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Mortgage Lender Closure Leaves Confusion
08/14/09 - 04:52 PM
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There’s no place like home, but some Bay County residents have no place to send the mortgage check.

Taylor, Bean, and Whitaker, an Ocala based lender, closed down and left homeowners without answers.

If you can’t pay your mortgage, you could lose your house. It’s a simple fact.

“Makes you nervous, especially with all the foreclosures and government problems,” said Bay County homeowner, Frank Heyn.

Heyn has a different issue. He can pay the mortgage, but doesn’t know where to send the money. His lender, Taylor, Bean, and Whitaker, shut down.

“I’m at the point where, do I still have a mortgage? Or who do I pay my mortgage to? Everything’s in limbo right now.”

Worried about losing his house, he contacted the company.

“Nobody had an answer.”

If you’re in the same predicament, this problem does have a solution. According to the Federal Housing Administration, the answer lies in your mailbox. They suggest you send your checks at the same time you normally do.

But, this canned response, doesn’t calm fears.

“Is it just going to be one mortgage company after the next, after the next or are they going to be stable?” said Heyn.

In this case, the payment address will eventually change to Bank of America. They’ve taken over the lender’s service.

“I’m going to go ahead and send them a check then, and see what happens.”

Heyn should soon receive a letter in the mail, from Bank of America, with more information. For now, it’s a waiting game.

“I’m going to just hope it all works and hope that they get us back on track and the economy and everything, make us all get a little bit of peace again.”