Thursday, October 1, 2009

Security One Valuation Services - UPDATE from Todd Barfield


It's been about a week since we posted the email from Todd Barfield. He provided some information about what is going on with the FDIC and checks issued to Appraisers from Security One Valuation Services, LLC; many of which were returned to the depositor unpaid.


Since many readers and commenters are still asking questions, and there has been no apparent resolution, we asked Todd Barfield for an update on the situation. Here's what he has to say:




The communications between the FDIC and legal counsel for SecurityOne Valuation Services, LLC (SecurityOne) have been substantially unproductive. We do recognize the FDIC is dealing with a lot of issues other than those of SecurityOne and believe we have established a good working relationship. Therefore, we have been patient in awaiting some meaningful response. However, that patience is near exhaustion. SecurityOne starts from a position of disadvantage; that is SecurityOne is not even sure what the FDIC’s current position is. At this time we have not received any of the requested documents regarding the account at Platinum Community Bank. These documents will be key to resolving SecurityOne’s issues with the FDIC.


SecurityOne is in doubt as to what restrictions the FDIC is unilaterally imposing on significant liquid assets of SecurityOne. However, we simply do not have information adequate to evaluate the potential outcomes.

This is unfortunate for all of us. There have been various threats of litigation from vendors against SecurityOne Valuation Services LLC. We are hopeful that these vendors will reconsider any legal remedies at this time. Consequently, once our vendors begin legal proceedings for collection on SecurityOne Valuation Services LLC, it is most likely the entity will have no choice other than to file for bankruptcy protection. This will not be beneficial to anyone involved and will only reduce SecurityOne’s ability to pay its creditors if the funds are released. Additionally, there would be more government intervention.

Thank you for your patience and we apologize for the inconvenience.

That's all we have for you at this point. Please let me know if you hear any news; good or bad.

14 comments:

Anonymous said...

i got paid!!!

Frank said...

Thanks for the update, but I'll bet all the appraisers holding rubber checks would like some details.

Are you able to provide some?

Anonymous said...

Todd,
Last time I checked, bankruptcy does not cover fraudulent checks, and you've got a whole bunch of them out there. I've got a big one myself. Maybe your legal team should be trying to figure out how they're going to keep you and the rest of the company officers out of jail for felony check fraud!

Anonymous said...

Hey Anonymous please do share the wealth of knowledge and tell the other 17,999 how you got paid.

PLEASE I would love to get paid too. I got six of those babies bouncing all over my office

Anonymous said...

I am so fed up, especially knowing the fact that borrowers already paid Security One for my appraisal, and they are sitting on the money. Unbelievable.

Anonymous said...

I just spoke with a very helpful person at Taylor Bean & Whitaker. I reached them via phone # 866-369-6509. Hold time was very brief and I actually spoke to a live person. She states Security One no longer exists, TB&W has filed bankruptcy, and there is a hold on their bank accounts. She said to fax the appraisal invoices to 352-291-5763 and when the "hold" is lifted from the accounts, they are going to issue "good" checks. I am going to fax my invoices, it's worth a try...but not holding my breath. If the money ever shows up it will be found money. At this point, continuing to work 7 days per week to make up for this loss and others, hoping to keep afloat. Thank you HVCC.

Tiffany said...

I have also spoke to a "live" person as Taylor Bean& Whitaker. I faxed my invoices to the same number in the hopes that one day the funds will be "released" and we will finally get paid..

Anonymous said...

If the funds are never released and appraisers paid, I hope we can find out who ran off with all that money that was paid up front, by borrowers. It would be great to have a tally of how many appraisal fees are missing so we could figure out an approximate dollar amount. Our office got lucky - only 2 jobs!

Anonymous said...

It is my understanding that there is no federal or state regulation over an appraisal management company. If we were to "sue" it would only by in small claims court. Like that's going to clear up this mess. I believe that everyone who got ripped off should email Andrew Cuomo. Maybe if he receives 18,000 messages saying the same thing he'll listen.

Anonymous said...

We sent a certified letter to Security One on 9/22 regarding bad check they sent us. We used the following address: 2303 SE 17th St.
Suite 102, Ocala, FL. Today the postman returned our certified letter with Not Deliverable and UNable to Forward stamped on it. Either we have wrong addy or they have closed shop and hid under a large rock. Good Luck Everyone.
NC Appraiser

Anonymous said...

Has anyone contacted their prosecuting attorneys office? If so what did they say? This is a crime and from the posts around the internet its a very large crime. It is one thing to not pay a bill and file bankruptcy, it is another thing to write 1000+ bad checks totalling $???,???.??. Something needs to be done. Security One doesn't even have the decency to send out a letter or an email letting you know whats going on, and you've still got these clowns posting comments that its not thier fault bla, bla, bla and its out of their hands. If they wouldn't have waited two-three months to pay they wouldn't have been in as big of a mess as they are in right now. Well gotta go, I think I'm gonna go out and buy a bunch of new stuff and write bad checks for it all, cause nothing will happen to me and I can just file bankruptcy, yeah right!!!

Anonymous said...

Yesterday I was cleaning off a stack of junk from my desk and I found a list of Security One's rules & guidelines for me to follow, and what they expected of me in terms of turn around time, submission of reports, etc. In retrospect, what a joke! I wish they would have included a disclaimer that they were thieves and had no intention of paying me for my work.

Anonymous said...

If you guys pay attention to your checks, calling the attorney general will do nothing for you. They didn't write "BAD CHECKS" they wrote the checks then the FDIC closed down the bank the account was at, Platinum Bank. Maybe you should try to contact the bank, or the FDIC.

Anonymous said...

I got a rubber check. The are crooks and we the appraiser are paying.