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Bank of America to Taylor, Bean & Whitaker customers: Don't worry about late fees

Don't worry, Bank of America is telling frustrated customers of Taylor Bean & Whitaker.

Bank of America is taking over servicing of mortgage loans for Ocala-based Taylor Bean, which shuttered its operation last week. But customers have been concerned that they could face late fees or a ding to their credit if their mortgage payments aren't credited in a timely fashion.

The bank reiterated Friday that it will contact clients within the next couple of weeks, and no one should be impacted with any late fees. Payments should now be mailed to Bank of America, not Taylor Bean. But even if your payment goes to the original Ocala address, you're in the clear, a spokesman says.

"The good news is that no matter what option a borrower takes, there should not be any negative ramifications," Bank of America spokesman Rick Simon said. "If the payments do go to TBW's address, I believe there are procedures in place to properly credit them.

"While we encourage borrowers to make the payment on time to BAC, if they have heeded previous advice not to make the payment until they receive the welcome letter, they are protected by regulation from any related adverse credit reporting or late charges for 60 days."

Here's the address to mail payments to Bank of America (with the check including the Taylor Bean loan number): BAC Home Loans Servicing LP, Payment Processing, P.O. Box 10334, Van Nuys, CA 91410-0334.

Here's a toll-free Bank of America number to call with questions: 1-800-669-6607. If asked for a Bank of America loan number, press 0 for assistance.

Jeff Harrington can be reached at jharrington@sptimes.com or (727) 893-8242. Follow him on Twitter at http://twitter.com/jeffmharrington.

Bank of America to Taylor, Bean & Whitaker customers: Don't worry about late fees 08/14/09 [Last modified: Tuesday, September 22, 2009 11:56am]
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