Taylor, Bean, & Whitaker Forced to Cease FHA, VA, and Freddie Mac Operations
With lenders coming under intense scrutiny for their less than stellar response to President Obama’s Making Home Affordable loan modification program, it was only a matter of time before one of the top major lenders folded. This week, Taylor, Bean, & Whitaker, the country’s 12th largest mortgage origination and servicing institutions was forced to cease its FHA, VA and Freddie Mac operations amid allegations that it mishandled terms of a settlement to create a fair loan modification program. Taylor, Bean, & Whitaker will no longer originate or service FHA, VA and Freddie Mac insured loans and is currently in the process of selling servicing rights to its portfolio.
For Taylor, Bean, & Whitaker customers who have FHA, VA, or Freddie Mac insured loans who are either delinquent, facing foreclosure, or who are seeking out loan modification services, this news puts a temporary hold on all activity. Adjust My Loan is actively working with TBW borrowers to find out the latest news on who will be servicing these loans and rapidly re-placing them in modification programs.
TBW customers who have mortgages insured by Fannie Mae or other investors such as Wells Fargo are not immediately affected by the closure, but there is a great deal of speculation that TBW may file for bankruptcy as a result.
If you are a TBW customer who has a foreclosure date in the next thirty days, contact Adjust My Loan. Our expert negotiators have been tracking this news and the progress of the servicing change to properly assist homeowners through this confusing time. Adjust My Loan can assist you in avoiding foreclosure despite the failure of TBW to provide modification services.
Many TBW customers are actually seeing this as a blessing in disguise. TBW had become notorious for having seemingly endless hold times, difficult to work with customer service staff, and ineffective loan modification services. To date, TBW has only offered trial loan modifications to 4% of eligible homeowners.
Adjust My Loan’s expert negotiators can help you if you are one of the many customers affected by this news. Our goal is to provide expert negotiation service to get you the best loan modification possible, to achieve a payment that is affordable and sustainable, and to provide peace of mind. Call us today at (800) 557-7573
