Is your loan with Taylor, Bean & Whitaker? You may be in BIG TROUBLE, READ THIS NOW

[IOBA]

That is so true.

I am helping a friend get a mortgage (this board has been an awesome source for information!)  That is one the questions we ask -- what percentage of the mortgages are sold?  When are they sold?  Whom are they most likely to be sold to?

[Anonymous]

I have a friend whose loan was transferred from TBW to BOA.  BOA still says they are late on their August payment.  However, she had no idea that BOA began servicing her mortgage until she received a nasty call from BOAs collection department.  Her homeowner's insurance has not been paid and it was due 8/1/09.  I don't even know what she should do at this point.  BOA is totally clueless.

[ShanetheMortgageMan]

http://www.nls.gov/offices/hsg/ramh/res/rightsmtgesrvcr.cfm

Treatment of Payments During Transfer Period. During the 60-day period beginning on the effective date of the transfer, the payment may not be treated as late if you mistakenly send it to the old mortgage servicer instead of the new one. 

[MattH]

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@ShanetheMortgageMan wrote:

http://www.nls.gov/offices/hsg/ramh/res/rightsmtgesrvcr.cfm

Treatment of Payments During Transfer Period. During the 60-day period beginning on the effective date of the transfer, the payment may not be treated as late if you mistakenly send it to the old mortgage servicer instead of the new one. 

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Very true, but if the old servicer has collapsed and therefore is not able to get their recordkeeping act together the new servicer may not know about those payments.  Hopefully they have proof of payment which they can present to the new servicer.  Such issues are the main reason why, although I do nearly all of my banking online, I still choose to get monthly mortgage statements on paper and keep those hardcopies: if records get messed up I want documents to help prove that I have paid on time every time.

[Anonymous]

to give warning, when B of A recieved my loan paperwork, my escrow account is showing 5K negative and bi-annual taxes are due in 2 months, HOA's have not been paid recently, and my homewoners was due last week.

Things are not going smoothly.

I have made arrangements with insurance

HOA's are threatnening a lawsuit if I do not pay balance in full this month.

Not sure what is going to happen with taxes, but if I have to come up with 6 months of taxes (2000) or so by the beginning of december, there goes my daughters birthday and xmas stuff.  I am off work on temp disability due to tearing 3 ligaments in my keft knee as it is so income is already lower..

If you had TBW, make sure you follow up with your new lender

[IOBA]

Hang in there Mickie.   

1.  That is great you made arrangements with insurance.  

2.  HOA will accept payments.  Some money is better than none.  It will cost them a whole lot more to sue you than to accept a few late payments.  Most likely a judge would not grant them a "win" because you have, in good faith, been screwed over.  When you learned, you immediately took steps to correct the situation.  Pay as much as you can to the HOA.  Then set up a monthly payment plan.  You may have to pay some late fees and interest, but that would be better than being sued.  When there is a plan to be paid, ask them if they will forgive the late fees and interest.  They might.

3.  Most counties will accept payments on taxes.  The trade off is you have to pay late fees and interest.  If you can pay it in one lump sum, on time, please try.

4.  Kids are resilient.  One year we did IOU's and white elephants in stockings, wrapped in boxes...the money simply was not there to buy gifts.  (We choose not to go into debt to finance a holiday.)  We had a great time with it.   This year, we are doing nothing (reduced income).  Well, a holiday card, maybe go for a bike ride.  Not even a tree.  The kids are getting some unique holiday memories...  "remember the IOU Christmas?" hahaha  "remember the bike ride & picnic Christmas?" hahaha,  "remember the pizza party Christmas?"  The kids are making some great memories, they are learning to plan ahead and save for gifts, and they are learning that a few minutes of unwrapping presents can be boring and over with so fast!  Their friends think it's cool that we do something different each year.  Let's see, last year, we cooked quail and watched a movie.  Then ate ice cream as we played dominos. Then we went for a walk and took pictures.  Quail was very new for us.  But it was fun.

5.  What do you want your daughter to learn from this experience? 

[Anonymous]

I'm not really stressed too much anyways.  I figure everyone will give me some time to get it all taken care of.  The kids will be fine I am sure.  I just wanted to make sure others check their files.

[IOBA]

Definitely!

I learned that lesson after watching my parents go through their ordeal. 

[ShanetheMortgageMan]

Also, for those who pay via snail mail, sending it return receipt requested is a good idea.

[Anonymous]

Wow.  This is a big mess.  And it is sad.  You DOUBLE pay.  I guess I am learning from you guys, it is good to keep receipts for 6 months to a year.  WOW.