Taylor, Bean & Whitaker Runaround

[jinksy]

I have been going around and around with them since the end of February. I called and asked to get my loan modified or a refinance to get my payment lowered. I missed 1 payment last October and have been on a re-payment plan since. Anyway, I was locked in for 5.25 (down from 7%) and today they tell me that due to my taking the time to try and modify my loan I lost my 5.25.

They started it out with everything ready to go then they tried to tack on some extra stuff and I said no way. Then I talked to someone else about modifying the loan. Everything goes along and then I why the costs were so high. I asked again if it was a modification. I was assured that it was. I called and spoke to someone else and was informed that it was a refi. I asked to put it on hold while I tried to see about a modification. That was about 1 month ago. After not being able to get anywhere with anyone else, other than to be told I don't qualify for a modification, and no one can tell me why I don't qualify. I called them back and told them to go with the refi. Week before last I called to check on it and was told they would call me back last week.

By Friday I had not heard from them so I called and left a message. I called and left a message yesterday also. Today I get a call and it's gone from 5.25 to 5 1/2%. I've read some other stories on here of folks having trouble with TBW also.

Can someone please advise me as to what I should do? Thanks for having this forum. I just found it last night.

[Moe Bedard]

jinksy,


Welcome to the forum and thank you for joining..............


TBW is very difficult to deal with so you may want to have a HUD agency or HOPE Homeownership Preservation Foundation to help with the modification process with them if that is the route that you are going to take versus the refi.

There is a list of the non profits that work with TBW located here.......
https://www.taylorbean.com/Assets/Fi...dResources.pdf

[jinksy]

Hi ***,
Thanks so much for the response. Thank you for the info. I guess I will get in touch with one of them tomorrow. I'm having a hard time understanding why I would not be eligible for a modify and eligible for a refi. Can you tell me what the reason may be? On the gov website about refi and modify it said I qualify for a modify, but not refi. Does TBW make more money with a refi versus modify?

Originally Posted by *** Damiano

jinksy,


Welcome to the forum and thank you for joining..............


TBW is very difficult to deal with so you may want to have a HUD agency or HOPE Homeownership Preservation Foundation to help with the modification process with them if that is the route that you are going to take versus the refi.

There is a list of the non profits that work with TBW located here.......
https://www.taylorbean.com/Assets/Fi...dResources.pdf

[jinksy]

Here's my update. TBW fianally got it together and gave me a refi. Lots of fees tacked on and the interest rate offer went from 5.25 to 5 1/2 because of time gone by. Well, it's their fault. Anyway, after signing papers the end of June TBW didn't forward paperwork so I had to pay a little extra to keep the paperwork going. Everything settled and then my fiance decided to leave. So, at this point I cannot afford to make the payments.

My first missed payment is August 10. I will try to ride it out, but am wondering what are the chances that I call them and tell them they can have it back and have them do the "cash for keys"? Or do I have to ride it out and have them foreclose? I'd really rather go ahead and move on, but can't afford to move. Does anyone know how I can expidite this foreclosure and hopefully get the money for moving?

[faith]

Originally Posted by jinksy

Here's my update. TBW fianally got it together and gave me a refi. Lots of fees tacked on and the interest rate offer went from 5.25 to 5 1/2 because of time gone by. Well, it's their fault. Anyway, after signing papers the end of June TBW didn't forward paperwork so I had to pay a little extra to keep the paperwork going. Everything settled and then my fiance decided to leave. So, at this point I cannot afford to make the payments.

My first missed payment is August 10. I will try to ride it out, but am wondering what are the chances that I call them and tell them they can have it back and have them do the "cash for keys"? Or do I have to ride it out and have them foreclose? I'd really rather go ahead and move on, but can't afford to move. Does anyone know how I can expidite this foreclosure and hopefully get the money for moving?

Hello,
I just want to let you know that foreclosure takes time, and depends on your lender.

Please click the link below to learn more of CA foreclosure laws and process:

Foreclosure Laws - Loan Modification Forum - LoanSafe.org

Foreclosure Process - Loan Modification Forum - LoanSafe.org

Thanks and God bless you. Hope everything will be fine with you.

[jinksy]

Optionally, if it can be done without a breach of the peace, the trustee can post the notice at least twenty (20) days prior to the date of the sale, in some conspicuous place on the property to be sold and/or he or she can post the notice at the courthouse or at a specified place at the place of business of the trustee in the county in which the property is located.

This concerns me. I don't want anyone posting any notice on my property.





I have another question. Being that August is my first missed payment. I expect that I might be hearing from them by the end of the month. My question is, should I just try to negotiate a cash for keys payment at that time(and what are the chances of them doing it)? I really would prefer to not drag this out, but will if they are not interested in cash for keys.

[faith]

Jinksy,
Deed-in-lieu is an option for avoiding foreclosure. A deed in lieu of foreclosure actually offers numerous benefits to both borrower and lender. The primary and most important advantage to the borrower is that it immediately releases them from most or all the indebtedness involved with the loan and default. A second advantage to the borrower is they avoid the proceeding and public knowledge of a foreclosure. Also, the borrower can often get better terms by going with a deed in lieu of foreclosure, than if they have a formal foreclosure.

The main advantage to the lender is a major reduction in the time and costs it takes to proceed with a non-judicial foreclosure and their can be other advantages to the lender if the borrower ends up filing for bankruptcy afterwards.

To be considered a deed in lieu of foreclosure the debt must be secured by the property that is being transferred, and the settlement amount agreed to must be at least equal to the fair market value of the property.

The deed in lieu of foreclosure is always entered into on a voluntarily basis and in good faith by both parties. Because the deed in lieu of foreclosure is required to be voluntary, most lenders will often require a written offer of such a conveyance from the borrower that specifically states that they are offering to enter into the negotiations on a voluntary basis. This conveyance enacts the "parole evidence rule" and protects the lender from any future claims by the borrower that they were pressured in to the settlement or the lender acted into bad faith.

With a deed-in-lieu the homeowner is allowed to voluntarily relinquish the home when they have not been able to make payments as a final effort to avoid foreclosure. While the homeowner will basically not be able to stay in their home, this is still a better option than foreclosure.

When the lender eventually resells the home, if the amount they net is less than the amount of the mortgage the lender is likely to file for a deficiency judgment. What’s a deficiency judgment? This is a possible court judgment against a borrower, which can be requested by the lender who has not received full payment of the amount owed. Also, the lender will be required to file a 1099-A with the IRS showing the deficiency which might have tax implications.

So, while a deed-in-lieu is better than a foreclosure, a short sale might still be your best option. A short sale is when the lender agrees to take less than what is owed on the mortgage.

Cash for keys is offered in foreclosure by lender to avoid delays and expensive court fees, etc and it’s a long process. Remember, you have several options available to you. You need to make a decision fast, call your lender and tell them your hardship and your situation.

God bless

[jinksy]

Faith, thank you so much for your reply. II owe about $106,000 and it might sell for about $85-90,000. My biggest problem in all this is my limited income (I am disabled) doesn't allow me to save enough money to rent a truck to move my stuff.

I have been doing some searching for a place and have decided I want to move closer to relatives so that means moving to SC. I need money to that.

A deed-in-lieu or a short sale will not give me the money I need to move.

So, to get the cash for keys I have to go into foreclosure and wait it out? Do you think if I called them and explained my situation that they might offer moving money?

[faith]

Originally Posted by jinksy

Faith, thank you so much for your reply. II owe about $106,000 and it might sell for about $85-90,000. My biggest problem in all this is my limited income (I am disabled) doesn't allow me to save enough money to rent a truck to move my stuff.

I have been doing some searching for a place and have decided I want to move closer to relatives so that means moving to SC. I need money to that.

A deed-in-lieu or a short sale will not give me the money I need to move.

So, to get the cash for keys I have to go into foreclosure and wait it out? Do you think if I called them and explained my situation that they might offer moving money?


I

Jinksey,
I am very sorry to hear of your situation. Maybe you should try to call your lender and tell them your situation. Also please read Professor Shays threads, he’s the expert on this one.

I don’t know if he still answer questions but here’s the link for it.
>>
300 days rent free: http://www.loansafe.org/forum/deed-lieu-foreclosure-do-you-need-help-walk-away/4118-300-days-free-rent.html
>>
>>
When to walk away: http://www.loansafe.org/forum/deed-lieu-foreclosure-do-you-need-help-walk-away/10464-when-walk-away-dilemma-underwater-homeowner.html


Thanks and God bless you always and Peace be with you.

[jinksy]

Thank you for the links. I don't know how I missed them before. I will call my lender before they call me. I will just explain to them that SO has walked away and there is no way that I can pay. They can give me some moving money or I can sit until foreclosure.

[tanja53]

Originally Posted by jinksy

Thank you for the links. I don't know how I missed them before. I will call my lender before they call me. I will just explain to them that SO has walked away and there is no way that I can pay. They can give me some moving money or I can sit until foreclosure.

Just be very careful with T,B&W. They are known for saying one thing and doing another thing.

They just dont care.
Good luck.And I really hope they listen to you and give you some cash.
I am still fighting them after over 19 months. And that is with a lawyer.
In my case they are ignoring the lawyer.

And I have a lot of emails, letters and fax proofs.

They are crocks.

[jinksy]

Hi Tanja. You're right about them being crooks. They take so long to do things that that the rates change and then they blame it on the borrower. And, they could care less. I hate having to call them because it takes so long to get anyone on the line then trying to talk to someone who knows anything takes more time, if they don't cut me off and I have to call back. It's a nightmare.

I may have found a temporary solution to my problem. Someone I know may rent my place while I ride out the foreclosure if that is necessary. That will be good so that the house is not empty and it may afford me the money to move. And it will be a reduced rent for them. I will play hardball with TBW. I'm not going to let them run over me.

[jinksy]

Update: I just spoke to someone and we are going to get together in the next few days and discuss them paying enough rent to pay the mortgage. Oh God, that would be the answer to my prayers(I think). I could still possible hold on to the house. I'll update later. I'm still undecided about keeping it. The house in SC is cheaper and affordable. I'll make the decision after I talk to the people.

[jinksy]

I found this article in our local paper today. Can someone explain to me what they did or didn't do?




TBW's closure has local impact

BY BILL McMILLEN/The Daily News

Thursday, August 6, 2009 1:32 AM CDT
BULLHEAD CITY - Mortgage financing just got a little bit tighter for some potential home-buyers in the Tri-state.

Mortgage lender Taylor, Bean & Whitaker shut down Wednesday, a day after the Federal Housing Administration suspended the company, citing possible fraud. FHA said through a news release that TBW failed to submit a required annual finance report and gave false or misleading statements about unresolved issues from an independent audit, an audit that raised concerns of fraud.
Taylor, Bean & Whitaker is the nation's 12th-largest home-loan company and the third-largest lender under the FHA's umbrella.

“You just had the third-largest lender in the country shut down,� said mortgage broker Gary Reynolds of Reynolds Mortgage Center, 3712 Highway 95 in Bullhead City. “They were one of the few lenders that did (loans for) double-wide manufactured homes.�
Taylor, Bean & Whitaker is a nationwide wholesale lender, used by mortgage brokers across the country, especially by home-buyers in the FHA and Veterans Administration programs.

“What you've done to America, and the local economy,� Reynolds said, is make lending more difficult, especially for potential home-buyers who seek the FHA and VA programs, which accept a smaller down payment as a component of the loan, as low as 3.5 percent, compared to a 10 percent down payment for most conventional home loans.

“We did five to 10 deals a month with them,� Reynolds said, adding that TWB was one of “about 20� agencies used by his mortgage company.

“Taylor, Bean & Whitaker was the only one that was doing the manufactured homes.�

Manufactured homes account for a large portion of the Bullhead City market for existing homes, Reynolds noted.

“It's going to decrease sales. That's not only local, that's across the nation,� he said.

He theorized that it will hurt potential home-buyers, who now may not be able to secure financing, especially through the government-insured FHA and VA programs. And that means that sellers, wanting to move their property, may have a tougher time finding a buyer who can get financing.

“All they did today was hurt the American public, the American homeowner. You'll (only) be able to turn to four major banks to get a loan. If you don't follow their line, you're out of luck.�

And, he added, those banks aren't lending on single- or double-wide manufactured homes.

Reynolds said he thought the government was over-regulating housing lenders after years of under-regulating the industry.

“They're making today's business environment pay for past mistakes,� he said.

Initially, Taylor, Bean & Whitaker Mortgage Corp. was expected to cease only future lending applications under the U.S. Department of Housing and Urban Development and the government agencies Freddie Mac and Ginnie Mae, which all notified the company that it was, according to a TBW release, “being terminated and/or suspended as an approved seller and/or servicer for those respective federal agencies....

“As a result of these actions, TBW must cease all origination operations effective immediately.�

Included in that edict are loans “in the pipeline� - loans that have been approved but have yet to be closed, leaving thousands of potential home deals hanging in the balance pending approval of different lenders.




Mohave Daily News: Local

[jinksy]

I have another question. I've heard that B of A is taking over a bunch of TBW loans. I have checking accounts with B of A. Can they go into my accounts to take money? We had accounts with WF when we also got a car loan with them. We defaulted on the car payments and they were able to go into our bank account and take the money. Can the same thing happen if B of A gets our loan even though it did not originate with them?

[tanja53]

Originally Posted by jinksy

I have another question. I've heard that B of A is taking over a bunch of TBW loans. I have checking accounts with B of A. Can they go into my accounts to take money? We had accounts with WF when we also got a car loan with them. We defaulted on the car payments and they were able to go into our bank account and take the money. Can the same thing happen if B of A gets our loan even though it did not originate with them?

We all know by now that banks do what they want. Not always what they are allowed to do.

So I am not so sure if they can. But I have heard stories that they have done that.

If you want to read my story with their great bank TB&W ( or should I write X bank).

There you can see the crazzy fight I have with them.

But I also have saved every little paper work.
And I refused to talk to them on the phone.

Of cause they didnt like that and tried to push it.

But my mother always said that the written word goes much longer that the said one.

She sure was rite.

[fanala1]

I'm new to this site and thought I'd share my story too...I had an FHA fixed rate with Taylor, Bean, and Whitaker (TBW) but ran into financial problems when my brother lost his job, house, and transportation, and ended up living in my house with his family. With my income, I was now supporting 7 people making it difficult for me to pay my bills – so I fell behind on my mortgage. Trying to get a loan modification was out of the question because I had cosigned for my brother to get his house, which meant his foreclosure was now showing up on my credit reports. A streamline of the FHA loan was not possible because they require you be on time 12-months back from date of inquiry (I often wonder how this fits with Obama’s plan to help people in mortgage distress).

I was under the impression that one of the programs available was to get the loan restructured based on current home value. So that if the initial purchase was at say $300K, but the current market made the value go down to $250K, the loan would be restructured so that you would be paying on $250K rather than $300K. When I was trying to get my loan restructured, I was offered a Fresh Start Program. This turned out to be basically like refinancing – definitely no restructuring involved here.

The catch in accepting to go through TBWs Fresh Start Program was that I could not look into what was available through the modification process. I was told that if I looked into the loan modification options available, it would go into the TBW system as though I’m working on getting a loan modification (they have to put the information in the system in order to provide me with a scenario). Once I’m in the system as trying to do a loan modification, I no longer qualify for the Fresh Start Program. I was told that the Fresh Start Program is only for those people that have not initiated the loan modification process and are not in Chapter 13.

This was all very confusing and I didn’t know what to do. After all…shouldn’t I be able to find out if the loan modification would be more beneficial than the Fresh Start Program? How could I, or anyone else in my place, know if TBWs loan modification is not the typical modification but more like a loan restructure)? Yet to find out about TBWs loan modification would automatically eliminate me from being able to participate in the Fresh Start Program, because of the way their system is set up. Unfortunately, since foreclosure paperwork was already in the system, I had no choice but to go with the Fresh Start Program. During the Fresh Start Process (basically, a refinance), I found out the rates had gone down below 5% so I asked if I would get that rate. I was told that the way the TBW Fresh Start Program is set up is that all participants that have present rates of 5.5 or over, would be reduced to 5.25 on their new FHA loan, regardless of how low the rates went down. This never made sense to me but stuck between stopping the foreclosure, and arguing over rates with a company and losing my house, I had no choice but to take the 5.25%. How is it possible that if the idea is to help homeowners reduce their rates to make it easier to make payments, that the homeowner is not afforded the lowest available rate but rather whatever rate the mortgage company decides to give? I felt at the time, and continue to feel that, I didn’t get a fair shake.