Finance company goes under, loses customer's money

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by JESSE JONES / KING 5 News

Bio | Email | Follow: @getjesse

KING5.com

Posted on May 26, 2010 at 11:00 PM

Updated Wednesday, May 26 at 10:17 PM

TACOMA, Wash. - If anyone would know a good investment, it would be Donald Roberts. And his house is one of the Tacoma resident's best.

With rates dropping last summer he refinanced his home.

Taylor Bean & Whitaker mortgage was his lender. Everything was working just fine until he cashed their $2300 escrow check.
 
I asked Donald what happened when he opened up the statement.

"Holy crap!" was his reponse. Donald’s check bounced.

Days after Donald's check was written, Taylor Bean and Whitaker filed for bankruptcy. Less than a week after that their bank, Platinum Community Bank, was seized by regulators. And Donald's money was nowhere to be found.

With 33 years of banking experience, Donald knew something was seriously wrong.

"You don't really lose track of customers' money in the banking process, it's just very unheard of," he said. "Now we're really lost in limbo, wonder what is next, what's going to happen."

Donald wasn't getting any answers on his own, so he called me. And I went on the trail of the bouncing check.

Donald, your cash was stuck in bankruptcy court.

Here’s what I found.

The Bankruptcy judge just released the cash. So I dropped a note to Ginnie Mae who's now responsible for the money. They sent me an e-mail saying that Donald’s check has been moved to the top of the pile and will be sent this week.

If you were waiting for a refund check from Taylor Bean and Whitaker, find out who is supposed to be servicing your loan and give them a call.

Still having problems? Call me.

For consumer concerns, e-mail Jesse at getjesse@king5.com or call toll-free 877-51-JESSE.

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