Insurance NOT Paid By Homebanc

Today I received this email from a gentleman seeking help because his homeowners insurance had not been paid by his mortgage company.

Your topic: "Homebanc Mortgage Escrow Accounts" came up when I searched it on google.

I have a Homebanc mortgage. I just got a call from my ins. co. stating that they haven’t received my homeowner ins. payment from my mortgage co. after 45 days. I contacted Homebanc and all their numbers and websites are disconnected.

Any news on this, or know what I should do? I’ve been sending my payments in to the same address, and never got a letter stating it was sold to another co., and the payments have been processed like normal. I’m thinking of not paying and seeing who contacts me.

Obviously he has an escrow account and has been making his payments. Unfortunately the insurance did not get paid as it should have. My advice to you would be to write a letter to the address that you are sending your payments to and ask that you be contacted to discuss your escrow account. If this is not successful then you will probably want to contact Countrywide Mortgage. My understanding is that Countrywide was assuming the servicing of Homebanc accounts. To add another twist, Bank of America is buying Countrywide so you may also contact Bank of America if Countrywide has no record of servicing your account. If none of these can provide you with the correct answer you may also contact your state department of banking and finance and ask for their guidance. You should have been notified that the servicing of your mortgage was being handled by a different provider. Unfortunately you were not.

The one thing I would recommend that you not do is avoid paying the payment to see who contacts you. Damaging your credit with a late payment is just not worth it. Sure it will take some time and phone calls to clear this up, but you need to know who is servicing your mortgage in case there is any other problem in the future.