- Report: #48633
Complaint Review: Fairbanks Capital Mortgage - Salt Lake City Utah
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Author Not Confirmed
Why?
Fairbanks Capital Mortgage
www.fairbankscapital.com Salt Lake City, 84115 Utah, U.S.A.
Phone:
800-232-4607
Web:
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Fairbanks Capital Mortgage Purposely sending late payment coupons Salt Lake City Utah
My mortgage loan was purchased by Fairbanks Capital Corp. AKA/ The Loan Servicing Center. They have been servicing my mortgage for about a year now.
They are supposed to send monthly payment coupons to us. We regularly receive our payment coupon 15 - 20 days after the payment is past due.
For example, I received my payment coupon that I am supposed to use to pay my February 2003 payment on February 18th, 2003. 18 days after the payment is due.
I have called their customer service dept. to tell them that I have not received a payment coupon for the current month and they urged me to use either a payment by phone option or to pay the payment on their website. Each option has an additional charge.
This is their scam. They will purposely send payment coupons to their customers late so the customer will be lead to another payment option for which Fairbanks Capital receives a fee.
Also, so they can pocket the late fee. It is very easy to fall into a trap with these people.
If you make the payment late and do not pay the late fee, they will apply part of your next payment to past due late fees and not apply your regular payment, getting you behind. This is how they come in for the kill.
They will serve you with a Notice of Foreclosre if they determine that your account is 60 days or further behind.
They will make it VERY DIFFICULT to enable you to catch up.
I have not had personal experience with this but I have seen it happen to dozens of people here in my area.
I am a mortgage broker and fortunately, I have been educated in this business. I was able to recognize their scam.
Joelle
Fort Wayne, Indiana
U.S.A.
They are supposed to send monthly payment coupons to us. We regularly receive our payment coupon 15 - 20 days after the payment is past due.
For example, I received my payment coupon that I am supposed to use to pay my February 2003 payment on February 18th, 2003. 18 days after the payment is due.
I have called their customer service dept. to tell them that I have not received a payment coupon for the current month and they urged me to use either a payment by phone option or to pay the payment on their website. Each option has an additional charge.
This is their scam. They will purposely send payment coupons to their customers late so the customer will be lead to another payment option for which Fairbanks Capital receives a fee.
Also, so they can pocket the late fee. It is very easy to fall into a trap with these people.
If you make the payment late and do not pay the late fee, they will apply part of your next payment to past due late fees and not apply your regular payment, getting you behind. This is how they come in for the kill.
They will serve you with a Notice of Foreclosre if they determine that your account is 60 days or further behind.
They will make it VERY DIFFICULT to enable you to catch up.
I have not had personal experience with this but I have seen it happen to dozens of people here in my area.
I am a mortgage broker and fortunately, I have been educated in this business. I was able to recognize their scam.
Joelle
Fort Wayne, Indiana
U.S.A.
1 Updates & Rebuttals
Robin
Waldron,Arkansas,
U.S.A.
Copy your next payment coupon....
#2Consumer Suggestion
Mon, March 10, 2003
Joelle, I hope that you have read all these posts concerning Fairbanks (called "UnFairbanks" by the poor souls forced to deal with them). Make sure that Fairbanks knows that you are a mortgage broker; maybe it will scare them into acting like they are civilized! As for the payment coupon: make a copy of the next one you receive. White-out the date on your copy (not the original; use it normally). Make several copies of the coupon with the date blocked out. Fill out the date manually as you use them; mail one, keep a copy for your records. Put the date you mailed each coupon right on your copy for your files.(You may need them for future legal reference). A lot of payment coupons are printed with magnetic ink or a barcode so that they can be read by a scanner. Your copies will not read so you may have problems with Fairbanks having to post manually. Too bad for them. At least you will be able to make your payments in a timely manner and if they don't like posting manually, maybe they will get off their duff and send the darn things on time! If they try to say that they couldn't post in a timely manner due to the coupon being copied, you will be able to tell them exactly what day they were mailed. If it is taking them weeks to post manually, call a lawyer! It never ceases to amaze me the schemes these servicing companies can come up with to create "past due" accounts. Do they hire people to sit in a room and brainstorm this issue??!!
