Complaint Review: Fairbanks Capital Mortgage - Select Portfolio Servicing

This company sent me letters of demand when my payment did not reach their office on the first of the month. In those letters they stated that their policy was to report to the credit bureau any payments as thirty days pass due if the payment was not received on the first of the month.

In August of 2002, I sent them proof of insurance by mail. They bought forced insurance because I did not fax the insurance declaration to them. Fairbanks stated that they did not have a phyisical addess for their insurance office and anything I mailed to they was not acceptable. After four months they finally acknowledged that I had insurance. But I was not given credit for the money they had taken from my payments for the insurance, until August of 2004.

In the months of Nov., Dec. of 2002, and Jan. and Feb. of 2003 they received my payment before the 16th of the month. but before I was given credit to my account, Fairbanks would deduct $20. from my payment and apply it as late charges. Fairbanks would also report to the credit bureau that I was 30 days past due. I have been trying to refiance this loan, but because of the reports to the credit bureau, no one would give me a loan.

Maria
Houston, Texas
U.S.A.