Tax Unpaid in Mortgage Bankruptcy

Taylor, Bean & Whitaker filed for bankruptcy in August

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    NEWSLETTERS

    Chris Hondros/Getty Images
    An ominous deadline is approaching for property owners throughout Illinois. Former customers of mortgage lender may have unpaid taxes and not know it

    An ominous deadline for property owners throughout Illinois has come and gone, and former customers of one mortgage lender may have unpaid taxes and not know it

    If the name Taylor, Bean & Whitaker rings a bell, this story is for you.

    Former customers of the country's 12th largest mortgage company now need to ensure the second installment of their property taxes have been paid, after the mortgage company filed for bankruptcy protection back in August.

    Taylor, Bean & Whitaker Bankruptcy May Put Homeowners in Jeopardy

    [CHI] Taylor, Bean & Whitaker Bankruptcy May Put Homeowners in Jeopardy
    An ominous deadline for property owners throughout Illinois came and went, and former customers of one mortgage lender may have unpaid taxes and not know it

    At least four banks took over the mortgages held by Taylor, Bean & Whitaker-- but some have not paid the property taxes that were due in counties across Illinois (with the exception of Cook) on September 1st.

    Will County, for example, has 1,737 property owners who were Taylor, Bean & Whitaker customers.

    As of today, Will County Treasurer Pat McGuire says only about 600 of those parcels' taxes have been paid. McGuire says he is worried that some homeowners may not know about the company's bankruptcy, and may be assuming-- incorrectly-- that the money they paid in escrow for property taxes was sent to the county.

    He's urging any customer of Taylor, Bean & Whitaker to check with their county treasurer to make sure the second installment of their taxes, due September 1st, were paid.

    If they were not, the taxpayer can use the links below to find out which company took over their mortgage.

    Important dates:

    September 1-- property taxes were due in all counties in Illinois, except Cook (which has different deadlines)
    --taxes paid late incur a 1.5% monthly fine

    October 2nd-- County treasurers assemble and publish a list of delinquent taxpayers

    November 3- County treasurers must make unpaid taxes available for sale to third parties

    http://www.WillCountyTreasurer.com/

    http://www.TaylorBean.com/