Snags In Transferring Bankrupt Lender's Loans, Improper Posting Of Homeowners' House Payments Leave Thousands Under Threat Of Foreclosure

In Resaca, Georgia, WXIA-TV Channel 11 reports:

• Just when we thought it was over we received a cry for help from another homeowner about to lose her home. Penney Bates of Resaca, Ga was another victim of the Taylor Bean & Whitaker ["TB&W"] collapse that affected hundreds of thousands of homeowners last year. Many of those people weathered the crisis and have had their mortgages successfully transferred.

• However, Penney Bates has received a foreclosure notice even though she says she's made all her payments. "I've lived here all my life, I don't know what I'd do if I lose my home," she says. The single Mom is raising two boys and is panicked about what will happen next.

• Her mortgage had been transferred from TB&W to Bank of America last year but somewhere along the line her payments aren't properly posted and Bank of America has initiated foreclosure on her house. We talked to Bank of America, the Attorney for TB&W in the bankruptcy proceedings and others in an effort to get this resolved. We got immediate action and an assurance that Penney will not be kicked out of her home on May 4th.

• According to David Danzler of Troutman Sanders, an Atlanta attorney for TB&W, there are about 10 thousand homeowners who are still having trouble because of money tied up in the collapse of TB&W and the freezing of its accounts with the FDIC takeover of Colonial Bank.

Source: Taylor Bean and Whitaker Troubles Persist.