Complaint Review: Fairbanks Capital Corp. - Nationwide

I was with another mortgage company for 12 years and was never late or missed a payment ever. Fairbanks took over in April of 2002. In November of 2002, they first accused me of being behind for three months when I was only behind one month. The next month I tried to send in the double payments and they sent the money back. They told me not to send in any money or they would send it back. They did this for three months. Then December of 2002, they tried to foreclose my house if I didn't pay them $12,000 dollars,then $24,000 dollars, then it went up to $30,000dollars. I got a lawyer and it is 2005 and he isn't doing anything but telling me to think of something. In June 2005, I was in the bed when a sheriff came to evict us until my lawyer stopped it. til this day, they still aren't letting me send them any money. There aren't any lawyers in Memphis that handle this type of thing so to those people that won the lawsuit against Fairbanks, please give me the lawyer's info that represented you all so he/she/they can help me! sooner if not later.

Fairbanks Capital specializes in getting loans from any available source and immediately turning them into past due mortgages. It is absolutely impossible to make an ontime payment to Fairbanks, no matter the method; they'll hold it in order to post it late. They will not even do their own automatic bank drafts on time! You can never catch up because they will not let you! Fairbanks will immediately post folks as in arrears on the very day they (Fairbanks) gets the loan. People have had this happen before they even knew that Fairbanks held their notes!(Fairbanks has never even heard of RESPA) Fairbanks systematically uses procedures that are calculated to 1) Immediately create past due notes to facilitate the immediate loading of astronomical nonsense fees 2)Keep borrowers tied to them through incorrect credit reporting, making it impossible to refi 3)wages legal and mental war on its account holders, stripping them of their assets, money, and peace of mind.4) Fairbanks does not let anyone off the hook until they have EVERYTHING the borrower owns 5)Fairbanks will now foreclose on the borrower's home leaving them in the street. It is a well-documented pattern, repeated over and over again. It is the Fairbanks way of doing business! I am glad that you are able to sit in your ivory tower in Denver and accuse hard working Americans of being deadbeats. You obviously know diddley-squat about this company except the PR drivel that Fairbanks publishes about itself. I have studied a lot of that drivel myself and have come to the conclusion that Fairbanks is nothing more than a glorified collection agency. And it has got it going on in that it actually CREATES its own accounts in arrears! What a sweet scam indeed! But, still a scam. A HUGE RIPOFF! And, if you are indeed and industry insider as you claim, I have a question for you. Why is Fairbanks now sneaking off to India? Could it be that its illegal and immoral practices are now being questioned by several states and the Feds? Climb on out of that Ivory Tower and get in the trenches with the rest of us. You are working in one of the most corrupt industries in America today!

Fairbanks also purchase my home loan. I also received the same applied as other regarding the 60 days with no additional penalties. However from the moment that Fairbanks received this loan I've had nothing but problems. Additional fees for everything and continuous harassmennt on each of every call. I received an additional charge for a appraisal that Fairbanks stated that was done on my home. But we were never informed of this appraisal and when I spoke with the CSR at Fairbanks the CSR stated she did not have that information in front of her. I can not get correct information from Fairbanks CSR without feeling exhuasted and totally confused after the conversation. I have join several hundred people in a class act law suit against Fairbanks. I hope something positive come from all of this. Ive tried several ways of making my payment but never seem to get the payment their on time. If their's help out there please let me know. Sincerely

I too had auto-withdrawel of my payment with the company prior to Fairbanks. I was told by the other company too that no fees or extra charges or anything can happen the first 60 days after mortgage transfers!!! SO, what the deal with the harrassing calls and threatening letters of just 30 days! All these postings have me literally crying!!!

My mortgage was just transfered to this company in November and I am already having problems. But your suggestion says make your payments current. My payments are current my former company automatically withdrew my payments, and did so until October. My first payment with Fairbanks was due November 1st they have it and I was told by Latrice that "my account has not been set up fully yet so the payment wont apply to the account" Yet their collections department is still calling me for a payment they have. The only way to get away from these people is to refinance and pay what you must!!!!

Just a suggestion, if you sign up for Yahoo bill pay at 4 or 5 dollars a month you can send your bill throught them and if Fairbanks says they didn't receive it on time, and charges late fees they will have to deal with yahoo. The monthly fee for the bill pay is less than for registered return-receipt requested mail. You will also get a summery of your transations from yahoo.

The Fairbanks company you are talking about is the same one I am dealing with now. Today I even had someone come to my house---while I am not at home! So this tells me they must really be up to something. Equicredit had my loan until they sold to Fairbanks and they took one of my payments and claimed it was for late fees which I had already paid, thus leaving me behind in my payments. They then were going to foreclose on me, but I went into a forebearance agreement. When Fairbanks took over, they claimed their wasn't an agreement. I asked if a particular person was there and I was told he was, I couldn't speak with him. So in doing my payment and a half as agreed, Fairbanks screwed it up. Applied my overpayment to something else and have yet to receive a statement telling me where the other money went to. As of right now I have sent letters to the Attorney Generals in both Michigan and Florida. I have asked for the laws regarding harassment. I have sent for a history of my account by certified mail to which they have not responded. By the end of this month I will be up to date. I just hate having to send my payment by wire or FedEx each month because you can't trust when they will post anything. Thanks for you help. I am still trying to refinance but no one seems to want to take me on, now.

I work in the industry and if this is the "Fairbanks Capital" I am aware of the easiest way to get out from under them is to catch the account up. Once again this only applies if this is the same company I am thinking of. They specialize in buying mortgages that are behind on the payment from other banks at a discount (ie they paid $75,000 for your $100,000 mortgage). When they've gotten you back on track and can prove that you've made 12-24 months of payments on time they will resell your loan at market prices (somthing much closer to the $100,000 owed on the mortgage). The sooner you get caught up the sooner you and Fairbanks can part company. If they did indeed purchase your mortgage at discount you may be able to negotiate a short pay and refinance the loan (ie pay them $85,000 for the $100,000 you owe them). Good Luck.

I would like to know what company enabled you to get out from under Fairbanks. They are trying to take my house, too.