Complaint Review: Fairbanks Capital Corp Loan Servicing Center

My story is much the same as the others I have read. While we are not at the point of foreclosure, Fairbanks has caused us undo stress and it looks like now we are being set up to be treated like everyone else.

We built our house in 1986 and financed with the high mortgage rates offered at that time. I became disabled in 1991 and when rates came down we tried to refinance, but it was impossible because of my disability. Then we got a phone call from Decision One and they said we could refinance.....no problem. I checked out the company and all reports said they were a good company. We went through with the refinance at a much more attractive rate. Decision One then sold our mortgage to Equicredit.

We had few problems with Equicredit. IN fact, they seemed more than willing to help. In December of 2001, our payment got chewed up in the mail and returned. WE NEVER PAID A PAYMENT LATE IN THE 15 YEARS WE OWNED THE HOUSE. As soon as I got it back in an envelope with a written apology from the US Mail Service, I called Equicredit and explained what had happened. I even sent them copies of the chewed up check and the note from the post office. All was well. The even took off the late payment charge. I sent a new check, and that was the last we heard of it.

In April of 2002, Equicredit sold our mortgage to Fairbanks Capital Corp. First, we went through the same problems of our payments not getting credited while the transfer was taking place and the attempt at forced insurance. We got that mess fixed.....then I started receiving phone calls....sometimes 3 a day...at all hours.... from their obviously under-educated collections dept employees telling me my payment was not received by the 1st of the month. I explained I was on disablity and I mailed the check on the 3rd, when I got my government check because we have a 15 day grace period. I was told no good....they did not care about the grace period and the only way to avoid their harassing phone calls was to go on auto pay from my checking account. So I did. Phone calls stop.

Then in October, we went to buy a car and found that Fairbanks had put a 30 day late negative mark on our credit report, 9 months after the fact. How can Fairbanks put a negative mark against our credit report for something that happened when Equicredit had the mortgage? I tried to fight it......but Fairbanks won. The negative mark remains....and now I know why Fairbanks did this.

We have a variable rate that comes due in July. With me being on disability, Fairbanks has sealed our fate by making it impossible to refinance with that negative mark on my credit rating. And, from what I have seen, even though rates are down, Fairbanks is raising the rate to the highest possible rate allowed in the variable rate contracts. They will say since we were late.....once....and not even true.....that we are not eligible for a lower rate. With me on disability and my husband just recently retired, we can not afford to be victimized by Fairbanks.

I talk to my friends about their mortgage companies, and all agree that they have had times where they missed a payment or worked with their lenders during hard times to keep their homes. Most respectable mortgage companies understand the ups and downs of the economy and work with their customers so they can keep their homes. Fairbanks obviously only wants to foreclose on our homes and make a profit. They seize every chance they get to foreclose. I have read these reports on here and it is disgusting to say the least. I have written my Senator and my attorney. I want to be involved in any litigation against this company. They MUST be stopped from destroying the lives of honest and hard working Americans.

Regina
Landisville, Pennsylvania
U.S.A.

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