With the demise of Taylor, Bean and Whitaker, many home owners are wondering what to do about their payment, me included. Since my mortgage was with TBW and the payment is due, I wanted to know what to do with it, since the website would no longer accept the payment and there was no way I would mail it to a defunct financial institution.

So, being a mortgage professional, I did the intelligent thing and called TBW to ask. No problem, just one hour and 20 minutes on hold before talking to a person that didn’t say “Please Hold.” After that length of time, I was told that Bank of America was my new servicing company. I also found out that, apparently, Wells Fargo also is getting some of TBW’s loan portfolio. I received a telephone number for Bank of America and would share it if it would do anyone in similar circumstances any good.

What I found out from Bank of America is that they do not have the loans set up in their system yet so I cannot make a payment to them or to TBW. I am supposed to wait until I receive a letter from BofA advising me on the purchase and where the payments are to be sent. For anyone that has not gone through this process in the past, the only thing that can be changed is where the payments are sent, none of the terms of the loan can be changed. Also of note, no late payments can be assessed within 60 days of a loan being re-assigned.

If you are having difficulty finding out what is going on with your mortgage, call the servicer directly. If you have a loan, currently, with TBW, your new servicer will most likely be Bank of America but could be Wells Fargo. Best thing to do right now, is keep the money available, don’t spend it on things you have been wanting, because that payment will need to be made eventually. Call me at 541-342-7576/541-221-3455 Cell or e-mail me with questions.

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