Fairbanks Capital rip-off loss of payments unwilling to locate payments Jacksonville Florida
I was notified by Fairbanks Capital in Dec 2002, that they had assumed my loan from my previous mortgage company. They never notified me, either company that my mortgage had been sold. I had made my first set payments to the first mortgage company no problem, made my second set to the first mortgage comapny no problem.
Upon Fairbanks Capital contacting me, they had already stated that I was behind. I contacted the First Mortgage company and they had comfirmed that I was sold to Fairbanks in Oct 2002. Still no one had sent anything informing me of this. Only by phone contact to the First Mortgage Company, had I learned of this, and that my Nov 2002 paymant was sent to Fairbanks on the 2nd of Dec 2002.
I contacted Fairbanks Capital, an they informed me that I was missing Nov 2002 payment, I informed them that the Nov 2002 payments was sent to them from the first mortgage company. I wrote a letter to them requesting that they contact the first mortgage company, and find the payment from them.
I heard from them again saying that I was still behind in my payments. Again I sent a letter with statements that the payments had been paid and that they needed to contact the first mortgage company.
This has been going on since Dec 2002, according to Fairbanks this will take from 30 to 60 days to find these payments. Well here it is March 2003. An still they have not found the money. I can not even get a straight answer from them. One side of the Company will say that they found one payment, then turn around within the week and say that they have not found the payments.
This is getting very aggravaiting to me, an it is tearing my family appart. It is causing me to lose hours of sleep. Time off from work, because I have to send them information again and again that they can not seem to keep a handle on. Even trying to find a second job is costing me time. My nerves are becoming shot, lack of sleep, can not think straight. The stress is just starting to build more and more each day.
I have contacted the Attorney General of Florida, and the BBB of Florida. I have even sent e-mail to T.V stations. I sent e-mails to T.V. stations in my state. Next course of action with in 2 weeks will be sending e-mail to the Governor of Florida, and the The Attorney General of the United States.
This company must be stopped. I have read many ripoff reports, but this company has started a whole new Library of record ripoffs and disservice to the consumers.
Time to stop this company. It is becoming a Mortgage Enron system.
Robert
Colorado Springs, Colorado
U.S.A.
4 Updates & Rebuttals
Stephanie
FT LAUDERDALE,Florida,
U.S.A.
Re-fi and credit reporting
#5Consumer Suggestion
Tue, April 22, 2003
I have a comment for both "openshaw" and Linda in Ohio. To Openshaw, being that you are a mortgage broker your first message to Fairbanks victims should be the importance of CORRECTING their credit report BEFORE they attempt to re-fi away from Fairbanks. Many people are scared, confused and just plain fed up with dealing with Fairbanks Capital, so they are willing to refinance away from them at ANY COST. This isn't exactly a smart move. First of all, like you said, Fairbanks will drop your credit score significantly, making it impossible to get a fair rate, which WILL cost borrowers tens of thousands of dollars on the life of the loan. Also, when you refi and pay Fairbanks their bogus fees, you are in a sense admitting to owing these fees, making it nearly impossible to recover them in the future. And most importantly, whos to say that these borrowers will not end up right back with Fairbanks ??? 75% of mortgages are sold within the first year. And with a falsley lowered credit score, these borrowers are most likely sub-prime, and we all know that is Fairbanks specialty. I am aware that some banks will promise not to sell your loan, but this "promise" usually costs the borrower another enormous fee. Bottom line, getting away from Fairbanks could be very very costly if borrowers do not take the proper steps to dispute their credit reports and to also dispute "bogus fees" with Fairbanks. To Linda in Ohio, Are you aware of the criminal investigation against Fairbanks Capital ??? Have you filed your complaint with HUD and the FTC ??? Are you aware of the lawsuits against Fairbanks in your area ??? If you have not done so already, PLEASE file your complaint with HUD and the FTC ...TODAY!!! HUD- 1-800-347-3735 or email HUD at- hotline@hudoig.gov FTC- 1-877-382-4357 When you file your complaints, be prepaired to give AS MUCH INFORMATION as possible, have all of your documents ready. Also, very very important, if Fairbanks Capital aka Loan Servicing Center has placed derogatory marks on your credit report that you do not agree with it is URGENT that you dispute this. In order to do this you need to contact the 3 major credit agancies, or you can visit www.myfico.com As you should now know, false credit reporting by Fairbanks is the MOST damaging thing they can do to us short of stealing our house. Do not let them get away with it. You have the right under the law to have these false marks removed from your report. The 3 agencies are: Equifax 1-800-525-6285 Experian 1-888-397-3742 Trans Union 1-800-680-7289 Please contact them TODAY!! Our goal is the same, shutting Fairbanks down, but EVERYONE needs to do their part!! Contacting the officials listed above should be your first step. If you do not have a lawyer, or can not afford one, you should seek out legal aide in your area, I hate to say it but a forebearance agreement may put you in even bigger trouble, you need to have an attorney look it over.
Linda
Willard,Ohio,
U.S.A.
HOW CAN ANYONE UNDR FAIRBANKS GET REFINANCED
#5Consumer Comment
Mon, April 21, 2003
GETTING REFINANCED SOUNDS GREAT BUT HOW CAN ANYONE UNDER FAIRBANKS CAPITAL AKA EQUICREDIT GET IT DONE. IT IS ALMOST IMPOSSIBLE WITH ALL THE BAD REPORTS BEING DONE BY THEM. THE SCORES ARE SHOT DOWN WITH ALL THE NEGATIVE REPORTS BEING SUBMITTED BY THE COMPANY. IF THERE IS A WAY PLEASE SUBMIT THE INFORMATION TO THIS SIGHT TO HELP EVERYONE THAT IS DEALING WITH THIS COMPANY. PLEASE IF THERE IS LIGHT AT THE END OF THIS TUNNEL LET IT SHINE FOR EVERYONE INVOLVED. I JUST SAW IN OUR LOCAL PAPER WHERE 2 MORE HOMES IN OUR TOWN WAS TAKEN BY FAIRBANKS CAPITAL. WITH ANY LUCK WE HAVE SAVED OURS BY GETTING THEM TO AGREE ON AND WE SIGNED FORBEARANCE PAPERS. WE WILL SEE, PRAYING IT NOT JUST A DELAY ON THERE PART. IF THERE IS A WAY OUT AWAY FROM THIS COMPANY WE WOULD WELCOME IT. STILL TRYING IN OHIO!!!!!!!!!
Openshaw
Southampton,Pennsylvania,
U.S.A.
Robert, refinance your way out of this
#5Consumer Suggestion
Fri, April 18, 2003
As a mortgage broker I have dealt with people in your siuation and there are lenders out there that will help you. Over time Fairbanks will have your credit score so low that you won't be able to borrow a nickel. Document your payments and your correspondence with Fairbanks. Take that information with you when you refinance to offset any damage Fairbanks has already done to your credit score. Mortgage lates knock your score down hard and fast. They may whack you with BS fees to get away from them but you'll have peace of mind for now. Maybe you can recoup some of those fees down the road, although I doubt it. The longer you are with them, the more they will torture you.
AL
Robert
Colorado Springs,Colorado,
U.S.A.
after 4 months of trying to get an answer to what is going on with my account. They respond
#5Author of original report
Wed, April 16, 2003
I have again been contacted by Fairbnks Capital Corp. It has been less than 30 Thirty days, since I again sent them my request. This time after 4 months of trying to get an answer to what is going on with my account. They respond with we need more information. I made list of what they needed, and I am in process of obtaining the information again. But this is not where it ends, 15 minutes after I was contacted, another representative contacted me again, this time requesting that I pay the delinguint amount. Again I inform them that I am getting the paperwork together to assist in finding the missing payment. Then 15 to 20 minutes later I receive another phone call again with the same request. I inform them that I am again obtaining the paperwork to find the payments. I even asked the three callers if the First Mortgage payment has been found, and I get 3 different answers. Same answers I get with the Second Mortgage payments.
On the 4th of April I receive a Second Mortgage check that I had mailed to Fairbanks. In it is a letter that states that They can not receive this partial payment. I call Fairbanks and I get the run around.
As of this Day April 16, 2003 I have contacted my 401K to inquire about any type of assistance I can get from my 401K account. I have started the paperwork for what is called a Hardship payment. With this I have to pay Taxes on this amount, plus early withdrawal payment. Plus I have to have my company approve this request with all available paperwork. According to the 401K company, this is a chance that I have to take to even try and get the payments back on track or at least slow down the system to were Fairbanks can perform the task of Locating lost payments. So far just sending the items that Fairbanks has requested is taking away from my job, which means loss of hours, and a lower paycheck, which in turn means that other bills are suffering more, and I am just getting further in debit. This is causing more and more stress and hardship on my part. Fairbanks Capital is averaging about 3 to 4 calls in a week period. I am not getting any type of feed back from them, with the exception of I am past due on payment.
Of all the former Mortgage Companies that I have had, Kent Mortgage, Irwin Mortgage, even when I rented my apartment before buying a home I was never 30 days or more late.
This company is going so far as placing bad credit information into my Credit Report. I am struggling enough that I do not need this. Now I have to find a way to get this Report back to some what of a report that I can work with. With this company wanting more and more, and them not even trying to find or give straight answers to me, causing more an more stress. I am also trying to find a way to pay my taxes not only on the Home, but Federal and State. This company is making it harder an harder to even work on some type of budget. Plus even harder to work with about 100 dollars left to feed and pay other bills. They know how much you make, it's in the files, they just seem to what it all.