Complaint Review: Fairbanks Capital - SPS

Our mortgage was acquired by Fairbanks Capital in January 2002. We had a fixed rate mortgage and our payments were up to date. They immediately claimed that we owed them $8000, with no clear explanation why. They also tried to force their hazard insurance on us even though we provided proof of full coverage insurance.

They foreclosed on our house in March of the same year since they claimed we were so far behind on our payments. By the way, they increased our payments from $462 per month to $622 per month with no explanation. We were forced to file Chapter 13 to keep our house. Before we filed Chapter 13 we tried to refinance with another mortgage Co, but Fairbanks put false liens on our house to prevent us from going with someone else. I am sure that all the victims of Fairbanks Capital know about the class action lawsuit won by the Federal Trade Commision.

The $40,000,000 settlement was a joke when you consider the 480,000 customers victimized by Fairbanks. They probably pay much more than that in taxes every year. We personnally received $274. What good will this amount of money do when these blood suckers are trying to take your house?

William and mary
Dayton, Ohio
U.S.A.