You came back?! Wow, I lost that bet - but glad you're here!
Remember that whole Taylor, Bean & Whitaker mess? It’s been on my mind since it happened, I think in part because I have friends whose mortgage is with TBW. And one of the questions they asked was “where do I pay my mortgage?“ Word to the wise … keep paying. They’ll tell you where to send your next payment.
But what a hypocrisy, because as homeowners are making their payments to Taylor, Bean & Whitaker, it’s highly probable that the company is not making the necessary payments to the municipalities and insurance companies on behalf of those same borrowers. I dug around a bit today and am starting to hear that that in fact is the case – more and more companies are probably going to begin reporting that escrow payments from TBW are not being made.
So what’s that mean for you, Joe and Jane Borrower? First, keep making those payments. And second, I’m betting that those companies and local governments are going to start sending the bills for taxes and insurance directly to you, Joe and Jane. That means you’ll be making duplicate payments for things like taxes and insurance, which are normally taken out of your escrow accounts, yes, but when the smoke has cleared I’m betting you will be reimbursed by either TBW or the agency collecting the tax or insurance fee.
I’m betting on it. But in the meantime, keep paying. This will likely take some time to finish unraveling.
Email me if you have other questions …
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