The closing of TBW was sure to affect plenty aspects of the real estate business, but today I was witness to one aspect I hadn’t considered.
My client bought their first home and we closed today. It turns out that the seller’s mortgage was through Taylor Bean & Whitaker and the title company was unable to obtain a payoff from TBW, since they’ve basically ceased all operations. With no way to validate payoff, the seller didn’t get their proceeds check. Instead, all of that money will sit, unclaimed, until somebody, somewhere can manage to get a correct payoff figure.
How’d you like to have all of your equity tied up indefinitely? Yep, the TBW closing is affecting plenty of people.
About Ryan Hukill
