One year ago next month, my husband and I refinanced our house. We were due an escrow refund from Taylor Bean & Whitaker, which we received in late August. I deposited the check in early September and transferred the money to my ING Direct savings account.
To make a long story short, Taylor Bean & Whitaker went bankrupt, the check bounced, we got hit with a bunch of overdraft fees (which Chase eventually reversed), and we’ve been fighting for a year to get our money back.
There was finally a borrower protocol established by the court for our situation. Our case was transferred to Bank of America, and after a couple of calls to BofA, our escrow refund check was put in the mail and we received it this week. It only took 10 months. Actually, I shouldn’t complain. I had pretty much written off seeing that money again. I’m glad we can finally close this chapter in our lives, and I hope that other borrowers who were hurt by Taylor Bean & Whitaker can soon do the same.
The Roundup
A few articles I enjoyed reading this week.
- Dumpster Diving 101: 6 Strategies for Success – Wisebread
- When Should You Refinance a Mortgage? – Cash Money Life
- Is it Better to Buy or Rent? – Moolanomy (Check out the great infographic!)
- It Doesn’t Matter What You Paid if It’s Collecting Dust – Sense to Save
- Tiny Tarts – How to Make Pie in a Jar – Squawkfox
The weather is FINALLY nice and warm here, so I’m going to take advantage of the great outdoors this weekend! I hope you have a fabulous weekend, too!
{ 11 comments }
Congrats on finally receiving your check! It’s too bad it took so long, but it’s also fortunate you got your refund. I’m sure plenty of people gave up or their records were lost in the shuffle.
So glad you got your check. When I read your story I was so upset for you as well as us. We were received our escrow check just before the bankruptcy so we got off before it hit the fan.
My husband and I are starting a No Spend Challenge July to kick off our stronger commitment to being frugal and good stewards of our money, possessions, and environment. I am so glad I came across your blog at the perfect time! I look forward to reading more!
I have been very hesitant to refinance (we have a good, fair rate), after this ordeal you went through, do you feel the refinancing was worth the hassle?
What a nightmare! I am glad that you got the mess straightened out and that you actually had closure to this mess. You are right in the assumption that you might not have ever seen this money again…ugh!
Glad to hear there is a good ending to your story. We unfortunately just found out yesterday that money is missing from our escrow that was transferred from TBW to Cenlar. It was listed as a Tax payment, but no tax payment was due. The payment was made on 8/17/09 right after the Feds stepped in, but TBW was still allowed to process escrow up until the 20th. Cenlar can’t help because according to their records the payment was made, but they don’t have access to see if it cleared. Would anyone happen to know who I should contact to try and get our money back?
i am in the same boat waiting for my money since aug of last yr !! thay owe me $980.00 if i come up with some info i will let you know . thanks mick
My husband and I had our mortgage with TBW and we refinanced with Wells Fargo at the end of July 2009. While all the closing documents were being processed, TBW shut is doors and our mortgage was transferred to B of A. So now, Wells Fargo has our actual loan and B of A thinks that they have our loan. We have sent in all the appropriate paperwork to B of A proving our loan is with Wells Fargo. B of A agrees that it is with Wells Fargo, but they will not close out the loan on their records until they receive the funds from TBW. We will also not get our escrow money until everything is settled with TBW in bankruptcy court. It has been almost one year and no money. We keep calling B of A and even went down to the local B of A to find someone to help us. She is super helpful, but they say that they can not do anything until it is settled in court. We are owed 3,400 in escrow money and $600 in double interest payments for August. Lynnae, how did you get B of A to fork over the escrow money before everything was settled in court? Thanks, Kelsey
This is good news o hear. I am still waiting on my check, since last July. Are they paying interest?
I’m waiting on my refund also. I wired my SEP 09 payment to TB&W on 1 SEP 09 and it was never applied to my Bank Of America SEP 1, 09 payment. Still waiting. How do I get in contact with TB&W?
I was in a similar situation. We refinanced right before TBW went under and never got our escrow balance back (not even as a bad check!). I followed up a few different times but decided to be patient because I was not strapped for cash. Now I am and it seems I have missed the boat. Did I need to file a claim in bankruptcy court? I don’t even know how to find out who is responsible for my escrow balance. Any advice would be appreciated.
Does anyone know if the judge ever ruled in favor so people could receive their refunds from their escrow? Do you know who I can contact now to get my money?’
TBW paid my property taxes in August 2009 and my MIP insurance. Both bounced. My account was taken over by Bank of America and my bounced payments were never credited back to my escrow account. BOA did not stand behind me and hasseled me all the time. I was required to pay the taxes and insurance again and penalties leaving my escrow account in the negative. To this date (March 29, 2011) I have not seen my $1003.32 tax or my $122.99 MIP insurance money, nor reimbusement for penalties and bounced check fees. Needless to say, I am no longer with BOA. Refied again to get out. I am now with Well’s Fargo.
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