- Report: #41405
Complaint Review: Fairbanks Capital - Salt Lake Utah
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Author Not Confirmed
Why?
Fairbanks Capital
3815 SW Temple Salt Lake, Utah, U.S.A.
Phone:
800-833-8203
Web:
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Fairbanks Capital raised payment amount without notification applied late fees to current account Salt Lake Utah
We bought our first home in May of 2002. YEAH!! We are financed through an 80/20 loan. Our 80% portion is carried by a different company than our 20% loan. Our 20%loan is carried through Fairbanks Capital Corp. Through the last year the 20% loan carrier has switched (or been sold) about 5 times. Recently our loan was sold to this Fairbanks Capital Corp.
We were told our payment of $420.56 could not be raised for a period of three years and was locked in until we refinanced in what we had hoped would be 2 years. Well, lo and behold, suddenly our payments have risen to over $500.00. I happened to be searching for the Fairbanks phone number online to question the new charges and read "Fairbanks Capital Corp RIPOFF".
As I type this my stomach has sunk and my heart is racing. I read each of the over 300 entries and I must admit that we are in an absolute panic. We do not have the money to just succumb to this. We have 5 children and we are all so proud of FINALLY being able to buy our own home.
I am writing this to offer support to those in the same battle and to ask for advice and help. Ultimately, I would like to see my loan sold TODAY to another company. I would love to hear any suggestions. I am contacting our lawyer through Pre-paid legal and our original mortgage broker for help. Any other support of advice would be greatly appreciated and welcomed open heartedly!
Thank you.
Donald
Sandy, Oregon
U.S.A.
We were told our payment of $420.56 could not be raised for a period of three years and was locked in until we refinanced in what we had hoped would be 2 years. Well, lo and behold, suddenly our payments have risen to over $500.00. I happened to be searching for the Fairbanks phone number online to question the new charges and read "Fairbanks Capital Corp RIPOFF".
As I type this my stomach has sunk and my heart is racing. I read each of the over 300 entries and I must admit that we are in an absolute panic. We do not have the money to just succumb to this. We have 5 children and we are all so proud of FINALLY being able to buy our own home.
I am writing this to offer support to those in the same battle and to ask for advice and help. Ultimately, I would like to see my loan sold TODAY to another company. I would love to hear any suggestions. I am contacting our lawyer through Pre-paid legal and our original mortgage broker for help. Any other support of advice would be greatly appreciated and welcomed open heartedly!
Thank you.
Donald
Sandy, Oregon
U.S.A.
1 Updates & Rebuttals
John
Los Angeles,California,
U.S.A.
Do Your Home Work
#2Consumer Suggestion
Tue, January 14, 2003
Donald- I know exactly how you feel. I bought my house in Jan. 2002. My first loan was sold to Fairbanks from the first mortgage holder. When I started to have problems with them, I found this site and freaked out. At that time I started to play hard ball with them... Every time I called them I told them that I was taping the conversation... Review your loan papers thoroughly. If you do not understand something, ask a mortgage broker... They might even get your refinancing business... Just pay the amount. This way they cannot take your house. If they are in breach of contract, you can sue them for a lot more then they are getting. Let them hang themselves... Let them know you are taping the conversation before you start to talk to them. (This way you will not be in violation with any state or federal laws). In some states it is a crime not to let individuals know the conversation is being taped. Keep good records. Send in a letter (via certified) to the corporate office with your complaint. THere is a specific format you need to use for the complaint. You can go to HUD (http://www.hud.gov) or search for RESPA for information on how to create it. They have 60 days to respond and resolve the issue. Pay the amount over the phone. I know it costs $15.00 to process it. But it gets logged into their computers that you made the payment. This will save you a lot of headaches... Definitely pay the amount on or before the 10th. This will save you on the late fees. and they cannot foreclose on your house... Refinance in May... Do not wait... Do what ever it takes. I am in the process of refinancing my house with Countrywide. It is due to close on the 30th of Jan. I combined my first and second into a 20 year loan. I am paying less for this loan than I did with my two 30 year loans... Do not panic... Keep your cool and you will win!
