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Posted: Tuesday, 29 September 2009 12:00PM
Will County Homeowners may be in trouble and not know it
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JOLIET, Ill. (STNG) -- The Taylor, Bean and Whitaker bankruptcy, which has affected hundreds of Will County property taxpayers, came at a really bad time, said Will County Treasurer Pat McGuire.
The country's 12th-largest mortgage company filed for bankruptcy Aug. 24, one week before the second installment of property taxes were due in Will County.
That meant 1,737 Will County tax bills that had been paid in escrow to the company were going to be late, McGuire said.
"Our area might be in the tightest bind anywhere in the country," he said.
For instance, taxes aren't due in Cook County until November, he said. And Florida property taxes aren't due again until April. But most Illinois counties have a second installment due the first week of September, McGuire said.
So far, about 560 Will County bills have been paid by two banks, Bank of America and Cenlar, that took over the mortgages from the bankrupt company. Late fees also were paid by these banks. But the other two banks that took over mortgages, Saxon and Ocwen, are using a third-party company to pay the tax bills, which means they could remain unpaid for several more weeks, McGuire said.
Now another deadline is looming. The names of property owners whose bills aren't paid by Friday have to be published in mid-October, McGuire said. It's state law, so he has to do it.
Nov. 3 deadline important
McGuire said his office has been doing everything it can to help taxpayers who were Taylor, Bean and Whitaker customers figure out what's going on. Some property owners still are unaware that the company went bankrupt and their escrowed tax money is part of the bankruptcy proceeding, McGuire said.
The deadline these customers should be aware of is Nov. 3. That's when McGuire's office must sell the unpaid taxes to a third party.
Some taxpayers are paying their taxes out of their own pocket to prevent their names being published or their taxes being sold, McGuire said. His office will fast track duplicate payment refunds to help get that money back in taxpayers' pockets once the taxes are paid by the bank that is now holding the mortgage.
Also, McGuire said he and his staff researched ways to get tax payments expedited by the new banks. And it seems that tax bills that are faxed to the new banks prompt a speedier payment.
McGuire said his office is willing to fax tax bills to the banks free of charge to get the payment process moving. "That seems to move people up in the line as far as their taxes being paid."
For more information www.willcountytreasurer.com . Also, if you know of a Taylor, Bean and Whitaker customers who is unaware of the bankruptcy, have them visit the treasurer's Web site or call 815-740-4675. The office at 302 N. Chicago St., Joliet, is open from 8:30 a.m. to 4:30 p.m. Mondays through Fridays.
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Copyright 2009 STNG Wire, The Chicago Sun-Times. All rights reserved.This material may not be published, broadcast, rewritten, or redistributed.
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