The servicing of thousands of mortgage loans recently transferred from Bank of America, National Association to Carrington Mortgage Services, LLC. The accounts transferred were part of a Taylor, Bean & Whitaker junk loan portfolio that has plagued borrowers for years.
Taylor, Bean & Whitaker (“TBW”) filed for bankruptcy protection on August 24, 2009. Servicing of 180,000 accounts transferred from TBW to Bank of America around September of 2009. Ever since, Bank of America has improperly servicing consumers’ loans for years. Bank of America refuses to properly review loan modifications, properly honor loan modifications, properly apply payments, and often files wrongful foreclosure complaints despite borrowers sending numerous letters. Bank of America’s mortgage servicing is nothing short of oppression for many borrowers, as borrowers undergo years of feeling as if their home could be lost at any moment–despite paying modified payments for years.
Unfortunately for the borrowers whose loans have been transferred from Bank of America to Carrington, the problems are not over. Many of the service transfers were effective August 1, 2014, and Parker & DuFresne is already seeing problems. Some borrowers have been fighting with Bank of America for years to have their loan modification honored, only to have their loan transferred to Carrington, who is immediately declaring borrowers in default despite years of modified payments made towards modifications.