wouldn't be in there for about 2 weeks. They did tell me that we could mail in our payment with our TB&W loan number written on our check and gave me the address to send it to. I then called back and got another person on the phone and she told me NOT to mail our payment to them until we receive the welcome packet in the mail in a couple of weeks. She said that if we mailed them our payment now, even if we put our TB&W loan number on it, they would have no idea where to apply the payment since we're not in their system yet. They also said that we would not incur any late fees during this transition. I am very disturbed by this. We just want to make our mortgage payment, but we have been told 2 completely different things by BOA and we don't know which one is true. I am also very nervous about this because we used to have our bank accounts through BOA and ended up leaving them last year because of several problems we started having with them, and now they have our mortgage. Can anyone give us any advice?

jenkin7 · Posted: Sat Aug 15, 2009 12:39 am Post subject:

Hi jwemt,

I think what the second person told you is correct. You should not make the payments until you receive the welcome pack or some other documents acknowledging that they have now been authorized to receive your monthly payments. Just sending the payment and writing the loan number on the check will not suffice. How will BOA apply the payment to your mortgage unless they have the details of the loan?

This is no fault of yours and you should not be charged any late fees. Is it possible to contact anyone from your previous mortgage company? You can then ask them how you can make the payment for this month, whether they can still collect the money from you etc. There's little you can do in this situation. You will have to wait. But even if you cannot make the payment this month, I'd suggest you to save the money so when you start making payments, you can make extra payments towards the mortgage.

gmakerley · Posted: Sat Aug 15, 2009 6:37 am Post subject:

i'm in agreement with jenkin - person #2 is more correct. it takes every servicer some time to get a new loan into its system.

as for contacting someone at tbw, don't bother. they won't know anything about how you should or could make that payment. all they're worried about right now is making a living again.

wait for the welcome package.

Guest

Now is the time to start disputing some of the dings that this company has reported to the credit bureaus. They told us that the foreclosure process would not be started if we had an offer of short sale. They would delay it so they could review our offer. Well, we provided an offer and a willing buyer and they started foreclosure proceedings anyway!!! Since it appears that they have their hands full with the Federal government and their own employees suing them, I am disputing every mark they ever put on my credit report! Serves them right. My short sale process will have to start all over again with a new servicer since it took them almost three months to even look at my offer. I have no idea if I'll be put out of the house or not! No one seems to know what's going on. I HATE TBW.

Posted: Wed Sep 23, 2009 10:22 pm Post subject:

I had been making x-tra payments to TBW on our mortgage. Thought I'd pay it off quicker. Turns out they kept it all when they gave it to BOA. Started getting collection calls from BOA. Stating I was 2 months late. Huh? Isn't there a law against that. DAMN TBW

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