Complaint Review: Fairbanks Capital. Salt Lake City Utah - Salt Lake City Utah

After reading the numerous other rip off reports on Fairbanks Capital I don't quite feel so alone. I also aggree that they have got to be stopped and punished to the fullest extent of the law.

The suggestion by one of the others on this site that we all write and/or e-mail any and all consumer magazine style tv shows is a necessity. I have, as well as my congressman, senator, state consumer commission on fraud, and both the St. Petersburg Times and Tampa Tribune. We have to keep on being the "squeaky Wheel" so to speak.

My particular case started as many after our mortgage was sold to Fairbanks Capital around a year ago. Of course they never got he first payment as we had never recieved any notice of the mortgage being sold and sent the paymant to the old company. When we sent proof of the check they would only apply it with a hefty late fee attached. All went somewhat OK from there for the next several months but the calm soon broke when we were informed that they had purchased insurance for the house and raised our payment accordingly.

I never recieved notice that they needed proof of any insurance prior to them purchasing their own or I ould have sent the proof. I also would have assumed that the old documents from the old mortgage company would have shown the proof needed as they had the copy necessary to obtain the loan in the first place.

Not even having the insurance issue resolved yet came the next blockbuster.... they had not received our Nov. & Dec. payment as they were sent together. I was out of town during Dec. but upon my return re-sent both payments. Before sending the Jan. payment I phoned customer service (if that is what you want to call them HA!) and was told that they were holding the check for the two payments as they had started foreclosure on the property.

I immediately asked to speak to a supervisor and was told that all corrospondense from now on would have to be with "their attorny"... but no one could tell me who that was...nor would they tell me thier names or thier employee numbers for my records. I believe that this was a stall tactic to let the forclosure get under way.

I continued to call until I finaly reached a person that was suppose to be able to make a decision. I was then told that they would stop the forclosure and re-instate the mortgage if I paid the two payments (which they still were "holding") as well as an additional $1700.00 in attorney's and late fees.

I called an attorney at this point who allowed that they were required by law to submit in writing a detailed explination of the "fees". I requested this in writing (certified letter) and the offer to reinstate mysteriously disapeared and the forclosure continued AND the check for the two payments was finally returned.

I plan to fight the forclosure in any and all legal means possible. I am filing my own law suit against Fairbanks as well as joining the investigation by Lieff, Cabraser, Heimann, & Bernstien PA into starting a class action lawsuit against Fairbanks. This law firms web site is avialable on the internet and you can sign up to join the lawsuit right over the net.

there are several other pending investigations into Fairbanks which can be accessed by typing Fairbanks Capital into your ISP's search engine.

In closing, I wish everyone involved in disputes with this company Good Luck and Godspeed.

Perc

St. Petersburg, Florida
U.S.A.